$5,727,776,738,304.64 Debt January 19, 2001
$10,626,877,048,913.08 Debt January 20, 2009 8 years
$14,342,830,116,551.28 Debt July 26, 2011 2 years 7 months
We have spent, spent, and spent. We have accumulated a debt, which the rich alone cannot pay off.
Where did the money go? Medicare, Medicaid, Social Security, Food Stamps, Health Care of Illegals, Highways and bridges, Education, Wars, Growing numbers of Federal Employees, unions, foreign aid, and endless government services. We only paid 60 percent and borrowed or printed 40 percent. We spent a dollar and borrowed 40 cents.
Who did it? It doesn’t matter. It’s on the books.
Who do we owe it to? China is one of our main creditors, and there are a huge number of other investors.
Republicans are probably going to pass a bill today to try to control the $14 trillion debt. How do they want to control it? They want to cut expenses, cap expenses to stop them from growing, and they want to make use of the constitution to prevent excessive spending in the future.
What does our President want to do? He wants to build a high speed train system, which will not entirely be paid for. He wants to spend money on green technology with partially borrowed money, He has said that he wants to spend billions in foreign aid. He has spent almost $1 trillion on a stimulus. Another stimulus has been discussed. He has already spent a lot of money on roads, part of which is borrowed or printed.
The President and Democrats have an unusual thought process. Suppose that I have $60,000 in income, and I owe $10,000 on my credit card. If I have a problem paying, the problem is: I didn’t get a raise. I’m referring to extending the tax cuts to the rich, which essentially would be a raise for the government if terminated.
The problem is not the debt, the problem is: I didn’t get a raise!