"... At the end of 2008, the publicly held debt of the U.S. government stood at 40.2% of GDP. In the four years of the Obama administration, the debt will increase $5.7 trillion (equal to the entire debt incurred by the United States since its inception up to and including 2008). This will result in the country having a debt to GDP ratio of 72% by 2012, a mere two years from now.
It has been acknowledged by a consensus of economists that unemployment, as a result of the Obama agenda, will remain in the double-digit range over the next three to four years. This government refuses to recognize the need for spending reduction, opting instead to adopt new entitlement programs and, as part of its war on wealth, dramatically raise any and all taxes on the citizens and the private sector. That component coupled with the massive new regulations already passed and proposed will result in inflation adjusted negative or stagnant GDP growth.
Without significant repeal of the Obama tax and regulatory policies and changes in the entitlement programs and overall reduction in government expenditures, the current spending proposals and impact of the trillions needed for ObamaCare, Social Security, and Medicare and interest payments will result in the debt-to-GDP ratio exceeding 100% by 2019.
Recently the bond ratings of Greece, Portugal, and Spain have been downgraded (Greece to junk bond status). Not only is the entire European Union threatened with collapse because of the excessive debt and budget deficit policies of these countries, but so is the entire world economy. In the case of Greece, the debt-to-GDP ratio is 125%, and the annual budget deficit is 13.6% of the GDP. Greece can no longer borrow money (except at excessively high interest rates) and must turn to the European Union for a bailout in order to pay debts due within the month.
By comparison, the United States, if it remains committed to the Obama agenda, will experience a debt-to-GDP ratio of 104% and an annual budget deficit of 9.7% of GDP by 2019. This nation will become the next Greece...."
With every passing month, I understand less and less how a majority of Americans could ever elect an anomaly like Hussein. I was right. 30 seconds in 2004 sufficed for me to see him for what he was. A creature of smoke and mirrors. A void - morally, intellectually, spiritually. A non-identity. Catapulted by mechanisms I do not understand into a position from which he is able not only to destroy the US economy, but indeed the entire world economy.
How was this possible?