I wonder if my fellow Americans are aware of the financial threat that we are in. Our president at one time (2006) lambasted the Republican Party for raising the debt by $3.5 trillion over five years. It is a sign that government spending is way out of control. Six years later he and his party say that debt and deficits no longer matter. The president spent $6 trillion in four years and had not submitted a budget in that time either.
In January, President Obama made an incredible, unbelievable, almost unconscionable statement during a debt ceiling meeting with Speaker John Boehner, that we donít have a spending problem. We are borrowing one out of three dollars we spend. We have promised future retirees around $100 trillion in benefits, money that we donít have. He and the Democratic Party claim we donít have a spending problem?
PIMCOís Bill Gross, manager of the largest bond investment firm in the world, recently stated that Americaís debt, including personal, corporate and government debt, now stands at $56 trillion. Combine this with the currency war that has recently started and Chinaís purchasing of gold and silver mines throughout the world. China could pull the plug on us any day they wish, and we would become a nonentity.
With all the dollars created with nothing behind it, massive inflation would put all of us in bread lines if they were in existence. It is time for us to scream very loudly. Enough is enough. Stop spending and bring back industry to our shores by reducing taxes and unwanted health care costs to business. Basic economics 101.
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