Thanks Barack: U.S. debt is more than all money in the World

From: Gateway Pundit

Thanks Barack: U.S. debt is more than all money in the World
http://gatewaypundit.firstthings.com/2010/09/thanks-barack-us-debt-is-more-than-all-money-in-the-world/


Thanks Barack.The US now owes more money than all of the money in the world combined.Kevin D. Williamson at National Review Online reported:

I have argued that the real national debt is about $130 trillion. Let’s say I’m being pessimistic. Forbes, in a 2008 article, came up with a lower number: $70 trillion. Let’s say the sunny optimists at Forbes got it right and I got it wrong.

For perspective: At the time that 2008 article was written, the entire supply of money in the world (“broad money,” i.e., global M3, meaning cash, consumer-account deposits, checkable accounts, CDs, long-term deposits, travelers’ checks, money-market funds, the whole enchilada) was estimated to be just under $60 trillion. Which is to say: The optimistic view is that our outstanding obligations amount to more than all of the money in the world. . . .

The Most Fiscally Irresponsible Government in U.S. History

From: U. S. News & World Report

The Most Fiscally Irresponsible Government in U.S. History
http://politics.usnews.com/opinion/mzuckerman/articles/2010/08/26/the-most-fiscally-irresponsible-government-in-us-history.html



There is an instinctive conclusion among the American public that President Obama's stimulus package has failed to create a sustained recovery. Unemployment has increased, not declined; consumers have retrenched; housing starts have crashed along with mortgage applications; and there is a fear that a double-dip recession may very well be in the pipeline. The public perception, reflected in Pew Research/National Journal polls, is that the measures to combat the Great Recession have mostly helped large banks and financial institutions, and that's a view common to Republicans (75 percent) and Democrats (73 percent). Only one third of either political leaning thinks government policies have done a great deal or a fair amount for the poor.


There is another instinctive conclusion among the American people. It is that the national deficit, and the debts we have accumulated, are of critical political importance. On the national debt, the money the government has spent without the tax revenues to pay for it has produced mind-numbing numbers so large as to be disconnected from reality. Zeros from here to infinity. The sums are hard to describe; it is hard to describe an elephant, but you know one when you see one. The public knows that, shuffle the numbers as you may, the level of debt is unsustainable. . . .