Our debt is growing at about $3 million a minute, even during his vacation!
President Obama's spending rate has shattered all previous records. In just the last 945 days, he added $4,247,000,000,000 in new debt.
Every man, woman and child in America now owes almost $47,000. And President Obama, in less than 1000 days, drove that amount up from $34,000, essentially giving every one of us a $13,600 Obama Tax!
But it doesn't stop there, because we must repay this money with interest. And you know how that works. You borrow $100,000 to buy a house, and after 30 years of making payments, you have paid the bank back $300,000.
So, every day President Obama stays in office, the percentage of our budget we spend just for "interest on the national debt" keeps growing. In 2010, we spent $198 Billion on "interest on the national debt." This was 6% of our total budget. Mind you, not one cent of this $198 Billion paid down the principle, it was all for interest on that debt.
We are struggling right now to pay that 6% and President Obama's budget plans will result in that percentage mushrooming to 20% within the next ten years. That means we will be spending more money on interest than we spend on Defense, Social Security, Medicare, or anything else we spend money for.
Obama’s 2009 budget deficit was estimated at $1.5 trillion ($12,664 per household). While deficits naturally rise during recessions, one would expect them to eventually return back to the $100 billion to $400 billion range that prevailed before the recession.
|"Don't worry. We'll be gone when they figure it out!"|
These deficits would not only raise interest rates, they would also nearly quadruple the net interest costs of the national debt over the next decade.
The simple fact that all voters understand is "the more you borrow, the more you will have to pay back."
But, the President just doesn't get it.