Obama is telling the American people that we can expect trillion dollar deficits for the next few years. Aides said later that the estimate — in line with what economists have been anticipating given the economy's rapid deterioration — did not include the costs of the proposed stimulus package, which could add hundreds of billions of dollars more to the red ink.
Imagine that, deficits of $1.5 trillion. That is a 13% increase of our national debt in one year. When Mr Obama takes office, our national debt will be close to $11 trillion. If the above prediction holds true, at the conclusion of Obama's first term our outstanding debt will be $17 trillion, a 154% increase. GW Bush's presidency nearly doubled the debt from $5.6 trillion to $11 trillion.
When Clinton took office in 1993, the National Debt was $4.2 trillion. In three Presidencies, the debt will have doubled twice. This strategy is being chased by the Republicans and the Democrats, which is why I see no real difference between the two parties.
When will the fun stop? Sooner or later, this country will be bankrupt. What will the world be like when that happens? That is the change I'm afraid of.
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