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Posted: 8:25 a.m. Thursday, March 24, 2011
By Neal Boortz
There's no doubt that George W. Bush increased the size of our government. In fact, he doubled it. The highest public debt ever held during the Bush years was $450 billion. Es mucho dinero .. but it looks like peanuts compared to Barack Obama. Even Obama's own nominee to be the deputy budget director, Heather Higginbottom, admitted that not one of Bush's budgets had as high a debt level as Obama's. Yet our esteemed Community Organizer continues to insist that his 10-year budget proposal does not add to our national debt. How does that happen? Do they not teach math in grade school in Indonesia? Or at Harvard, for that matter?
During a Senate grill-fest last week, Sen. Jeff Sessions asked Heather Higginbottom the billion dollar question ... "In years 8, 9 and 10 it [Obama's budget proposal] goes up every year and reaches approximately $900 billion from $600 billion, as a low point in the entire 10 years. The highest debt Bush ever had was $450 billion. You don't have a single year when the budget falls below $600 billion do you?
Higginbottom looked like a brook trout, because she knew she was cornered. Here are some more less-than-sexy facts and figures about Obama's budget that you need to pay attention to.
In no year between now and 2021 would deficits fall below 4 percent of GDP. Over the next decade, enacting the president's proposal would create deficits totaling $9.5 trillion, $2.7 trillion more than the cumulative deficit in CBO's baseline budget. Federal debt held by the public would double from $10.4 trillion to $20.8 trillion, 87 percent of GDP, and annual interest on the debt would rise from 1.4 percent of GDP to nearly 4 percent. Even if the share of the debt held by foreign investors and governments does not increase over the next decade, CBO's projection suggests that we'll be shipping fully 2 percent of our GDP (almost $500 billion) overseas each year by the end of the decade, just to pay the interest on foreign holdings of U.S. government debt.
Just that last stat alone should scare the tar out of you .. 2% of our GDP will go just toward paying the interest on foreign holdings of our debt.
Oops. Didn't I just say that these figures should scare the tar out of you? Almost forgot. Now YOU mayb e the exception, but the vast majority of Americans will read that paragraph (those that can read and will be come away completely clueless. If 70% of Americans don't have any idea what "The Constitution" is, how are they going to understand concepts like GDP, baseline budgets and national debt? They are called the dumb masses for a reason ... and their ignorance isn't accidental. Just refer to some of my previous posts on government schools.
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