Thursday, February 17, 2011

Obama's WTF Budget & Fiscal Armageddon - Interest On The National Debt

This from the Washington Post:

Interest payments on the national debt will quadruple in the next decade and every man, woman and child in the United States will be paying more than $2,500 a year to cover for the nation's past profligacy, according to figures in President Obama's new budget plan.

Starting in 2014, net interest payments will surpass the amount spent on education, transportation, energy and all other discretionary programs outside defense. In 2018, they will outstrip Medicare spending. Only the amounts spent on defense and Social Security would remain bigger under the president's plan.

Past profligacy. In 2006, the total budget deficit was $8.5 trillion. Since Pelosi, Reid, and then Obama took control, they have come within striking distance of doubling that debt. And Obama's WTF budget, which does nothing to address entitlements or this looming interest bomb, would lead us to the precipice of ruin. To think that America elected this man in response to a fiscal crisis is going to go down as one of the great ironies in history. To quote Instapundit, in commenting on this article:

AND REMEMBER, THIS IS THE ROSY SCENARIO: . . . Honestly, the past couple of years have shown a degree of criminal irresponsibility on the part of our political class — and particularly of this administration and its Congressional allies — that I wouldn’t have thought possible even a few years ago, cynical as I am. It’s been a perfect storm of greed, shortsightedness, and arrogance.

Really nothing to add to that.

1 comment:

Anonymous said...

If you look at the price of gold and silver over the last year and the fact that PHYSICAL is being demanded in record quantities, these are Economic Collapse hedges.
The smart money is starting to realize the building they are in is on fire, the masses don't yet see smoke, but give it time.