Home / Deficit / The $64,000 Answer. Question: “What Is Your Share of Obama’s Deficits?”
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The $64,000 Answer. Question: “What Is Your Share of Obama’s Deficits?”

Posted on October 17, 2013

By Shawn Ritenour

Once again there is panic running through the halls of Congress, the Oval Office, and in the chattering classes that make up mainstream media, over the government shutdown and the debt ceiling. Most of the panic is a result of the inability of politicians to reach an agreement on government spending. If we hope to begin to recover true prosperity, then making real, significant cuts in government spending should be a top priority. Only true, substantial reductions in government spending will free necessary capital for entrepreneurs to use in productive investment. This investment, in turn, will allow for sustainable economic progress.

We are in the fiscal mess we are in because, since the early 1970s, tax revenues have been unable to keep pace with government spending. Real government spending has increased almost twice as fast as government revenue. In 1970 our total government debt equaled $371 billion. Today it stands at $16.8 trillion. Even if we adjust for inflation, federal government debt has increased more than eight times what it was in 1970.

Things have only gotten worse following the financial meltdown of 2008. It took from 1789 to 2001 to accumulate a federal debt of $5.8 trillion. However, our government officials have added a nearly identical $5.8 trillion in four short years between 2007 and 2011.

The 10 highest monthly budget deficits have all occurred since February 2009. During the Obama administration, the federal government has accumulated more new debt than it did from the time that George Washington became president to the time that Bill Clinton became president. Since President Obama entered the White House, the national debt has increased by an average of more than $64,000 per taxpayer.

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5 thoughts on “The $64,000 Answer. Question: “What Is Your Share of Obama’s Deficits?”

  1. A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself. For the traitor appears not a traitor; he speaks in accents familiar to his victims, and he wears their face and their arguments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murderer is less to fear. The traitor is the plague.

    —Marcus Tullius Cicero.

  2. A crime is defined as "Any act that violates the Right of Life/Liberty/Property of another." Rights are inseparable and indivisible, thus Life/Liberty/Property. Lose one lose all: "Each of us has a natural right—from God—to defend his person, his liberty and his property. These are the three basic requirements of life, and the preservation of any one of them is completely dependent upon the preservation of the other two… ." Frederick Bastiat, The Law (1859).

    Any act that violates Rights, the Right to Work, the Right to Contract is a crime (personal income tax and sales tax), the Inalienable Right to use the highways and byways (parking meters). So simple, so simple to explain, so simple to understand.

  3. When are we gona take the bull by the horns and stop this Moron from spending.
    Obummer need to learn how to balance a check book maybe he needs to go back to 8th grade and learn some math.
    You cant spend more than you take in the dumocrats need to be stoped NOW.

  4. Appears that we've allowed "several" closeted traitors into our "city"! Now they have a following and cannot be removed by any peaceable means! Yes, we can, perhaps, vote them out of office; but their co-conspirators will still be living amongst us; ready to continue to subvert the weak minded – which they are turning out of the school system they already own!