This latest milestone in the ever-rising journey of the National Debt comes less than eight months after it hit $11 trillion for the first time. The latest high-point is not unexpected, considering the federal deficit for the just-ended 2009 fiscal year hit an all-time high at $1.42-trillion – more than triple the previous year's record high. Much of the increase in the deficit and debt is attributed to government spending outpacing revenue – both exacerbated by the recession and the government response to it – including hundreds of billions in bailouts and stimulus spending and tax cuts along with decreased tax revenues due to rising unemployment.It's only now, now that this huge figure has been reached, after spending a record $2 trillion dollars this year, that Mr. Obama has begun to speak about bringing the rising deficit and debt under control.
Honestly, it's a little late for that. Of course, having lost the moderate independents, he may be getting a little nervous. After all, he doesn't want to go down in history like Mr. Carter...and James Buchanan as being one of the worst presidents in our history. Another point to keep in mind, all three are Democrats.
"I intend to take serious steps to reduce America's long-term deficit – because debt-driven growth cannot fuel America's long-term prosperity," he said in remarks prepared for delivery to the leader's meeting last Sunday at the Asia Pacific Economic Cooperation summit.I don't think that the country will buy him as a spend thrift now. Not after he's spent $700 billion on TARP, $300 billion buying Chrysler and GM, $800 billion on the "stimulus package" (which has mightily little stimulus in it). It may very well be a matter of too little, too late.
The "Stimulus Package" would have been better unspent, but if it was deemed absolutely necessary, then it should have been spent on infrastructure projects instead of being portioned out to favoured constituencies and state governments. But as a tax, tax and then spend Democrat, that sort of thing would never have occurred to any of the Democrats presently inhabiting capitol hill these days. Not that the GOP is any better. I think we are well past time to limit the terms of all politicians in elective office, not just the president.