When more is less
To the editor:
Our national debt has finally passed the $19 trillion milestone. As of 3:54 pm on Feb. 2, 2016 the outstanding public debt passed $19,021,904,693,296.66. I personally feel this is both abominable and a disgusting reflection of a really lousy performance by the Democrats and Republicans in both Houses of Congress plus the White House. When the very few members of the Tea Party in Congress express a serious concern about uncontrolled spending, others in Congress and the mainstream news media have publicly called them name such as “wacko birds,” idiots, isolationists, etc.
When the White House and Congress were slapping themselves on the back for passing the 2016 budget prior to their Christmas break and therefore preventing a government shutdown, they all forgot to mention that it also contained a $414 billion deficit. They also weakened the financial underpinnings of “ObamaCare,” and then extended special interest tax breaks without doing anything to offset the loss of future tax revenue. It is obvious Congress has totally lost interest deficit spending and additional national debt. They simply do not give a damn! Reelecting any of the current member of Congress and the White House would be an exercise in futility. Toss the bums out!!!!!
On Dec. 31, 2001, GWB inherited a national debt of $5.943 trillion.
On Dec. 31, 2009, BHO inherited a debt of $12.311 trillion.
On Feb. 2, 2016, under BHO, the debt was $19.021 trillion.
GWB increased the debt 75.2 percent in eight years. This calculates to $19,000 per second 24/7/365, for eight years.
BHO has been declared the big spender of all times. The national debt has increased at the average rate of $48,990 per second (24/7/365), since he took office. Anyone thinking this is acceptable performance should either take a few math lessons or move to Greece. Excessive deficit spending is precisely what got them to their present situation.
Brooks Jackson of factcheck.org has taken the time to summarize who, exactly, owns the national debt. LBJ, in the 1960s, started the practice of stealing the Social Security surplus dollars to pay for the Vietnam war. This practice has been expanded to include all other funds the government has access to. This includes all government employees’ retirement funds, insurance funds and any other available surplus cash on hand. There will be a lot of very surprised citizens when they are faced with the realities of these cash shortages generating unfunded liabilities such as Social Security checks and pensions both government & private. Both the Executive and Legislative branches of the government find it easier to procrastinate rather than make hard decisions to balance spending with income. This “borrowed” money is replaced with pink treasury notes, AKA an IOU. There is definitely a day of reckoning in our not too distant future.
Our national debt is split as follows:
Social Security funds, 16 percent; “other federal government, 13 percent; Federal Reserve, 12 percent; China, 8 percent; Japan, 7 percent, foreign banks, 19 percent, state and local governments, 3 percent; USA banks and other depository institutions, 17 percent. Please note: Only 34 percent of our national debt is owned by other countries. Sixty-six percent is taken from our own coffer. China stopped buying our treasury notes several years ago when they decided it was a risky investment. They also are aware of our out-of-control national debt.
Remember this: Every one minute and 24 seconds, our national debt grows $1 million dollars. Let’s straighten this mess out by never reelecting an incumbent member of Congress and the White House since they refuse to enact spending controls and lack fiscal responsibility. In the event you choose not to do this, get ready for the big crash and when our green backs become green toilet paper, learn how to live without a few items such as food, water, electricity, police protection, and sewage processing. This or become a “prepper.”
Robert E. Workman
Cape Coral