Isn’t it time for a real change in leadership?
With unlimited spending practices, the President’s 2011 budget projections will produce the nation’s largest one-year increase in debt (nearly $2 Trillion). Should Congress continue to back such Executive insanity, America’s overall debt will surpass the size of the total U.S. economy. That paints a very bleak picture for our children’s future.
For the first time since World War II, our nation’s debt represents 100% plus of our GDP or total Gross Domestic Product.
Our nation’s leading economic advisers have always advised that when our gross debt exceeds 90% of the GDP, overall economic growth is severely limited. Sadly, Mr. Obama’s figures for debt held by the public do not include money that the government has borrowed from entitlement programs such as Social Security. Still, as our nation’s trust funds deteriorate, the current administration continues to borrow and spend.
Deficit Spending to Reduce the National Debt
Most of the economic forecasts coming from the President’s staff make a very weak argument for restoring America‘s financial future. In fact, many in Congress who once supported Obama’s plans for economic recovery now feel the current budget calls for too much government borrowing and that plans to stabilize the debt by the middle of this decade could be too little, too late.
Unfortunately for the American public, the Obama-plan is counting on a fast economic rebound to reverse the impact of their deficit spending.
To make matters worse, Mr. Obama seems to ignore the fact that fast economic growth typically leads to escalating interest rates. Since his administration is currently benefiting greatly from the lowest interest rates in recent history, it would appear that his staff’s calculations do not include an interest rate increase that could add hundreds of billions of dollars annually for repayment of our national debt.
If you’re tired of watching greedy and corrupt politicians point their finger at one another, support the efforts of the Libertarian National Campaign Committee and make a difference in America’s future.
