27 March 2010

But, Like, We Just Cut The Deficit By $138 Billion...

US government debt to INCREASE to 90% of GDP by 2020. After operating for 232 years, taming a continent and defending freedom in three world wars along the way (the Cold War counts), the share of government debt each American household owned was $56,000 when Obama came to power. After only 14 months at the helm, Obama has increased that 22 percent, to $72,000 per household. 22 percent in only 14 months. By 2020, the CBO says it will be $170,000 per household.

What Obama is doing is unsustainable. Though, given the growing aversion to buying more US debt, I don't think we'll get to that 2020 number.

1 comment:

JC Fremont said...

Small point...WWI, WWII, and the Cold War can be lumped together as The Seventy-five Years War. It did rather dominate the 20th century. Sorry to be such a loutish pedant.

Other than that, I think we're pretty much on the same page.