Posted: November 16, 2011 in Debt, National Debt
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For the first time in American History we will surpass $15 Trillion in our National Debt today! That basically equals 100% of our Gross Domestic Product. In the book “This Time is Different” by Reinhart and Rogoff, once a country reaches 90% of GDP, buckle your seat belt, well we blew by that number.

Forget all the pundits who keep saying it will affect our children and grandchildren. No one is talking about how the debt is affecting all of us today. The debt was $10.626 trillion on the day Mr. Obama took office. We are in another depression like the 30’s, and he doesn’t have any solutions.

Here’s a video of what a Trillion Dollars looks like.

While this President states that America is a lazy country, and then goes off to play a round of golf in Hawaii. Where’s the sense of urgency in creating Jobs.

The Super Committee is a joke…another crisis deadline looms on November 23rd to come up with cuts the day before Thanksgiving. Wonder what the Pilgrims would think. If the Super Committee cannot agree, cuts will go into effect January 2013 after the elections. Exactly how do they define cuts again??? Oh…a 5% increase is baked into the budget every year, so if we only allow a 3% increase that’s considered a cut. That’s lunacy.

Tennessee Ernie Ford would be proud to hear his song being played.

Sixteen Tons of Debt…

You load sixteen tons, what do you get
Another day older and deeper in debt
Saint Peter don’t you call me ’cause I can’t go
I owe my soul to the company store


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