Friday, July 6, 2012 – 09:00 p.m.
The national debt has ballooned another $5 trillion under President Barack Obama’s watch.
What did we get for all that money spent?
The U.S. is nearing $17 trillion in total national debt. The number doesn’t include state and municipal borrowing, which equals trillions more.
Obama promised a jobless rate below 6 percent when the Congress approved his stimulus.
Here we are at 8.2 percent, with an economy still on life support and weakening once again.
Obama’s solution? Hire more federal, state and local government workers.
That’s right! Make government bigger.
The term clueless comes to mind. But president’s do get caught up in their own sound-proof bubbles, many not of their making.
To cure what sickens the country requires government to shrink and the private sector to grow.
A simple, but painful, concept.
Why? Because government must first start shrinking.
Imagine a time when more real taxpayers emerge in a growing private sector and in-turn the larger taxpayer base fully funds a substantially reduced government maze.
It’s a job transference that is desperately needed. Otherwise the debt climbs and the economy enters recession.
Pretty soon interest rates will be at zero percent across the board and savers who have relied on that continuously declining interest and dividend income will be crushed. If they haven’t been already.
Think about it. With interest rates already at record lows the economy and housing industry still continue to struggle.
In the not to distant future one will be able to obtain a 30-year mortgage at less than 3 percent.
Even 10-year mortgages are gaining in popularity. Did anyone ever thought they would see the day when you could fully purchase a home in 10-years?
That’s how bad the situation really is.
A stagnant investment market has further pressured government and private sector defined benefit pension liabilities.
Those unfunded pension liabilities alone total into the trillions of dollars.
Another scenario where there’s no change on the horizon.
Maybe Former Massachusetts Governor Mitt Romney can find himself articulating a clear plan on what he might do.
Because something has to change, and change soon.