"Below are just a couple of articles indicating what's to come...and come shortly. I predicted a year and a half ago that if this guy got elected and the Dems kept control of Congress that there would be economic disaster. Thus far, each and everything these guys have done is precisely the wrong thing.
Now I am no economic genius, but if I can see it, why can't many others? Actually, maybe they can. A poll taken a couple of days ago said that 79% of the population feels that there is a great danger that the economy could collapse. Nonetheless, this administration forges ahead, spending money that's not there and passing bill after bill which are job killers.
Let's look at the situation. As of today the national debt is more than 12.5 trillion dollars. By this administration's own estimates, it will be16 trillion by 2012, 20 trillion by 2015. I would say that those are conservative estimates. Have you ever known a single government program that didn't increase costs? For example, LBJ assured us, actually promised us, that Medicare would cost no more than 9 billion dollars by 1990. The actual cost was 67 billion, more than a 700 % increase. By 2008, the cost was 396 billion.
During the Bush years, the national debt rose by 5 trillion dollars, half of that in the last two years thanks to a Democratic Congress. In the year and two months Obama has been president, the debt has gone up 2.5 trillion dollars of which one can add another 2.3 trillion for the new health care initial cost. The bill creates 159 new federal agencies.
The GDP for 2009 was 14.2 trillion. That means in another year and a half, our debt will be 2 trillion more than the entire gross national product.
This is unsustainable. Social Security is paying out more this year than it takes in. Medicare is slated to run out of money in 3 or 4 years. Medicare is also going broke but I am not sure how much longer it is projected that the program has. In response to this, the administration creates hugely expensive new programs, refuses to allow things like expanded oil drilling which would create at least 100,000 new jobs as well as remove us from foreign oil dependency, and passes job killing bills through Congress.
This is insanity.
The only entity hiring anyone in this country at the moment is the federal government, but the federal government creates no wealth. It gets its money from you. 16,000 new IRS agents are going to be hired to enforce the provision in the health care bill to require all citizens to own health insurance whether they want it or not. If you are thinking such a provision is unconstitutional you are correct. They are getting around it by saying that you will be taxed, not fined, for not buying insurance. Hence the IRS agents.
So stand by for hard times, folks. You better buy a bunch of gold while you can...and ammunition while you are at it. When the government defaults on its debt, as it must if this keeps up, your cash will be worthless no matter how much you have."
Punishing Investment The reconciliation bill’s capital-gains-tax hike is a prosperity killer.
Bond Rates and Obamacare
The coming crunch will make last Sunday look pretty.
Bond Rates Rise After Weak Auction
Government Close To Losing its AAA Rating
Gas up $1 a gallon on Obama's watch
Pressure rises for exploration
15. Law of Logical Argument - Anything is possible if you don't know what you are talking about.