Today unemployment is stuck at 8.2 percent; the federal budget is $3.8 trillion; the national deficit is $1.3 trillion; and the national debt quickly is approaching a staggering $16 trillion.
And to add insult to injury, our vassalage to other countries deepens as they bankroll increasing amounts of U.S. debt, and more than 50 percent of our public debt is held by private investors in foreign lands.
Last week, the International Business Times reported: "China overtook Japan as the largest holder of U.S. national debt in 2009. As of December (the most recent data available), it held about 23.1 percent, or $1.15 trillion, of all foreign investment in U.S. privately held federal debt, according to a newly released report by the Congressional Budget Office, or CBO. ... Without monetary policy change, the CBO warned in its 2012 Long-Term Budget Outlook on June 5, the U.S. federal debt could be twice the size of the U.S. gross domestic product by 2037."
The national debt is not merely the result of excessive spending; it is also the result of revenues not being high enough to pay for government outlays. In other words, while the feds have spent trillions of dollars bailing out everyone from automotive businesses to zebra-loving environmental companies, they have done virtually nothing to build up Main Street business productivity. (Disturbingly, just a few days ago, Vice President Joe Biden again called for more government spending.)
When the receipts don't cover the outlays, it should be a sign that the U.S. government is in trouble, but that's just another typical day of federal government operation. When the federal government wastes more than $100 million a year on minting pennies, which cost 2.41 cents each to make, and nickels, which cost 11.18 cents each, it should be the first to recognize that it runs the worst business in the world; but it is the last to admit it. (Between 2006 and 2011, the government's production of pennies and nickels is estimated to have generated losses of nearly $360 million.)
In 2008, the country elected Barack Obama to clean up Washington and lead the economic restoration of our country based upon his following campaign promises:
"Today I'm pledging to cut the deficit we inherited in half by the end of my first term in office." (Spoken at the opening of the fiscal responsibility summit on Feb. 23, 2009.)
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