Consider these figures. The current size of the American economy is roughly $14 trillion. As of this writing, the federal government’s total public debt stands at nearly $13 trillion.
In its first midsession review, the White House Office of Management and Budget estimated that at the end of 2010, the national debt will breach the $14-trillion mark. This means that America’s sovereign debt will be soon equal to the annual output of our economy. In other words, our national debt will shortly reach 100 percent of GDP. History and experience show that most governments that assume such levels of debt are ultimately not able to contain them. In most cases, this kind of situation eventually leads to the disintegration of the country’s monetary regime and the collapse of its currency.
So how’s that “Hope and Change” nonsense working for you these days? I guess that billboard of George W. Bush asking America, if they missed him yet, might just be on right track. Isn’t sad for all of us, that no matter which party is in office as of late, we always seem to end up loosing. Total public debt, almost at 13 trillion? Where is the Progressive/ Liberal outrage? Okay I get it, it’s still George W. Bush’s fault. What hypocrites!