$12 Trillion National Debt Endangers America’s Future
Have a friend who isn’t worried about the debt? Show them the national debt clock.
And see below for some good articles about the debt, TARP, and dangers to our economy:
America Is Still Hurting From the First Stimulus — Another One Would Be a Calamity
The main reason the February 2009 stimulus failed to help our economy is that it did not address the major cause of growing unemployment—low job creation in the private sector. Entrepreneurs who don’t receive government contracts are not going to expand their workforce in this economy. Stimulus items in the February 2009 package such as increasing federal funding for the arts and Pell Grants for college students–whatever their other merits–do not lead to much job creation or retention. And the sharp increase in federal spending from the stimulus also crowded out spending by the private sector that could have generated new jobs. This will get worse later when the real costs of the stimulus hit us–when the bills for all this spending come due to us, the taxpayers. It’s been estimated that every $1 of stimulus spending will lead to a future fall in GDP of $1.23.
China's Debt Bomb:
“By their carelessness Congress and the Obama administration are steadily handing over control of America's economic and financial future to a handful of Chinese officials and generals in Beijing. Those who think the Chinese won't use that control if they feel they have to are ignoring history — and the Chinese.
Obama Coddles Wall Street:
“In a report issued Feb. 1 which drew remarkably little attention from the news media given its importance, Neil Barofsky, the special inspector general for the Troubled Asset Relief Program, the $700 billion bailout for financial institutions, said TARP has not done what it was supposed to do and could be setting the stage for a worse fiscal meltdown in the future.”