As of today, May 12th, 2010, the rest of the money spent by the federal government this year will be borrowed money. That is very scary. When The Chosen One took office, our debt was 60% of our Gross National Product (GDP). It is already all the way up to more than 80% today. That would be like an American that makes $35,000 per year spending $57,000 per year, every year. Uhh... Houston we have a problem.
Greece owes $400 billion which represents slightly more than 115% of their GDP.
Spain owes $819 billion which represents only 60% of their GDP.
Italy owes $2 trillion because of its profligate spending of just under 115% of their GDP.
Folks, once you owe more than 100% of what you take in, you are circling the drain and there is little hope of survival. No one will lend to you any longer under favorable terms, meaning that you can no longer issue the welfare checks, you can no longer provide the health care, you can no longer provide the social security, you can no longer pay the teachers or policemen or firefighters. When you make that announcement to your nation and the world, you disgrace your nation and your citizens object loudly, with fire and destruction and death.
The European Union has promised a $1 trillion bailout package to their struggling members but that will probably not get the job done. What socialist Europe is discovering is that socialism, while a terrific sounding idea, in practice does not last very long. A government cannot be the doting mother offering her bosom to feed the masses, be the doctor to care for every scrape on the knee, be the primary provider for the poor and the elderly. That should never be the purpose of government. The purpose of government is supposed to be that of providing basic societal order. That's it.
When charismatic men twist and grow government to empower themselves at the expense of society, the sheep line up for their share. When everything is gone, the bins are empty, the government is destitute, what is happening in Greece happens. What is about to happen in Italy and maybe Portugal happens. But why should you care? Why should you be reading this hot air? Who gives a rats rear?
Buddy, you had better care. You want to retire someday, I presume. We have a recovering economy right now. The market has been rising continuously for over a year without one single (normal) 10% correction. Our overseas sales are partially responsible for this recovery. If Europe stumbles because of their current stubbed toe and they stop buying US goods, the Euro falls, the Dollar rises, our exporters suffer. You suffer.
If The One doesn't cut spending, doesn't abandon ridiculously expensive programs, doesn't stop the insane fiscal irresponsibility, we will have a very serious problem. This is not hypothetical. We are already over 80% of GDP. Care, people. You must care, you must engage and be an active participant in saving your country. That is NOT an empty dramatic plea. This is reality, folks. You must engage and help reverse the course of this recklessly out of control spending machine.