President-elect proposes a "stimulus" package costing one TRILLION dollars. How in the world are we going to pay for this? Answer: devaluing our currency and driving our children deeper into debt. In stunning news, we now owe more as a nation than all the wealth in the nation.
The United States of America is bankrupt. Don’t believe it? Consider this: Federal obligations now exceed the collective net worth of all Americans, according to the New York-based Peter G. Peterson Foundation. Washington politicians and bureaucrats have essentially mortgaged everything We the People own so they can keep spending our tax dollars like there’s no tomorrow.
The foundation’s grim calculations are based on Sept. 30 consolidated federal statements, which showed that Americans’ total household net worth, diminished by falling stock prices and home equity, is $56.5 trillion. But rising costs for unfunded social programs like Medicare, Medicaid and Social Security increased to $56.4 trillion – and that was before the more recent stock market crash, $700 billion bank bailout, and monster federal deficits chalked up in October and November.
“Given more recent developments, it’s clear that America now owes more than its citizens are worth,” said Foundation president David M. Walker, who has been trying to warn Americans of the coming financial tsunami for years, to no avail. So, after Uncle Sam bails out bankers, Wall Street gamblers, carmakers and over-their-head homeowners, who’ll bail out Uncle Sam?
Notice that the $56.4 trillion of debt exists essentially for three government programs: Medicare, Medicaid and Social Security. That says nothing about the rest of the government. Obama's solution? Throw even more debt on our posterity hoping that the short term stimulus will be enough for him to avoid any blame. This is change you can believe in?
I am not a Ron Paulista, but there is a lot of truth in the video below. Obama does not represent change; he represents politics as usual, namely buying us off with our own money. He asks nothing of us, promising immediate benefits while deferring the costs. Anyone under 40 should be furious at our government. We will bear the brunt of this irresponsibility, our futures ruined by crushing debt run up by a people unwilling to govern their own appetites. Real change is dismantling the bloated government in Washington DC, asking people to live within their means and demanding that they take responsibility for themselves like the free citizens they claim to be.
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