Obama Makes History… Breaks US Debt Record In Just 30 Days
On Friday the 13th, the Democratic Congress will approve the largest transfer of private wealth to public officials in US history.
That move will put the 2009 Democratic Congress and President Barack Obama into the record books.
Via Powerline— This chart shows the federal surplus or deficit as a percentage of GDP from 1965 to the present, with the 2009 deficit shown as estimated by Strategas Group with the stimulus added in. The debt currently being run up by the Obama administration exceeds anything in our peacetime history in at least the last 5 decades:
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That’s just frightening.
That makes Obama’s speech from Thursday sound even more ridiculous…
While pushing $1,000,000,000,000 Generational Theft Act, the largest transfer of private wealth to public officials in history, Barack Obama told the crowd at the Caterpillar Plant in East Peoria, Illinois:
“We’ve gotta spend some money now to pull us out of this recession. But as soon as we’re out of this recession we’ve gotta get serious about living within our means instead of leaving debt for our children and grandchildren and our great-grandchildren. That’s not the responsible way. That’s not how folks here in Peoria operate in their own lives and they should expect the government is equally responsible.”
Here again is the video:
The total cost of the Generational Theft Act is estimated at $3.27 Trillion according to the non-partisan Congressional Budget Office.
Here is another chart from Pursuing Holiness of the stimulus debt in comparison to the more moderate START plan and to the country’s population:
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