Allen B. West

The debt and deficit explained so even liberal progressives can understand it

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The one thing I do find interesting about listening to the State of the Union address is hearing what’s NOT mentioned. Along with never uttering the words “al-Qaida” President Obama never mentioned the word “debt.”

Now of course everyone is crowing about a decreasing deficit. But I think I need to explain this to the progressive socialists. You see, the deficits are annual and represent the difference between the revenues (i.e. your taxes) the federal government receives (robs?) and the outlays; what it spends.

Let me put it another way. Y’all have credit cards, right? So if every month you charge more than you can pay off in that month, you have a deficit. That deficit adds up, so by the end of the year, you have a debt. And if every month of every year, you always spend more than you can pay, that debt just keeps getting bigger and bigger and bigger. Eventually you’ll have to declare bankruptcy, because there’s no way you will ever be able to pay off that debt.

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Well my friends, that’s what your government is doing. The federal government collects about $9,700 in taxes for every U.S. citizen, but it’s spending just over $11,000. That’s the deficit. But it’s been doing this for years, so now the debt for every U.S. citizen is $56,424. That’s your personal credit card balance.

If you really want to get depressed, just have a look at the national debt clock.

I know the progressive left is doing everything possible to redefine government spending by calling it “investment” – but government does not invest, it spends. Your money.

If you recall, Obama promised to cut the deficit in half in his first term — well, that was another campaign promise blown. During the first four years of the Obama presidency, the annual budget deficits exploded to incomprehensible amounts ranging from $1.1 trillion to $1.4 trillion. So now we’re told the deficits are at their lowest point since 2008, somewhere between $600 to $700 billion, and we’re supposed to be happy. But they’re still deficits.

For all of you keeping score, here are the facts per CNS News: “In fiscal 2012, the deficit was $1.1 trillion; in fiscal 2011, it was $1.3 trillion; in fiscal 2010, it was $1.3 trillion; and, in fiscal 2009, it was $1.4 trillion.

Just to set the record straight, in fiscal 2008, the last full year that George W. Bush was president, the deficit was $454.8 billion. Obama’s lowest annual budget deficit was Fiscal Year 2013, when the annual budget deficit was $680.3 billion.

Everyone needs to understand President Barack Obama owns five of the six largest budget deficits in U.S. history — somehow he left that tidbit out of the SOTU address last week. “Obama has boasted about the shrinking of the budget deficit from the more than $1 trillion seen in the first four years of his presidency. But even with that reduction, budget deficits under Obama are on track to stay higher than the highest deficit seen under President George W. Bush.”

However, that’s only half of the story. As reported by The Blaze, “The non-partisan Congressional Budget Office (CBO) is predicting that the national debt will rise by a bit more than half a trillion dollars for the next two years, which will leave the nation with a $19.1 trillion debt by the time President Barack Obama leaves office.”

“That would be close to a doubling of the debt under Obama — the total national debt was $10.6 trillion when he took office in 2009, and now sits at nearly $18.1 trillion.”

Perhaps this goes beyond common core math comprehension, so let me explain. Obama has created more debt for the United States than all of the previous presidents combined — and he referred to G.W. Bush as unpatriotic and un-American when it came to debt.

And just so you understand, this isn’t even all the inclusive debt of the United States — when unfunded liabilities are added in (Social Security, Medicare, Medicaid) we are talking about a national debt close to $90 trillion. I know it’s an astronomical number. But it’s a number that will fall upon the backs of our children and grandchildren as their burden — which could mean the end of the American dream for those future generations. And yet what did you hear from Obama last week Tuesday night?

We need more government spending to buy electoral favor.

Of course nothing is free and it would be one thing to raise taxes to pay down the debt and control our deficits, but that’s not the case. The numbers don’t lie. Obama is bankrupting our Republic.

What is even more threatening is the fact that Obama could be planting an economic time bomb. The CBO states, “Through 2018, the budget deficit will remain at around $500 to $600 billion a year, or about 2.5 percent of the gross domestic product of the United States. After 2018, however, the budget deficit will rise past 3 percent of GDP, and then hit 4 percent of GDP by 2025. By 2025, those accumulated annual budget deficits will bring total national debt to an estimated $27.3 trillion without any changes to the law.”

Here are the 10 year projections, “By 2025, CBO expects federal revenues to jump $2 trillion fro their 2014 levels, and that the government will take in $5 trillion that year. In terms of spending, CBO thinks the government will be spending $6.1 trillion per year in 2025, or $2.6 trillion more than it spent in 2014. CBO estimates that by 2016, total debt held by the public will be $13.9 trillion, which implies intragovernmental holdings of about $5.2 trillion. Debt held by the public in 2025 will hit $21.6 trillion, according to CBO.”

Shall I remind you that when asked, former Chairman of the Joint Chiefs of Staff, Admiral Mike Mullen, confided that our national debt was our greatest national security threat?

Now, did I expect Barack Obama to tell us the fiscal truth and real State of our Union? Nah his speech last week was a State of Denial. The shadow of crisis has not passed. His touted success story of Yemen is an abject failure. And Obamanomics will result in a fiscal Armageddon.

I just have to ask, how much longer will you progressive leftists keep drinking the poisonous elixir called Kool-aid? You saw what happened to those who followed Jim Jones. In a figurative way, it’s happening all over again.

Oh, you ask, what’s the solution? It’s incredibly simple really. Reign in federal government spending and promote a free market economic solution, which means economic growth — and increase tax revenue, the right way.

HA! We just found what Obama said last June about Trump saving Carrier jobs...

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YIKES: Trump needs to stop government from spending $137 BILLION a year on...

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