August 25, 2009

Money, money, money - from where O?

The Obama administration, less quietly today, announced that the budget deficit expected over the next 10 years will grow by not $7 trillion, but rather $9 trillion. And yet they had the temerity to blame it on Bush.  That's two memes behind.

At the end of it all, the national debt  is expected to be 75% of the economy (GDP).  That's World War II levels, except that back then they were in the process of saving the world, not ramping up 'freebie' handouts.  Wow - that's huge!

But if you think about it an additional $9 trillion over 10 years equates to $900 billion in deficit PER YEAR!

$9 trillion in new debt on top of the current $11.7 trillion means a national debt over $20 trillion.  That number is beyond ridiculous.

And according to Fox News, the interest payments will be $774 billion (linkable source needed).   INTEREST PAYMENTS.

I don't know if enough Americans understand how devastating this will be to the economy, and it sure doesn't seem that the administration does.  If it did it would completely abandon health care reform as they have proposed it and start concentrating on cancelling programs right away.

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