Wednesday, August 26, 2009

Another Close Look at Deficits

America, if you aren't worried about government spending then you are a fool. The numbers are clear and indicate that we are destroying the standard of living for future Americans. A lot of economic projections are based on the hope that the American dollar remains the world accepted currency.

Yesterday we were told that the government deficit estimates by the Obama administration were incorrect. They were over 2 Trillion dollars short! They are based on the "idea" that Congress will hold their current spending levels over the next decade. Remember, this is the Congress that has just increased government spending to world record highs. Do you really believe that Congress will maintain the current level and not increase it even more?

The CBO (Congressional Budget Office) predicts that the debt held by the public as a share of the GDP (Gross Domestic Product [per person]) will rise to 68% in 2019. The GDP is the total market value of all final goods and services produced in a country in a given year. The GDP/person is an approximation of the value of goods produced per person in the country, equal to the country's GDP divided by the total number of people in the country.

So what you ask? Have a look at this graph that illustrates the point that this spending is totally out of control:

As bad as it was during the Bush administration, it is MUCH worse under Obama!

Unfortunately for all Americans, Obama's economic "experiment" has caused a runaway in government spending and no alternative plan to save it! How can we keep spending more than we take in? Why can't Congress understand this? Why can't the President recognize this dilemma? Do they even care, or are they just worried about themselves and their agenda? This isn't good for America.

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