Thanks Barack… US Debt Is More Than All Money In the World
Posted by Jim Hoft on Saturday, September 11, 2010, 12:11 PM
Thanks Barack.
The US now owes more money than all of the money in the world combined.
Kevin D. Williamson at National Review Online reported:
I have argued that the real national debt is about $130 trillion. Let’s say I’m being pessimistic. Forbes, in a 2008 article, came up with a lower number: $70 trillion. Let’s say the sunny optimists at Forbes got it right and I got it wrong.
For perspective: At the time that 2008 article was written, the entire supply of money in the world (“broad money,” i.e., global M3, meaning cash, consumer-account deposits, checkable accounts, CDs, long-term deposits, travelers’ checks, money-market funds, the whole enchilada) was estimated to be just under $60 trillion. Which is to say: The optimistic view is that our outstanding obligations amount to more than all of the money in the world.
Global GDP in 2008? Also about $60 trillion. Meaning that the optimistic view is that our federal obligations outpace the entire annual economic output of human civilization.
So, John Boehner wants to roll spending back to where it was in the last year of the Bush administration. Okay, great. Nice start.
The Obama-Pelosi economic plan resulted in a cumulative 7.5 million jobs deficit. By every objective measure the democrat’s Trillion dollar stimulus bomb was a complete disaster.
Barack Obama and Nancy Pelosi tripled the national deficit last year by nearly a trillion dollars – something unheard of in our nation’s history.
After an unheard of record deficit last year of $1.4 Trillion the economy is on track to experience a $1.3 Trillion deficit this year.
Instead of focusing on the economy the past two years the radicals in Washington beat up on business and rammed through an unpopular nationalized health care entitlement program.
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Featured Story:
Busted!… Obama Headlined a DEMOCRAT SOCIALISTS OF AMERICA Event in 1996 **FLIER**
Published May 24, 2012 at 8:46 pm - 91 Comments
down with dems commented:
And the Dem plan to bring in more money is to raise taxes (which they’d then go and spend)… but good luck with that, since:
““The number of people in the U.S. who are in poverty is on track for a record increase on President Barack Obama’s watch, with the ranks of working-age poor approaching 1960s levels that led to the national war on poverty.””
It’s hard to milk tax money out of those in poverty, especially when you are going to have to provide them with free Obamacare.
Obama’s administration = least business experience in any administration EVER. No wonder he hides those transcripts so well — he MUST have failed math.
Jim commented:
It’s a new record and not one to be proud of. But it proves that liberals, socialists and damndemocrats are good at one thing – spending other people’s money.
notsurprised commented:
and he is doing it on purpose.
Khan Krum commented:
Cloward-Piven strategy moving along ahead of schedule…
wanumba commented:
Old Kenya Swahili proverb: (from the Arabic)
“The destroyer of a nation is a citizen of that nation.”
Looks like Obama, Soros and Co. are taking down the entire world. How silly of us to have only focused on the USA.
tarpon commented:
It’s sort of like figuring out the jive talking is no longer funny.
Norman commented:
completely unrelated but just up on the net
http://www.youtube.com/watch?v=oRcUdruhgyw
Qur’an set on Fire at Ground Zero on 9/11
Militant Conservative commented:
Austerity measures will be coming soon. This is the only way to curb runaway goverment spending. First we start by throwing the bums out in November. powder is dry.
Steve commented:
Hope and Change baby.
Hope and Change!
Steve
Common Cents
http://www.commoncts.blogspot.com
mark commented:
This is the primary issue. Get Obama’s hands out of our money and stop his spending binge. All his radical ideas come to nothing without our money. Defund Obama and his cronies and don’t get distracted by all of these “crisis” of the moment fake issues. Racism, hate, fear, and all the other fake crisis that the MSM manufactures for Obama. All of it is intended to take our eyes off of his agenda.
dirk pitt commented:
What ever the usurper says, is the exact opposite of his plans – its called taqiya – you can lie to infedels for the advancement of Islam…
Mary commented:
wanumba — I thought he liked to describe himself as a citizen of the world
DanStlMo commented:
If all the money is gone, do we get a do over?
Aitch748 commented:
If Dinesh D’Souza is right, then Obama’s big radical plan isn’t even to turn America into a socialist nation; it’s just to bring America down to the level of third-world countries where most people live in whatever flimsy shelters they can find and must beg for a living.
And no, I don’t think his problem is that he flunked math. I don’t even think that he’s proposing new stimulus bills in an attempt to turn the economy around. I don’t even think he wants to turn the economy around. He’s perpetrating this crime against America on purpose.
I think Obama will have to start having an affair with an intern in order to protect himself from being removed from office.
/gallows-humor
wanumba commented:
Mary
September 11th, 2010 | 5:46 pm | #13
wanumba — I thought he liked to describe himself as a citizen of the world
………………
The Ultimate Open Borders Guy!
Getting a little concerned that his excessive partying is developing an uncomfortably eerie resemblance to the 9/11 highjackers’ last week of “livin’ it up.”
jorgen commented:
Obama was for 20 years sitting listening to a mad preacher screaming “God damn America”. Which kind of people would do that? Reasonable and intelligent people? Or people who deliverately would run USA into the ground?
Cavalor Epthith, Esquire, D.S.V.J. commented:
If the Forbes magazine article was published in 2008 how is the $ 70 MMMM deficit the responsibility of the current US president?
I find that it would be more accurate to say that the mess was created in the past and being blamed on the present. I have little confidence in the political Right in the US to do anything more than win and election hold meaningless hearings in an attempt to smear Obama and fight among themselves over whether they should focus on Culture War issues or the economy. Your coming victory in the midterm elections will be historically viewed as the final act of the GOP as a political party.
. commented:
Ummmmmm, Esquire – you need to get your facts straight. Look at the chart. The last year of the Bush years was when things began to go downhill. Who was in charge of the purse strings then. or have you conveniently forgotten? Ahh, right, Nancy Pelosi, Harry Reid, and, oh yes….Senator Obama.