On the last day of July, with a Republican-controlled House of Representatives serving as co-pilot, President Barack Obama flew the United States past a dubious fiscal landmark on our way toward what increasingly looks like a crash landing.
That day, the federal debt hit $17,687,136,723,410.59 -- an increase of roughly $7 trillion since Obama took office on Jan. 20, 2009.
That $17,687,136,723,410.59 in debt works out to approximately $171,575 for each of the 103,087,000 full-time year-round workers the Census Bureau says were in the United States as of 2012.
And that counts the 16,606,000 full-time year-round workers who took their paychecks from the government -- rather than working for themselves or for private organizations.
The $7,060,259,674,497.51 that Obama helped add to the federal debt between his first inauguration and the last day of July works out to about $68,488 for each full-time year-round worker in the country as of 2012.
How many of those full-time workers have borrowed an additional $68,488 in their own names since Obama took office -- unless it was to take out a mortgage on a house they are now already paying down?
Obama has offered no plan for paying down the federal debt -- let alone for bringing the federal budget into balance.
Shortly before the new debt under Obama passed the $7 trillion mark, the Congressional Budget Office released its latest long-term budget outlook.
It describes our flight path toward disaster.
If current laws are not changed, 25 years from now (in 2039) the federal government will spend 6.3 percent of the gross domestic product on Social Security alone, the CBO estimated. That same year, it will spend 4.6 percent of GDP on Medicare, 3.4 percent on Medicaid, the Children's Health Insurance Program and Obamacare subsidies, and 4.7 percent on net interest on the federal debt.
Together, federal spending on just Social Security, the major health programs (Medicare, Medicaid, Chips and Obamacare), and interest on the debt will equal 19 percent of GDP, the CBO estimates.
That is before the federal government spends a penny on food stamps, public housing, the Department of Education or the Environmental Protection Agency.
It is also before the federal government spends a penny on national defense or the State Department, which carry out its core constitutional responsibilities.
And it is before the federal government spends a penny to staff and maintain the judiciary and legislative branches.
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