Another win for Huntley: a sobering $9 trillion debt!
August 29, 2009
On Friday, August 28, Steve Huntley hit the mark with his Sun-Times editorial: Dem don’t inspire trust on health care.
In his commentary Huntley wrote how the Obama administration is now projecting that the nation’s 10-year deficit will reach $9 trillion.
This figure represents a miscalculation of $2 trillion from the $7.108 trillion debt projected just a few months ago. It is frightening to think how much more the current $9 trillion figure might escalate during the next 10-year period!
It would take 20,900 years, spending at a rate of $100 a second, to deplete $9 trillion. It is indeed sobering and does not bode well for future generations of Americans.
The record breaking deficits have raised concerns over this nation’s ability to finance it debt and maintain a top-tier AAA credit rating. Because the U.S. relies on China and Japan to cheaply finance its debt, both countries may demand higher interest rate if they perceive this nation cannot control its deficits.
The White House brags that it will cut the deficit in half by 2012. Omitted is how the deficit has nearly quadrupled this year. Even if the White House were able to cut in half the bloated debt level — which is highly doubtful – remaining would be budget deficits twice as high as under President Bush.
Predictions have been made that the public national debt will actually nearly triple by 2019. If this happens, this nation would have accumulated more government debt under President Obama than under EVERY President in American history from George Washington to George W. Bush combined!
At a time when the U.S. and its citizens are going through a painful time economically, with unemployment still projected to go higher, it is irresponsible for Democrats to propose a new Obamacare program that would at a minimum cost $1 trillion, piled on top of our already unsustainable entitlement obligations, when health reform can be achieved without throwing the baby out with the bathwater.