Barack Obama is unable to run on his policies and he’s unable to run on the economy. Why? Because his policies are seriously flawed and have done nothing to improve America. In fact, they have proved to be destructive. The economy is in shambles and unemployment continues to remain well above eight percent, even more than that if you count those who are out of work and are not on the unemployment roles.
Does any of this stop the Obama administration from continuing to spend like drunken sailors? No offense to drunken sailors, but at least they only spend till they run out of money. The federal government just keeps spending whether they have the money or not. They merely have the Federal Reserve print more money out of thin air, which then just weakens the dollars that citizens are holding.
By the end of the third quarter of fiscal 2012, the new debt accumulated in this fiscal year by the federal government had already exceeded $1 trillion, making this fiscal year the fifth straight in which the federal government has increased its debt by more than a trillion dollars, according to official debt numbers published by the U.S. Treasury.
Prior to fiscal 2008, the federal government had never increased its debt by as much as $1 trillion in a single fiscal year. From fiscal 2008 onward, however, the federal government has increased its debt by at least $1 trillion each and every fiscal year.
The federal fiscal year begins on Oct. 1 and ends on Sept. 30. At the close of business on Sept. 30, 2011—the last day of fiscal 2011—the total debt of the federal government was $14,790,340,328,557.15. By June 29, the last business day of the third quarter of fiscal 2012, that debt had grown to $15,856,367,214,324.44—an increase for this fiscal year of $1,066,026,885,767.29.
So for half a decade, or since Barack Obama has been in the White House, our country has spent in excess of one trillion dollars that they do not have. We are coming up on the end of the third quarter of fiscal year 2012 and we are already going to be in the same predicament.
Spending by the federal government has to have serious cuts and if it means the government shuts down over it, so be it. The fact is that we cannot continue to promote bad monetary policy such as this. It is irresponsible and furthermore it is a serious national security threat.