It is not surprising that the Secretary of the Treasury, Timothy Geithner says that HE can’t prioritize the US Debt Payments in such a way that investors in our Nation’s securities won’t feel comfortable; in fact he says that the investors will SHUN our debt if we do not raise the debt ceiling. Really Timmy? The interest on the debt payments is a mere 6% of our national budget. If a family of four was making $60,000 per year, that would be the same as this family having to make a 3,600 mortgage payment. I think the family could figure out a way to handle this.
What will make our investors CONTINUE TO FLEE FROM BUYING OUR DEBT IS IF YOU AND YOUR BOSS CONTINUE YOUR IDIOTIC SPENDING SPREE. We are in a debt crisis caused by insane government growth and crony bailouts to unions, banks and Wall Street. Unfortunately we are saddled with a Secretary of the Treasury who could not even see fit to file his tax returns properly.
Anti-Poverty Spending: Since 2000, “Anti-Poverty” spending has increased 89% from $342B to over $647B. We have more people on food stamps, unemployment, and welfare than ever in our history including the Depression. So how is all that “Anti-Poverty” spending working out!
K-12 Education Spending: Since 2000, K-12 Education spending has increased 219% from $26B in 2000 to $84B in 2010. Since Obama has taken office, this spending has more than doubled from $40B in 2008 to $84B in 2010 all the while our schools are failing their students miserably and we are putting out less qualified graduates, if they stay and graduate, than ever before. It is time for the Federal and State Governments to get out of Education and turn it back over to the local school districts.
President Bush’s deficits averaged $447B over his eight years and he was no slouch at spending too much of our money. Obama, if he serves 8 years, God Forbid, would average $851B over his 8 year term. That is almost double the Bush AVERAGE ANNUAL deficit.
National Debt:GDP Percentage: When Bush took over for Clinton in 2000, the National Debt as a percentage of our GDP was around 38%. At the end of Bush’s second term in 2008, the National Debt:GDP percentage increased to 41%. Obama took this to new heights raising the National Debt:GDP percentage from 41% to 62% in 2010 and the OMB has estimated by the end of Obama’s first term this ratio will increase to over 70%. In his 4 years, Obama will have outspent every President combined that served before him.
So, Timmy, you may have to actually do some work and put a pencil to making sure you manage the money you have and at the same time keep our investors happy. It is NOT our job as taxpayers to send you even more money, from our grandchildren and great-grandchildren who aren’t even born yet, so you don’t have to work too hard. Just maybe you and your boss could stay off of the golf course a couple of weekends and try working on this Nation’s Business.