The old saying goes that when you find yourself in a hole the first thing you do is stop digging. Obama, Pelosi, and Reid need to put down their shovels.
Because of the recent and proposed spending of this profligate trio, the debt of the United States government will explode to a size never before seen in our nation’s history.
John B. Taylor, Stanford University Professor of Economics, recently compiled a series of charts showing just how deep of a hole we are about to find ourselves.
For example, the following chart shows the federal debt as a percent of GDP over the mid-term:
As you can see the debt goes from about 45% of GDP in 2008 to about 85% of GDP by 2019.
If you think the trend corrects itself starting in 2020 you would be wrong. The next chart shows what happens in the long term:
By 2025 the debt is over 100% of GDP. By 2080 the debt is around 800% 800!
The United States as we know it will cease to exist long before our debt reaches 800% of GDP. The chart is meant to be a demonstration of the speed at which we are sinking. Be sure to check all of the other charts that Professor Taylor put together. They will surely drive home the point that our nation is on an unsustainable fiscal course.
The best way to avoid a hole is to not dig one. It’s too late for America. Our leaders have already dug one for us. Stop digging!