The report that was sent to lawmakers Friday night with no fanfare said the ratio of debt to the gross domestic product would rise to 102 percent by 2015 from 93 percent this year.
“The president’s economic experts say a 1 percent increase in GDP can create almost 1 million jobs, and that 1 percent is what experts think we are losing because of the debt’s massive drag on our economy,” said Republican Representative Dave Camp, who publicized the report.
……The U.S. debt has grown rapidly with the economic downturn and government spending for the Wall Street bailout, the wars in Afghanistan and Iraq and the economic stimulus. The rising debt is contributing to voter unrest ahead of the November congressional elections in which Republicans hope to regain control of Congress.
The total U.S. debt includes obligations to the Social Security retirement program and other government trust funds. The amount of debt held by investors, which include China and other countries as well as individuals and pension funds, will rise to an estimated $9.1 trillion this year from $7.5 trillion last year….
Obama and Congress continue to give massive bailouts/payoffs to special interests and loot the treasury for reckless spending. This is insane. None of them have any remorse, and their depraved indifference to the damage they’ve caused to our economy, is criminal.
They’re actually proud of what they’ve “accomplished”. To hear them tell it, they saved America from the eeeeeevil clutches of free market capitalism and came to the rescue with a Big Brother government that knows what’s good for you. This neo-socialist State would make Karl Marx green with envy.
If there’s any sense of patriotism and respect for the Bill of Rights and Constitution among the electorate, November will result in a total political cleansing of Congress.