A generation ago, the national debt stood at just a smidgen over USD $4 trillion and a young presidential candidate named Bill Clinton was discussing a great plan he had to have it entirely paid off by now. Oops. The national debt is now 5.5 times bigger.
More than anything, this astoundingly bad public policy is the fault of Barack Obama, undoubtedly the most irresponsible president in our history…who added on more to the national debt than all other presidents combined in an orgy of Washington, DC, debauchery that saw the size of the federal government mushroom while hundreds of thousands of new bureaucrats were added to federal payrolls, and Washington, DC, housing prices skyrocketed as federal government employees and private industry sub-contractors paid for by the government reveled in their six-figure paychecks and outrageously lavish healthcare and pension plans… all paid for by us, the taxpayers.
Obama’s stewardship of our national finances was truly obscene, but George W. Bush was nearly as bad. He has even less of an excuse, in fact, because he had a Republican Congress to work with for most of his eight years. During that time, Bush took us from USD $5.8 trillion to USD $10 trillion, something that seemed reckless at the time. Of course, in light of the Obama USD $10 trillion spending extravaganza, Bush looks prudent by comparison.
How is it that we supposedly elect the best and the brightest to represent us in Washington, DC,…
people with law and medical degrees and MBAs from Ivy League universities, people that come from the finest law practices and accounting firms and consultancies and banks and financial institutions in the country…and our end result is the debt avalanche we now have before us?
Why do we believe politicians of either party when they tell us that they will make our national debt a top priority?
Why is it that the American people seem to fail to understand how ruinous our national debt truly is and what an astounding percent of our national budget we are now spending on servicing that debt?
Interest Is Adding Up
Former Pennsylvania Governor Ed Rendell has penned an op-ed which presents some eye-opening statistics as to just how bad our national debt really is. By next year, the cost of servicing the national debt (paying interest on it), will exceed the cost of Medicare. By 2025, it will exceed the cost of our military spending, making it the most expensive item in our entire national budget!
Today’s high school and college students are well-versed in a whole host of social justice topics, courtesy of their Marxist professors. How much would you venture to bet that they hear little to nothing about the national debt and what it means for American workers and families?