Tuesday, August 25, 2009
Barack Obama - "He's spending your future"
The U.S. is now Number 3.
That's the 3rd worst debt-ridden country.
The question is: Are we trying to be Number 1?...
That's the 3rd worst debt-ridden country.
The question is: Are we trying to be Number 1?...
In the Washington Times, Mark Steyn discusses our current fiscal condition:
"Meanwhile, in Brazil, India, China, Japan and much of Continental Europe, the recession has ended. In the second quarter this year, both the French and German economies grew by 0.3 percent, while the U.S. economy shrank by 1 percent. How can that be? Unlike America, France and Germany had no government stimulus worth speaking of; the Germans declined to go the Obama route on the quaint grounds that they couldn't afford it.
They did not invest in the critical signage-in-front-of-holes-in-the-road sector. Yet their recession has gone away. Of the world's biggest economies, only those of the U.S., Britain and Italy are still contracting. All three nations are big stimulators, though Prime Ministers Gordon Brown of England and Silvio Berlusconi of Italy can't compete with Mr. Obama's $800 billion porkapalooza. The president has borrowed more money to spend to less effect than anybody on the planet.
Actually, when I say 'to less effect,' that's not strictly true: Thanks to Mr. Obama, one of the least indebted developed nations is now one of the most indebted -- and getting ever more so. We've become the third-most-debt-ridden country after Japan and Italy. According to last month's International Monetary Fund report, general government debt as a percentage of gross domestic product will rise from 63 percent in 2007 to 88.8 percent this year and 99.8 percent next year. "
