Mr Obama's White House calmly announced National Debt would grow to 75% of GDP over the next ten years [The Star, also The Economic Times of India]. Plan for disaster courtesy this Democratic Party Administration
It finally happens. We are sold into slavery, and by Democratic Party operatives. Democratic my eye.
Debt accumulation like this violates the fundamental assumption of free society. We have government to secure the blessing of liberty for ourselves, as preamble to the American Constitution says it. These authoritarian politicians violate it.
And Liberty dies during the sound of the thunderous applause.
There is more than just an end to political freedom. Some will starve in the disorder. The sober Bob Livingston wrote about the coming disaster:
"As the U.S. Federal deficit grows beyond the current historic levels there will come a time when a correction comes. A devaluing of the dollar has already begun. It will be followed by inflation that could become so severe that food and other necessities become unaffordable or unattainable.
"It is happening right now in Latvia, where the government’s current budget deficit is estimated to be about 12 percent of the gross domestic product (GDP), according to the International Heritage Tribune.
"So as the Latvian government cuts wages and spending in order to bring down its deficit and qualify for a bailout from the International Monetary Fund, “Austerity is rippling down the social hierarchy, as the affluent cancel vacations, middle-class people fret about social [dissent], and Dickensian scenes of destitution multiply,” the Tribune says.
"Many of the people there can simply no longer afford to feed themselves.
"Currently, the U.S. is running a budget deficit of about 13 percent of GDP and spending almost $2 for every $1 it takes in. It doesn’t take a Pythagoras to understand that math like that doesn’t add up."
In the past America has been able to weather a storm like this one. But we had more industry in those days. We are facing a President and Congress hostile to our industry, witness the Carbon cap and tax. I am not sure we have the wherewithal to cope anymore.
President Obama and the Democrat controlled Congress are enemies of the welfare of the people.