Going, Going Gone . . . Now it’s Off to Our Grandkids!

On Black Friday your government was shopping with credit cards too it would seem.  The total outstanding U.S. public debt just hit a new historic level, which probably would be better associated with a red Friday rather than a black one. As of the last workday in November, total U.S. public debt just surpassed $18 trillion for the first time, or $18,005,549,328,561.45 to be precise.

Our nation’s debt now exceeds, at 103 percent, total Gross Domestic Product which some say was artificially inflated by half a trillion when the government decided to add the “benefit” of R&D intangibles into the GDP earlier this year.

This unprecedented total US debt has increased by 70 percent under just one President, Barack H. Obama. It has gone from $10.625 trillion on January 21, 2009, to $18.005 trillion now.

Yet, the President’s term and his reckless spending are far from over.  If he succeeds with his executive order for amnesty for illegals, a new report finds that if that act involves 4 million illegals, the net cost (benefits paid in minus benefits paid out) to taxpayers for his action will be another $2 trillion in taxpayer-funded services like Medicaid and Social Security.

In other words, this president has taken the debt that it took 43 other presidents to rack up, doubled it in just six years, and saddled future generations with $20 trillion in IOU’s.