Monday, May 17, 2010

The Obama Economic Disaster Is Even Worse Than We Thought

As hard as that may be to accept, that appears to be the case. Naturally, we had to hear about this from international media:

It’s much worse than we thought.
Under the Obama Administration the national debt in the US will climb to above 100% in less than 5 years.
Edmund Conway at The Telegraph reported, via Power Line:

[T]he really interesting stuff is the detail, and what leaps out again and again is how much of a hill the US has to climb. Exhibit a is the fact that under the Obama administration’s current fiscal plans, the national debt in the US (on a gross basis) will climb to above 100pc of GDP by 2015 – a far steeper increase than almost any other country.

According to CIA 2009 statistics, the US debt to GDP ratio is currently at 52.9%. Greece currently has a GDP to debt ratio at 108%.

John Hinderaker concludes the Power Line post with this:

The Democrats in Washington are both too stupid and too ideologically committed to read the writing on the wall. They are leading the United States over a financial cliff, and they have no intention of turning back. On the contrary: if they can, they will hobble our economy further by enacting a carbon tax. There is only one way to stop them, and to save our children–from whom greedy, selfish Washington liberals are borrowing trillions of dollars–from a lifetime of debt. The Democrats must be voted out in 2010, and Barack Obama must be denied a second opportunity to deconstruct the country that he doesn’t much like.

Man, if this doesn't scare you, nothing will!

I have another economic post coming as soon as I can put it together, but I couldn't wait on this one. I've rarely been so hopeful that one of my posts will turn out to be dead wrong.

There's my two cents.

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