Obama’s Borrowed More Per Household ($53,616) Than Median Household Earns ($50,504)
May 16, 2011 By
April 25, 2011 By
“We are spending money we don’t have,” Mr. Bloomberg explained. “It’s not like your household. In your household, people are saying, ‘Oh, you can’t spend money you don’t have.’ Our debt is so big and so many people own it that it’s preposterous to think that they would stop selling us more.”
This is what happens when your Debt to GDP ratio is at 220% and your government’s economic plans consists of seizing land from farmers and handing it out to your cronies while trying to borrow even more money to keep the entire disastrous thing going.
Obama knows quite well that he’s spending money that can never be repaid. That’s why he’s spending the money. Because it’s his last chance to spend it.
The debt will reduce the average family income by 10 percent in 2030, by 17 percent in 2040 and by 30 percent by 2050. So if the average family could be expected to be earning, say, $80,000 a year by 2030, their actual pay would be $72,000, and $8,000 of income would be wiped out by the debt.
Obama’s expensive vote in 2012 cost the country only ten more times than the average Obama voter cost the country in 2008.
The debt that the U.S. government owes to foreign interests now equals approximately $47,495 for each household in the United States. Besides China, America is deep in debt to Japan, oil exporting nations and to Russia.
Horror of horrors! Those nasty Republicans are at it again – holding President Obama “hostage” unless he agrees to their outrageous demands as a condition for their votes to raise the nation’s debt ceiling.
We’ve all known people who just couldn’t handle money. It’s bad enough when it’s a friend or family member. Unfortunately, we’ve got a federal government just as ghetto.