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Barack Obama: Let’s Steal 150 Million Dollars An Hour From Our Children

Do you think that someone could steal 150 million dollars and get away with it?  Well, the truth is that such a theft is taking place every single hour of every single day.  The federal government is stealing 150 million dollars an hour from our children and our grandchildren and Barack Obama thinks that is a good thing.  The new Obama budget projects a $1.33 trillion federal budget deficit for the 2012 fiscal year.  That is significantly higher than the $1.15 trillion that the Congressional Budget Office was projecting because it includes a whole bunch of stimulus spending that the Obama administration plans to do.  So let’s do a little math.  When you divide $1.33 trillion by 365 days, you get 3.6438356 billion dollars.  So on average, the United States will be adding more than 3.6 billion dollars to the national debt every single day during fiscal 2012.  And when you divide $3.6438356 billion by 24 hours, you get 151.8 million dollars.  So on average, the U.S. national debt will be going up by more than 151 million dollars every single hour during fiscal 2012 if Obama has his way.  This is a theft from our children and our grandchildren that is so vast that it is almost unimaginable.

The 2012 budget deficit that the Obama administration is projecting would be equivalent to approximately 8.5 percent of GDP.  We simply cannot afford to be running these kinds of outrageous budget deficits year after year.

At the moment, the U.S. national debt is sitting at a grand total of $15,355,838,921,022.16.  That is an amount that is so large that it is hard to even put into words.

At this point our national debt is greater than 100% of our national GDP.  We are on the road to national financial disaster and yet our politicians keep piling up debt at a rate that is absolutely mind blowing.

The Obama administration is projecting that budget deficits will go down “in the future”, but that is what our politicians always do.  They always promise that the budget picture will improve “down the road”, but that never actually happens.

According to the Bush administration, we were supposed to be swimming in huge budget surpluses by now.

So how did that work out?

Our politicians always promise to cut spending, but it never actually comes to pass.  We are always told that cutting spending would be too damaging to the economy “right now” but that they will definitely start cutting things later on.

For example, just check out this recent quote from White House Chief of Staff Jack Lew….

“The time for austerity is not today,” Lew told NBC News “Meet the Press.” “If we were to put in austerity measures right now, it would take the economy in the wrong way.”

They always put budget cuts off for another day.  They never want to do anything that could hurt the economy right now and threaten their chances in the next election.

The Republicans were the same way.  Vice President Dick Cheney once famously said “deficits don’t matter“, and the Bush administration ran up horrific budget deficits.

Both political parties have let us down horribly.

Both political parties have voted over and over to steal gigantic mountains of money from our children and our grandchildren.

But our founders never intended for this to be the case.  In fact, Thomas Jefferson once stated that if he could add just one more amendment to the U.S. Constitution it would be a complete ban on all borrowing by the federal government….

I wish it were possible to obtain a single amendment to our Constitution. I would be willing to depend on that alone for the reduction of the administration of our government to the genuine principles of its Constitution; I mean an additional article, taking from the federal government the power of borrowing.

Thomas Jefferson believed that it was fundamentally immoral for one generation to run up debts which must be paid back by future generations.  Basically, he believed that such debts represented theft on a grand scale….

And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.

But that is what we are doing today.  We are borrowing gigantic mountains of money which we expect our children and our grandchildren to pay back.

We have come to think of this as “normal”, but the truth is that this theft is absolutely disgusting and if future generations get the chance they will curse us for what we have done to them.

Somewhere along the way, we seem to have lost all common sense when it comes to government spending.

The truth is that all of this does not have to be complicated.  The following is what Clint Eastwood recently said about our budget problems….

“It’s such a basic thing,” Eastwood said. “Your parents always tell you when you don’t have a dollar in your pocket, you don’t spend two dollars. And that’s kind of a basic philosophy of life.”

Doesn’t that make sense?

So why are we being so stupid?

When Ronald Reagan was elected, the U.S. national debt was less than 1 trillion dollars.  Today, the U.S. national debt is over 15.3 trillion dollars.

We are absolutely drowning in debt, and yet the Obama administration wants even more spending.

Some of his plans for “extra spending” during fiscal 2012 were detailed in an article posted on CNBC….

For more immediate job programs, the White House will urge $350 billion in short-term job spending, as well as a six-year transportation and infrastructure program that would cost $476 billion. He will ask for $60 billion to refurbish at least 35,000 schools and help state and local governments hire and retain teachers, firefighters and police officers.

This is insanity.

Thanks to all of this debt, a national financial nightmare is an inevitability at this point.  As I have written about previously, if the U.S. government stops spending so much money we are doomed, and if the U.S. government continues spending so much money we are doomed.

The problem that we are now facing was once beautifully described by Ludwig Von Mises when he made the following statement….

There is no means of avoiding the final collapse of a boom brought about by credit expansion.

The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.

We are rapidly reaching the “final and total catastrophe” once described by Ludwig Von Mises.

We inherited the greatest economic machine in the history of the world from our forefathers, and we will be known as the generation that totally destroyed it.

Future generations will inherit a collapsed economy and the biggest debt in the history of the world.

But we all prance around like we are the smartest people that have ever existed on the face of the earth.

The rest of the world is laughing at us.

So why don’t some honest politicians step forward and tell the American people that we need to stop spending so much money?

Well, first of all there are very few honest politicians on the national level.

Secondly, most of the money that our government spends is money that is taken from the pockets of some Americans and transferred into the pockets of other Americans.  Large segments of our population have become absolutely addicted to getting government checks, and it would be political suicide for any politician to propose significant cuts to those checks.

Well over 50 percent of the federal budget is spent on social programs that put dollars directly into the pockets of the American people.  As Bill Whittle describes in the video posted below this is a way that our politicians buy votes.  The American people tend to love politicians that feed their addiction to government money….

If we keep going into so much debt, how long can our system possibly continue functioning?

Well, as we have seen in Greece, a government debt spiral will keep on going until the day that it simply stops working anymore.

A day of reckoning is coming.  We don’t know if it will be this year or next year or several years from now.

But it is coming.

Our politicians should be doing something about it, but they continue to spend money like tomorrow will never come.

What we are doing to our children and our grandchildren is absolutely immoral.

How in the world can we steal 150 million dollars an hour from them?

We are literally stealing the future from those that will come after us.

Do you think that they will thank us for that?

  • r.bitting

    For it pleased the Father that in him all the fullness should dwell, and by him to reconcile all things to himself, by him, whether things on Earth or things in Heaven, having made peace through the blood of his Cross. And you, who once were alienated and enemies in your mind by wicked works, yet now he has reconciled in the body of his flesh through death, to present you holy, and blameless, and above reproach in his sight- if indeed you continue in the faith, grounded and steadfast, and are not moved away from the hope of the Gospel which you heard. Colossians 1:19-23.

  • http://economicmythsandlies.com EconomicLies

    So is this stimulus 3.0 now? How much money have we spent on that thing? We are going to need to start paying the bill after the election when the mandated cuts come in. I don’t know where these guys thought it was going, but things are going to get ugly.

  • BeenThere

    Michael, I think the guy in the video is rather naive putting the failure all down to “welfare bludgers”. I know from the rest of your articles, the problem is more complex than that.

  • Uh huh

    Thankfully I dont have kids and dont want kids
    so I’m covered

  • Colin

    It is not insanity for out nation to attempt to maintain our infrastructure and our social services, like police and firefighters. It is insanity not to do anything.

    Government aid is not a drug. It is a crutch, and people develop, especially those who are not succeeding and are becoming marginalized, dependency on this assistance.

  • ScoutMotto

    Are we ready for four more years of “hope and change?”

  • mondobeyondo

    “I’m too busy watching the Grammys to care about what’s happening to this country”, you say.

    It’s worse than what you thought it would be..

    Adele can’t save you.
    Michael Jackson can’t save you.
    Madonna can’t save you either.
    Neither can Jimi Hendrix, or Barack Obama.
    No. Not even Superman.
    My Savior knows about Superman, and Krypton.

    There is only one Person who can save you.
    And that Person is the Way, the Truth, and the Life.
    John 3:16
    John 3:17

  • Eisenkreutz

    This is why democracy never works and the founding fathers hated democracy! 99% of the stupid sleeping sheeple still think democracy is a good thing and that this country is a democracy!

    Benjamin Franklin: “When the people find that they can vote themselves money, that will herald the end of the republic.”

    John Adams: “Democracy never lasts long. It soon wastes, exhausts, and murders itself. There never was a democracy yet that did not commit suicide.”

    Karl Marx: “Democracy is the road to socialism.”

    Thomas Jefferson: “A democracy is nothing more than mob rule, where 51% of the people may take away the rights of the other 49%.”

    James Madison: “Democracies have ever been spectacles of turbulence and contention; have ever been found incompatible with personal security or the rights of property; and have in general been as short in their lives as they have been violent in their death.”

    John Quincy Adams: “The experience of all former ages had shown that of all human governments, democracy was the most unstable, fluctuating and short-lived.”

    Thomas Jefferson: “The democracy will cease to exist when you take away from those who are willing to work and give to those who would not.”

    Benjamin Franklin: “Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote.”

    John Adams: “That the desires of the majority of the people are often for injustice and inhumanity against the minority, is demonstrated by every page of the history of the world.”

    John Witherspoon: “Pure democracy cannot subsist long nor be carried far into the departments of state – it is very subject to caprice and the madness of popular rage.”

    John Marshall: “Between a balanced republic and a democracy, the difference is like that between order and chaos.”

    Winston Churchill: “The best argument against democracy is a five minute conversation with the average voter.”

    http://takeourcountryback-snooper.blogspot.com/2008/12/democracy-v-republic-founding-fathers.html

  • http://theunpaidactorsguild.blogspot.com cjf

    “O” is right, it’s not the debt. It’s where it goes and who holds it.

    The public gets the debt; and, there are those who hold us to it.

    Who doesn’t know of corporations that would rather destroy a debtor than recover principal with less profit?

    In the past, it has been called “industrial sabotage during war time”
    Perpetual war, that is, they have to destroy the globular village in order to
    save it.

  • William

    The “window” of opportunity for repairing the nation’s finances is closing quickly. Most experts say two to three more years, and then, BAM. No one will buy a US Treasury instrument at prevailing interest rates, except the FED. The FED creates money from nothing, and buys US Treasury debt. What do you think that does to the value of the fiat dollar? Well, YOU voted for either the Smirking Chimp Bush or the failed Obummer. You only have yourself to blame. In Nov be sure to reelect the FOOLS who now represent you.

  • mark

    What we have done to our economy is a crime.I have said many times that our citizens in the US will not elect someone for president and enough new members to Congress to make cuts large enough to matter. A few of the reasons for this are:
    1. Very few are really willing to take a cut in the check they receive each month.
    2. The economy will go into a deep depression very quickly and the voters will remove those that cut the spending from office.
    3. As has happened in Greece, we will have large scale riots and our country is so huge that the government could not control the outcome of them.
    The best outcome we could hope for would be the huge spending cuts along with large tax cuts at the same time. We would still go into a depression, but there might be light at the end of the tunnel for our country. But alas, the public will not stand for this as too many have been trained to expect that the check is in the mail.
    So, the next question is what will happen down the road and what path will the government take. The government along with the Fed will continue to cause the dollar to lose value as a hidden tax. This will kind of work as long as the rest of the world uses the dollar as the reserve currancy. Things will become more expensive that we need to live, such as food and energy. Peoples lifestyles will go down, some fast and some at a slow pace. I suppose that the governments hope is that a large enough percent of the populations lifestyle will go down slowly enough that many will just go along with the flow and not partake in riots. This is kind of like cooking a frog in a pot of water and slowly turning up the heat. But remember that in the end frog is cooked, just slow enough that the frog stays in the pot. The frog staying in the pot power that the control freaks in government hope for. The next question to ponder is what will happen when the world has no use for the dollar. I suppose that the powerful rulers will hope that the public will be trained enough that they will accept their slow decent into poverty and be happy to live as debt serfs and work in peace to continue to labor to pay the powerful their interest on the countries debt. The powerful must have seen the writing on the wall for quite some time as they have been dumbing down most of our children in the public school system for a long time in order to remove the future generations expectation of the desire for freedom. Without the desire for freedom, the future generations will join the ranks as debt slaves without giving the rulers to much trouble. I for one do not like the rulers possiable plans and I will not stay in the pot with the rest of the frogs to be cooked. Don’t be a cooked frog, become more independent and get out of debt. Don’t buy junk that you don’t need. How many of you really need an I-pad. Spend your money on food and supplies that you need to live so that you don’t need to beg from the government to feed you. Learn to grow a freedom garden and can your extra in freedom jars. Teach your children these skills along with math, science, reading and history so that they will not willing debt slaves.
    Since I do not think that our country will cut the spending on our own accord. In turn I do not want the powerful to turn us into debt serfs to pay interest to them forever. I guess the next best choice is that the bond traders stop loaning us money, the Fed stops printing, and we say enough and stiff the bond holders and go the way of Iceland instead of Greece.

    • REED RICHARDS

      Mark,

      1. Warfare State

      2. Police State

      3. Welfare State

      THEIR IS NO HOPE FOR AMERIKA OR AMERIKANS:

      Your fellow citizens disagree with you mightily. Under no circumstances whatsoever will they vote for anyone who either wants to cut or eliminate any of those three pillars of decadent society. The dumbed down masses believe that their elected officials can kill and imprison their way to safety and happiness, all the while sending them their unemployment checks and food stamp debit cards in the mail…………

    • REED RICHARDS

      THERE IS NO HOPE FOR AMERIKA OR AMERIKANS:

      Your fellow citizens disagree with you mightily. Under no circumstances whatsoever will they vote for anyone who either wants to cut or eliminate any of those three pillars of decadent society. The dumbed down masses believe that their elected officials can kill and imprison their way to safety and happiness, all the while sending them their unemployment checks and food stamp debit cards in the mail…………

  • Donald Wilson

    Government doesn’t give a damn about you or me only getting reelected period.

  • Exponential Math Doesn’t Lie Unlike Pols and Bankers

    The title mentions Greece, but the crux of the article is how the USA is on the same path to ruin. It shows exactly why you cannot outrun exponential math or maximum potential. The last chart is the one that tolls for thee Amerika.

    Greecefire Burns Athens; Prattling Continues

    http://market-ticker.org/cgi-ticker/akcs-www?post=201906

  • http://www.patrickomalley.com Patrick OMalley

    Agreed, but try being honest. This isn’t all “Barack Obama’s” issue.

    The last 3 Republican presidents were by far the major contributors to the $15 trillion dollars, and left Barack Obama with two wars and an AIG financial meltdown that were disastrous. Obama is just trying to clean up a Republican mess.

  • REED RICHARDS

    Michael,

    1. Warfare State

    2. Police State

    3. Welfare State

    First, the misleading statement on saint Ronnie Raygun. Yes, the national debt when he arrived in office was 1 trillion. When saint Ronnie left office, it was well over 2.6 trillion. The national debt didn’t shrink under Ronnie, it grew under Ronnie.

    Second, you have finally admitted what I have been saying for quite some time and that is politicians buy votes with its Welfare State spending, which everyone, including the vaunted let’s cut the debt and spending but give me my medicare, social security, and food stamps teabaggers cries out for. What you fail to mention is that 44 percent of social spending by the federal government is spent on medical care and pensions. How much of that honey do you think the teabaggers are going to give up? And how much longer do you think cops are going to protect your sainted 1 percent once they find out their pensions plans have been raided and their moneys stolen?

    Bill Maher, the most heinous of Obamabots, did lay the case out perfectly during his show when he showed that the defense budget, if left untouched, will not reduce the defifict in any significant form if at all for the next 100 years. There is no rational mathematical formula or honest rules of accounting known to anyone, unless you are Goldman Sachs, JP Morgan Chase, Bank of Amerika, or the asylum states government, in which you can balance the federal budget without cutting defense spending and police state spending. Unless and until you cut spending in all three realms, recycling these articles and crying wolf of too much debt will not only fall upon deaf ears, but it is also a colossal waste of time………………..

  • gary2

    Michael-I think you should do a post on the study proving conservatives are not as smart as the rest of the population. I have links on prior posts. The conservative MSM is not covering it.

    All one has to do is look at what conservatives say on your blog to see that the study is correct. Maybe if you write about it they will see the error of their ways.

    In my experience in interacting with conservatives they see the world in terms of black/white (literally as they are mostly racists) and have no understanding that there are many gray areas. Having a limited world view does not mean they are bad people-we all make mistakes, but until they can admit they were/are wrong they can not change. I would think that the last 30 years of conservative trickle down could show even the dumbest conservative that they are wrong.

  • gary2

    again Michael-you focus on social programs (bashing the poor indirectly) and ignore the corporate welfare which is way bigger.

    Conservatives were asked if they would accept 10 in cust for every 1 tax increase and they said bno. They clearly are not concerned about debts.

    The right wing nut paul ryan eliminate medicare actually increases the deficit in his road map to poverty.

    As a liberal I can at least admit that I do not care about the debt. If we start taxing the rich hard and corporations and spreading the wealth we can easily grow our way out of a debt.

    Bill Moyers had a conservative guest on his show (Bruce Bartlett) who clearly said that if the bush tax cuts for the rich were not passed the deficit would be 2 trillion less. Thats real money.

  • gary2

    different topic-I am getting errors such as internal server etc from your site. I think you may have some Nephelim in your line. Or maybe Gog-magog are fighting and messing up your servers???

    • Michael

      Gary the errors are being caused by the heavy amount of traffic. I will be working on upgrading things over the next few weeks. But for now you will see an error once in a while because of the high level of traffic.

      Michael

    • 1% fan

      Is that Bill Moyers, the demoncratic party hack and PBS welfare queen who made that charge? Then you know it is a lie comparable to the daisy commercial he made to get Lying B Johnson elected in 1964. Bush’s tax cuts got us out of the internet Y2K bubble that Slick Willie left us, along with Osama Bin Laden roaming lose after he trucked bombed the WTC and killed seven people in 1993. Goebbels was a better source of truth than Moyers and the other PBS/CNN/MSDNC/SeeBS /ABC hacks

  • Chris S.

    You are an absolute moron. Nothing you say makes sense, you are a Fear Mongering Right Wing bigot, who has no idea what you are talking about. That is all.

  • http://www.povertylinejournal.blogspot.com/ the optimist

    Again, the key is JOBS. Taking those on the receiving end of “benefits” (food stamps, for example) and turning them into self-sufficent individuals (employees with REAL jobs) is something that a lot of conservatives don’t address—they just flat out want to cut off SS, Medicaid, SNAP, etc. You can’t do that—exactly what do they think is going to happen to all those folks? It’s so short sighted and so stupid. Without a REAL JOBS PLAN, ie, WPA2012 it is going to be chaos.

    Newt spoke at CPAC about cutting the evil “job-killing EPA”. What a fool. Pandering to his crowd is something he’s good at. So, according to the video above, it’s .3% of the budget. Without it, we’d have untold cases of environmental exploitation, corporate abuse and extended legacy of cancer for future generations. Conservatives like to fuel their arguments with crap like that. Mental lightweights, all of em.

    • REED RICHARDS

      the optimist,

      Far right politicians in the democrat and republican wings of the war party are only as corrupt as the society that produced them. If you had an educated populace that did not listen to such dribble and idiocy, then eye of newt, spit romney, and barack obomber wouldn’t feed the masses the garbage that they are eating. A rather simple equation. If the masses were smart and didn’t eat crap then the warmongers in the war party would stop feeding it to them…..

      As for your solution, you are absolutely right. You can’t have more people taking transfer payments from the government than the government takes in taxes. As you said, more people have to become productive citizens and produce something in society in some way. People always do, but sound mathematics never lies………….

    • i’vegivenup

      What jobs? Jobs that pay good wages are few and far between. If you call working in retail…restaurants…and other service jobs as a real job then we as a country will never survive. Additionally many of those jobs are only part time meaning…no benefits. Of course the fact that we have lost millions of jobs because of company closings or them moving overseas (50k+) are the biggest culprets of all but those jobs are never coming back…

  • A Dodgy Bloke

    Sadly BHO is not seeing this as stealing, he seeing it as investments. Sadly BHO and his ilk can’t do eighth grade math, and are unaware of the concept of expediential numbers. The US is 15.5 Trillion in debt soon to be 16 trillion by summer. Something is going to break look at Greece only we won’t have the IMF or the EU to bail us out. If you not ready BHO is not going to save you government is not going to save you. Brian Tracy once said “Government takes all the power but leaves the individual with ultimate responsibility”. That means you’re left holding the bag.

    • i’vegivenup

      So if Obama is stealing then what do you call what Bush did?

      2 off the book wars in Iraq and Afghanistan…tax cuts for the rich…ignoring the housing bubble and skyrocketing unemployment…bailouts of Wall Street criminals before he left office??

    • mondobeyondo

      There isn’t much to choose from, sadly.
      There’s Barack Obama.
      There’s Ron Paul McCartney. (I added McCartney to his last name to get more symphathetic votes from Beatles fans. Ron needs all the votes he can get!)
      There’s Salamander, um, Newt Gingrich.
      And there’s Sarah Palin. Oh, she’s not running. Sorry.
      Tina Fey, anyone?!

  • Wendy Davis

    Greece ended up in the hands of The Trilateralists because of investments designed to fail, sold to them by Goldman-Sachs. Credit Default Swaps (CDS) totalling 243 trillion dollars are beginning to come due. The issuers, investment banks, are insured against loss, by the US taxpayer, it appears. The people in the nation are the #1 priority. Those privileged enough to not have the family ties and networking through your associations do not realize what the situation on the street is. but, alas, the dollar bubble will burst, which the stock market will follow and the US people, poor and rich alike, will be faced with banks telling them how to live. China, Japan and the UK along with the Federal Reserve – and then, then we will realize the nation has been looted and left as a loading dock for outgoing agricultural products, overbid by foreign currency, leaving the US citizens with unaffordable food and half empty shelves. And it is by design. Americans have tunnel vision. We aren’t in Kansas anymore.

  • John

    Barrack Hussein Obama will go down in history as the greatest President of all time. He has worked hard to put this country back on track and create job opportunities. Give him just four more years and you won’t recognize this country!

    • mondobeyondo

      Yes, he will! Barack Obama will go down in history as being greater than Abraham Lincoln. Maybe. History will tell.

      If he can make Amtrak run on time, he could even be greater than Mussolini.

      [Ka-chow!!]

      Oh wow, I really do need some new comedic material.

    • http://www.nrk.no/ Birger Skruddusvingen

      “Give him just four more years and you won’t recognize this country!”

      Years? Try “weeks”.

  • Larry

    Recent figures show that even with the downgrading of the USAs credit rating, its financial outlook is improving and it is showing better signs of recovery than European countries with their austerity packages. International agencies are suggesting that too much focus on immediate deficit reduction harms and slows economic recovery when done so to the neglect of economic stimulus, as is happening here in the UK and Europe (hence the potential for the downgrading of our credit rating). It took years, decades even to get our economies into this unsustainable, debt-based paradigm of growth (which we are all individually complicit in) and will take years to turn around. The founding fathers of all our nations had no conception of the modern global economy, so their wisdoms, while ideologically sound, are pragmatically ineffective.

  • Pat

    It is obvious that control of the banks is a necessary feature of any republic. Uncontrolled industries have always practiced exploitation that harms others. It’s a fundamental restraint required of government if government is legitimate. Government is not entitled to unintended consequences when it comes to leadership. Their one sole goal is to help their human citizens, and no other bastardized or twisted philosophy can be allowed to destroy that fundamental premise. If it does, it may be powerful, but it is not a government.

  • Ithoughtaboutit

    You write this article as if the President ran up this bill by himself. Shame on you. Ignorant people are going to read this (very slowly) and believe you. Cut social programs! What should we start with? Schools? Police? Firefighters? Roads? Medicare? Foster kids? Cut taxes on the rich so they can stimulate the economy, Lol! How does a billionaire that made his money by exploiting children in a third world country or selling bad loans during the housing crises spend his money? Not at Safeway or Am/Pm. Good luck with your lies.

  • http://www.nrk.no/ Birger Skruddusvingen

    “At the moment, the U.S. national debt is sitting at a grand total of $15,355,838,921,022.16. That is an amount that is so large that it is hard to even put into words.”

    Now (3 days ago):

    04/04/2014

    12 602 378 670 985,55

    4 953 059 042 954,71

    17 555 437 713 940,26

    2.2 million millions more in about 26 months. Things are definitively going the right way!