Did you know that since President Obama came into office, the debt limit has been raised seven times?
With those increases, Congress has added $43,000 in debt for every American household in just the last four years.
And now the debt limit deadline is looming again. Treasury will run out of tricks to keep paying the bills on October 17, Secretary Jack Lew announced yesterday.
Instead of pursuing significant spending cuts and entitlement reforms that are desperately needed to get spending under control, House Republicans reportedly are proposing to suspend the debt ceiling for more than a year, which would add $1.1 trillion to the debt.
So, take that $43,000 per household that was added in the last four years and tack on another $8,800 per household.
What happened the last time Congress raised the debt ceiling? Did they accomplish any meaningful spending cuts before increasing the debt limit? More here:
By the way, if you're interested ... the Fed is keeping interest rates artificially low. When they finally have to let them go (and they will,) how high do you think they will go? Let's say they return to the average of the last 20 years. If they do that. then 85% of your taxes will go to paying just the interest on the debt (assuming they don't go further into debt ... and that's not counting this new chunk either.)
Where did all of our money go? Any idea? (Hint: think spreading it around to their buddies thru various government contracts.) What's the richest county in America? Look it up, it borders Washington DC.
Most of the time when the media shows you some "selfless non-profit" it's usually some buddy of a congressman somewhere who is making a TON of salary for himself and other corporate officers and being VERY careful not to show a profit. And all their income comes from a government program or contract.
Every year Washington takes in a record amount of revenue and they go even further into debt. Do you think this wildly increasing debt has any effect whatsoever on our economy? Oh, of course not, after all, the media has been telling you we're in recovery ever since Obama (the democratics) came into office. Baaaa-Bleat.
Hey, don't worry, though, they're slowing the spending down now, right?