This morning, while making biscuits and sausage for breakfast, I watched the 2008 documentary I.O.U.S.A. on Netflix. It tells the story of the national debt up through 2008, noting that in 2000 that debt was about $5.6 trillion. By 2008 it had rocketed to just over $10 trillion. We’re now arguing about raising the debt ceiling above its current limit of $14.294 trillion, because if we don’t, the government will “run out of money” on August 2 of this year.
The projected national debt for 2012 is in excess of $16 trillion dollars – 100% of the GDP.
In the eight years of the Bush (43) administration, our government managed to not quite double the national debt, adding nearly $5 trillion.
In less than three years of the Obama administration, our government has added over four trillion dollars more.
It’s an exponential, unsustainable curve.
Tam is quite right, Obama is “the biggest threat to American civil liberties since… since George W. Bush!”
Here’s the first piece of that later update: