The website www.USDebtClock.org quotes the US Treasury’s estimate of our national debt as being $15,991,549,710,970 and counting. If we took this number and converted it to a measure of distance, 16 trillion miles is the approximately 170,000 times the distance from earth to the sun. Light takes 2.7 years to travel 16 trillion miles. In fact, if your showers and toilets ran pure gold instead of water, it would take 329 years before you used that much money. Since President Obama’s election in 2008, the national debt has increased by five trillion dollars. If we attributed this skyrocketing debt over the past four years to Obama, that means he and his administration have been using the gold toilet for over a hundred years.
According to the same website, the national debt per citizen is $50,889, and the debt per taxpayer is $139,981. The federal debt to GDP ratio is 104.36%, way over what it should be. The federal revenue to GDP ratio is 32.43% and the federal spending to GDP ratio is 43.30%. During times of prosperity, the revenue-GDP ratio outweighs the spending-GDP ratio. These numbers highlight the fact that we are indeed in a recession.
In an attempt to fix the spending patterns, the Obama administration has enacted a much more hands-on approach: the government expenditures account for 43% of the GDP. This means that the government directly decides the direction of 43% of the economy. If that’s not a fascist takeover of the American economy, then what is? During his campaign for President, Mitt Romney has said he will work to massively reduce the deficit, much like he did as Governor of Massachusetts, and his running mate Paul Ryan has already put forward specific budget plans to do so.
Let’s now consider the direct effect of the debt on the economy. Because of Obama’s massive hikes in federal spending, a quarter of the economy pays the interest on debt. This means that a quarter of the economy is doing nothing. That’s right: the GDP would be 25% higher without this massive amount of debt. Obama is only increasing America’s massive debt. To make matters worse, there are 23,088,600+ people that are unemployed and looking for work, or underemployed due to the economic situation. How can we go out and spend money to help boost the economy if we don’t even have jobs?
Furthermore, as Obama has increased the national debt substantially by $5 trillion, the United States liabilities per taxpayer have risen to over $1 million. To put this amount of cash in perspective, it would take the average person (on earth) 90 years of work to make this much money. Alternatively, the average graduate of Georgia Institute of Technology makes an economic profit just over $1 million after working for at least 30 years. Don’t forget about paying off those student loans, either: tuition costs have risen 28% under Obama. The president has put a Band-Aid , so-to-speak, on this “wound” to make yearly payments only go up 5%. However, after paying off these loans entirely, it is still a major amputation to your overall savings.
If you enjoy seeing government spending at an all-time high, unemployment rates sitting at a solid 8% for 42 straight months, and feeble attempts by the current administration to “fix” the economic problems by sticking the hands of the government into the mess, then by all means vote to re-elect Barack Obama. As for me, I am voting for Governor Mitt Romney because of his plans to increase investment in America. He will reduce the deficit, increase jobs, and lower income taxes. He is an American businessman who has much experience leading large companies and will bring growth and prosperity back to America. Vote for Romney-Ryan if you believe in the founding principles of our country: life, liberty, and the pursuit of happiness.