The Audacity of Debt
So the numbers are out. The estimate is that the deficit during Obama’s first year at the helm of the Presidency will be of $1,200,000,000,000. That’s $1.2 Trillion dollars.
The estimated population in the United States as of July 2008 was of 303,824,640 which means that every men, women and child in the United States will have an additional debt of $3,949.64.
That doesn’t include what will be a second bailout package of at least $700 Billion.
So where all this money is coming from? Print it and the dollar will become worthless like Zimbabwe’s currency. Borrow it and it has to be paid later. But with what money? Print it and the dollar will become worthless…and round it goes.
Borrowing more and continue running a deficit makes as much sense as throwing gasoline on a bonfire in the hope of extinguishing it. It was nice to see Obama elected. But the honeymoon is over; He should know better.
Barack Obama wrote a book called The Audacity of Hope. Now he’s presenting America with The Audacity of Debt.
China will not land money to the deadbeat junkie economy America now is. Obama and his advisors should do with the nation’s budget what we all should do with our own…Get our asses out of debt.
