On Politico, the story “National debt hits record $11 trillion” reports on the enormous debt Obama has created. This is the largest debt in American history. This will quadruple the debt.
Now, this is not the true debt. This is only the operating budget. With the budget, they have more than one set of accounting books. If we did this in the private sector, we would go to jail, but the government gets to use as many different set of books as it wants. Some of the books have the war costs included some don’t. Some has just operating costs and then there is the set with “entitlements.”
Entitlements are Social Security, Medicare, Medicaid, etc. If you include the operating budget and the entitlement the national debt would be $65 trillion. Yes, $65 TRILLON!
Now, why is this such a problem? This affects the government’s ability to borrow money. It affects the interest rates they receive on current debt and future debt. It affects the value of our dollar. All of this affects the growth of our economy and us.
So, the government has ran up the debt to the point that eventually we will have to raise taxes to pay for it. All this does is slow our economy even further, which limits the ability to pay the debt. It creates a vicious cycle that we may not be able to escape. We need to stop this irresponsible spending before the government puts us in a postion that we will not be able to recover.