Tuesday, March 3, 2009

Obama Wants To Halve The Deficit - What About The Debt?

President Obama (PBO) has been talking and talking about cutting the deficit in half over the next four years. His supporters and Democrat Kool-Aid drinkers cheer loudly when the President says things like that...why? All he's saying is that he's supporting continued government overspending. Cutting the deficit in half just means that he wants to reduce overspending by half - just half? What about the National Debt? Time for another short civics lesson.

The Deficit

The deficit is the difference between what the federal government spends and the revenue it receives from taxpayers during a particular year. Simply, it's the government equivalent of writing hot checks. Obama wants to write fewer hot checks but has no plans to pay back the hot checks already written. Why write any hot checks at all?

The Debt

The debt is the difference between all the taxpayer money that our federal government has ever spent and all the revenue that it has ever collected since the birth of our nation. It's the total of all the annual deficits - all the hot checks government has ever written plus interest, penalties, and bad check fees. Obama has no plan for debt repayment - that will be done by your children.

Instead of cheering President Obama for writing hot checks you should really be pushing him to STOP! The U.S. Taxpayer will eventually have to cover all the deficit spending and repay the national debt that Obama seems to be willing to run up further and further.

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