It seems spending your way out of a recession isn’t all it was served up to be.
Of the world’s biggest economies, only the U.S., Britain, and Italy are still contracting. All three are big stimulators, though Gordon Brown and Silvio Berlusconi can’t compete with Obama’s $800 billion porkapalooza. The president has borrowed more money to spend to less effect than anybody on the planet.
And then there’s this staggering number:
According to last month’s IMF report, general government debt as a percentage of GDP will rise from 63 percent in 2007 to 88.8 percent this year and to 99.8 percent of GDP next year.
How in the world does the nation dig out from under that?
Mark Steyn has more over at NRO.
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You can’t get out from under it — in any way, shape or form. I don’t care who is President or in Congress or whatever party is “in power”.
We are now MORE than officially in deep doo-doo.
We have been 11 trillion in debt even before Obama was elected. Woodrow Wilson promised to signed a bill to create the Federal Reserve in order to get to the President’s Office. After doing so he had this to say:
I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the civilized world. No longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men.
The Federal Reserve is a private bank. POINT BLANK. We get our money from them on interest. That’s right. In order for our government to print money we first have to borrow it. For every dollar you have in your pocket, $5 lets say, we have to pay back plus 10% (10 cents x $5 = 50 cents). If you compound this for 96 years, it all starts to add up. What use is it for a nation not to be in control of its own money?
Ron Paul Revolution
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