Debt Clock - Late August 2014
Since 2008, the nation's debt has increased by 75% and will per Obama's own budget proposal, more than double by the end of the Obama second term. The unfunded liabilities of the U.S. are now 15 times larger than the nation's GDP. Government at all levels, federal, state, and local is now spending the equivalent of 48% of the nation's annual GDP. It will increase to 59% when Obamacare and other programs are fully implemented.
On January 1 in 2007 The DOW Closed at 12,261, the GDP under Bush for the first quarter was 3.5% and the unemployment rate was 4.6%. Now the REAL National Unemployment Rate is pushing close to 25%, spending as a percentage of GDP is 48%, Taxes have risen on average of 23%, fuel and energy costs are now 104% higher, the number of people that are receiving government assistance of some type has risen some 43%, and the national price index has almost doubled since Jan 1, 2007.
This economic chaos is unsustainable and will crash soon. It cannot be supported on printed money and artificially high Wall Street numbers. We have more energy on our own continent than we know what to do with, yet the cost of energy continues to skyrocket and tighten the noose around our necks while the Obama administration continues to block exploration and drilling of oil and gas reserves right under our noses.
When the dollar falls and is no longer the world currency, we are in for the shock of our lives. If anyone thought the depression was bad, just wait.
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