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« UK SENSATION: The Mobile Bank Of Dave | Main | HE'S BACK: Alan Grayson Returns To Congress »
Wednesday
Nov072012

$16,000,000,000,000.00bama

National debt talking points with President Obama.

Editor's note: Publication of this clip is a statement on the incorrigibly egregious, generational-pillaging hypocrisy of the Washington spending establishment, and is not an endorsement of the Romney-Ryan ticket or any other part of the false Left-Right U.S. Bankruptcy Machine.

---

In 4 years the national debt will hit $21 trillion, regardless of who wins this election.  Romney doesn't have the cojones to make the cuts, just like every President before him.  And since he actually wants to increase military spending from current levels, he'll end up a deficit president just like Obama.

Count on it.

The only thing that will will force Washington to act on spending is the bond market.  When the bond vigilantes finish with Europe in 24 months or so, the United States of Insolvency - Land of the Free and Home of the Broke - will be their next target.

When bond yields start spiking as we approach a $20 trillion national debt in late 2015, then and only then will Washington even begin to take the issue seriously.

Have panic, will act.  Until then, expect nothing.

We will borrow 43 cents of every dollar, behaving blissfully as if absolutely nothing could ever go wrong.  Until it does.  And by then it might be too late.

---

Obama's Unpatriotic Debt:

'It's irresponsible.  It's unpatriotic...'

 

Related:

National Debt Insanity From Joe Biden

 

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Reader Comments (3)

Think it's bad now just wait Debt Slaves when the market's force a rise in the interest rates we pay on the debt. Kind of amusing the Fed is actually buying the majority of our debt now and the Fed is owned by it's member banks. Think about that the member banks are already collecting billions a year right now from IOER.

How Bernanke Can Get Banks Lending Again
If the Fed reduces the reward for holding excess reserves, banks will have to find something else to do with their money, like making loans or putting it in the capital markets.

snip

Suppose the Fed cuts the IOER from 25 basis points to minus 25 basis points, and banks don't lend one penny more. In that case, the Fed stops paying banks almost $4 billion a year in interest and, instead, starts collecting roughly equal fees from banks. That would be almost an $8 billion swing from banks to taxpayers. There are worse things.

in full http://online.wsj.com/article/SB10000872396390444873204577537212738938798.html

$10 Trillion Withdrawn From U.S. Treasury This Fiscal Year Alone, Treasury Says

http://cnsnews.com/news/article/10-trillion-withdrawn-us-treasury-fiscal-year-alone-treasury-says
Sep 7, 2012 at 11:56 PM | Unregistered CommenterLiberatedCitizen
I found a 5-minute video by a retired accountant which explains why Washington can't balance the budget. He uses official Treasury and Budget data. I checked the URLs. All true.

Google Hal Mason Youtube debt
Sep 23, 2012 at 6:41 AM | Unregistered CommenterBarbara M

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