Our President Does Not Understand Debt
by James Glaser
December 28, 2011

Barack Obama is rich, and let's face it, he will be rich for the rest of his life. If he some how goes through the millions of dollars he has now, there will always be speaking honorariums and the writing of books.

Yes, the President has it made, but our nation does not. I believe because President Obama is rich, he looks at money and debt differently that we do. In the first three years as President, Barack Obama has put our country further in debt than any President in history.

This from CBS News back in 2009:

Despite the budget cuts and tax increases in the Administration's new budget plan, federal spending and indebtedness will continue to rise as far as the eye can see.

The federal deficit this year spikes to $1.75-trillion dollars—by far the largest in U.S. history. In fact, the deficit this year is larger than the entire federal budget just ten years ago when all government outlays amounted to $1.70-trillion.

And since that report President Obama has continued to spend, and has now added $4,000,000,000,000.00 (4 trillion dollars) to our national debt.

So what does President Obama want to do now?

WASHINGTON | Tue Dec 27, 2011 11:33am EST

(Reuters) — The White House plans to ask Congress by the end of the week for an increase in the government's debt ceiling to allow the United States to pay its bills on time, according to a senior Treasury Department official on Tuesday.

The deal called for raising the debt ceiling by $2.1 trillion to serve the nation's borrowing needs into 2013 and also included mandatory cuts to the federal budget deficit. Since then, the extension has been increased twice by a total of $900 billion.

The debt limit currently stands at $15.194 trillion and would increase to $16.394 trillion with the request.

No president in the history of our nation has ever come even close to spending as much as Barack Obama has spent, and his future budgets call for increased deficit spending for years to come.

Right now we are paying over 400 billion dollars a year in interest payments on our debt and this new borrowing will put that over a half trillion dollars a year.

Most Americans know we can't keep this rate of spending up, but President Obama has not a clue about what our debt is doing to us and our future. That is because he is rich and money means nothing to the man. Heck, I'm sure he thinks all we have to do is print more.

It is pretty plain that if Obama is reelected, we will go bankrupt and chaos will ensue. Of course, that is true with most of the Republican candidates. Only Ron Paul is talking about real cuts to our budget, and that is why the rich of America can't allow him to become President. If somehow Ron Paul were elected, we would see the end of the rich getting richer, because the government would quit borrowing the funds to pay them.

Somehow our country needs leadership in Washington that understands what money is, and what debt will do to us. We have reached the point that we have no other alternative. If we continue to spend and borrow at our current rate, we will lose our country as we know it, and our president just doesn't get it. Maybe he just doesn't care.

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