Please see this article over at Hot Air for references. Apologies, this article has lots of arithmetic.
ADDENDUM: Related – at Fox News: Obama Shatters Spending Record for First-Year Presidents. End Addendum.
The ObamaCare bill, they claim, will result in saving $130 billion over ten years. This is because they start taxing immediately, but services don’t start until 2014. If you take the ten years starting in 2014, the cost is a staggering $1.8 trillion.
National Debt: Now topping $12 trillion, the annual interest payment on this will be $700 billion dollars a year by 2019.
NOTE that $700 billion dollars is about the cost of the ENTIRE IRAQ WAR SO FAR. That WE will have to pay EVERY YEAR as interest on the national debt. Also, this is at current (low) interest rates.
The following data comes from TreasuryDirect government website. The fiscal years start/end September 30.
In the years from 2001 through 2008 (Bush years), the national debt grew at an average rate of about $602 billion per year.
In 2008 through 2009 (Obama partial year) the national debt grew almost $1.9 trillion – THREE times the average of the Bush years for a PARTIAL year. Not defending Bush on this, but the rate of increase is radically higher under Obama than Bush. Even Bush was spending way too much. Obama saw we are way in debt, and radically increased spending anyway.
On top of this, the Democrats want to inflict us with their ObamaCare bill, which, starting in 2014 will add an additional $180 billion a year every year it is in operation to the national debt.
Obama, Pelosi and Reid cannot possibly be ignorant of this.
Indications are strong that our foreign debtors are losing confidence in our ability to repay the debt. The numbers above are some of those that they are looking at. If they cut us off to prevent us from spending more, we would be worse than bankrupt. The only reason they haven’t done that is that it would likely destroy their economies along with ours.
There are, according to Wikipedia, about 138 million taxpayers in the U.S. The interest alone on the national debt in 2019 will be about $5072 per taxpayer per year. BEFORE Obama, Pelosi and Reid complete their spending spree.
I’ll say it again – that $5072 is just the interest. EVERY YEAR. If that’s all we pay, it will go on forever.
When you are in a hole, it is time to stop digging! But, Obama has not stopped; quite the opposite.
I’m beginning to wonder if Obama and his cronies are trying to destroy this country. Is that their real goal? If you tried to think of a way to bring this country down, can you think of a better way to do it? It would certainly fit in with all those radical associations he has, starting with Bill Ayers and Reverend Wright, and so on, and so forth.
It’s either that, or Obama is the most foolish, stupid, incompetent president we have ever had. It’s just about got to be one or the other. And his supporters keep saying how smart he is…
I make no accusations. I just point out the facts, and raise the questions. This is how it looks from where I sit.