Tag Archives: Debt Crisis

It’s The Spending, Stupid

Uncle Sam BrokeThe “stupid” in the headline is not Obama, the Senate, or the House; it’s us. We’re the morons who put these people into a position to bankrupt the country.

And even though the bankruptcy is coming, Obama and his fellow jackasses have showed no signs of cutting spending.

The agreement “may have prevented the immediate threats that the fiscal cliff posed to our fragile economic recovery, but we haven’t remotely fixed the nation’s debt problem,” said Michael A. Peterson, president and COO of the Peterson Foundation.

“The primary goal of any sustainable fiscal policy is to stabilize the debt as a share of the economy and put it on a downward path, and yet our nation is still heading toward debt levels of 200 percent of GDP and beyond,” he said.

The latest deal that stopped income tax increases for those making $400,000 a year or less may have only improved the burgeoning debt situation by a year.

Sequestration does not improve the outlook much, either. Even if the budget sequester is fully implemented, federal debt would still reach 200 percent of GDP within about 28 years.

200 percent of GDP. Well, Obama wanted to “fundamentally transform the United States of America.” Mission accomplished.

Completely unrelated: Texas is doing so poorly that Governor Rick Perry is asking for an amendment to return excess tax revenue back to the citizens.