US Debt Now Equals 100% Of Our Economy

Give it time...the American people are going to rue the day they ever heard of this 'community organizer' who never ran anything previously except his mouth:

President Obama projects that the gross federal debt will top $15 trillion this year, officially equaling the size of the entire U.S. economy, and will jump to nearly $21 trillion in five years’ time.

Amid the other staggering numbers in the budget Mr. Obama sent to Congress on Monday, the debt stands out — both because Congress will need to vote to raise the debt limit later this year, and because the numbers are so large.

Mr. Obama‘s budget said 2011 will see the biggest one-year jump in debt in history, or nearly $2 trillion in a single year.

Tell me..how long could your household survive if your debt equals your income - and rising?

All of the insane spending the Obama regime did in its first two years created nothing, went to reward his political allies and is now, to quote Rev Wright, coming home to roost. If Obama was a corporate president, he'd be in jail, if his company's stockholders hadn't gotten to him first.

And the water is running out of the drain even faster than Prez Zero predicts:

While some of the lowest borrowing costs on record have helped the economy recover from its worst financial crisis since the Great Depression, bond yields are now rising as growth resumes. Net interest expense will triple to an all-time high of $554 billion in 2015 from $185 billion in 2010, according to the Obama administration’s adjusted 2011 budget.

“It’s a slow train wreck coming and we all know it’s going to happen,” said Bret Barker, an interest-rate analyst at Los Angeles-based TCW Group Inc., which manages about $115 billion in assets. “It’s just a question of whether we want to deal with it. There are huge structural changes that have to go on with this economy.”

The amount of marketable U.S. government debt outstanding has risen to $8.96 trillion from $5.8 trillion at the end of 2008, according to the Treasury Department. Debt-service costs will climb to 82 percent of the $757 billion shortfall projected for 2016 from about 12 percent in last year’s deficit, according to the budget projections.

In other words, as interest rates increase, the noose gets tighter.

And speaking of increases, Obama's new budget is even more improbable and wandering in unicorn land without - you guessed it,major tax increases.

There is an upside to this, believe it or not. There is still a little time to get this under control and Congress is going to be forced to address this, like it or not. We're going to see a lot of waste and spending slashed that should have been history a long time ago.

And another benefit is tha while we're in for some bitter medicine, hopefully the American people will have learned a good lesson on why Leftist academics make lousy presidents.

To paraphrase another of Obama's buddies, the new GOP House shouldn't let a good crisis go to waste. Not if any of them want to get re-elected again.

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