The national debt is absolutely frightening. Currently it’s at about 100% of GDP and if we stay on this pace it will be up to 200%! Soon we’re going to be like Greece, or worse.
On July 11, 2014 Rep. Mike Coffman of Colorado requested permission to remind House members of our unconscionable national debt.
“Mr. Speaker, on January 20, 2009, the day President Obama took office, the national debt was $10,626,877,048,913.08. Today, it is $17,586,759,896,863.97. We’ve added $6,959,882,847,950.89 to our debt in 5 years. This is over $6.9 trillion in debt our nation, our economy, and our children could have avoided with a balanced budget amendment.”
Source: Congressional Record http://thomas.loc.gov/
Note: The National Debt has now increased more during President Obama’s three years and two months in office than it did during 8 years of the George W. Bush presidency.
One of the major drivers of the national debt – is wars!
Continued costs of the war are expected to total between $4 and $6 trillion, according to MarketWatch. That’s about $80 billion per year for the next 50 years, or the same amount the U.S. spends each year on the Justice Department, the Department of Homeland Security and the Environmental Protection Agency combined!
