The thing about the national debt is that eventually you have to pay it back. Spending beyond your means can be fun for only a short amount of time but like I said the U.S. will have to pay it back. Paying off the national debt can be accomplished by either raising taxes, reducing spending or printing dollars like crazy so the U.S. can then pay the debt back using cheaper dollars. However, if the last option is chosen this will also result in hyper inflation which would lead to economic destruction.
Since President Obama seems to enjoy raising the debt we are faced with a tough decision which I will now ask you. Would you rather raise taxes for everyone or make major spending cuts to balance the budget?
- The U.S. national debt is on pace to more than double during Obama’s eight years in the White House.
- Barack Obama will accumulate more debt then ever other U.S. President in history combined.
- Since 2007, the U.S. debt to GDP ratio has increased from 66.6 percent to 101.6 percent.
- During Barack Obama’s first four years in the White House, the amount of new debt accumulated by the federal government is equilivant to approximately $50,521 for every single household in the United States.
- The United States already has more government debt per capita than Greece, Portugal, Italy, Ireland or Spain.
- At this point, the United States government is responsible for about a third of all the government debt in the entire world.
- According to the U.S. Treasury, foreigners hold approximately 5.6 trillion dollaras of our debt.
- The amount of U.S. government debt held by foreigners is about 5 times larger than it was just a decade ago.
- Between 2008 and 2012, U.S. government debt grew by 60.7 percent.
- Obama still hasn't balanced the budget!