A Cool 12 Trillion

Remember the era of fiscal responsibility that Barack Obama was going to usher in? From CBS News:

Technically, the debt hit the new high yesterday, but it was posted on the Treasury Department website just after 3:00 p.m. ET today. The exact calculation of the debt is a 16-digit tongue-twister and red-ink tsunami: $12,031,299,186,290.07

This latest milestone in the ever-rising journey of the National Debt comes less than eight months after it hit $11 trillion for the first time. The latest high-point is not unexpected, considering the federal deficit for the just-ended 2009 fiscal year hit an all-time high at $1.42-trillion — more than triple the previous year’s record high.

Much of the increase in the deficit and debt is attributed to government spending outpacing revenue — both exacerbated by the recession and the government response to it — including hundreds of billions in bailouts and stimulus spending and tax cuts along with decreased tax revenues due to rising unemployment.

And now, President Obama is talking about “getting the deficit under control” even as he’s pushing for a vast new entitlement program. Health care will drive up the debt [and be a disaster to boot] and deficit and President Obama has the nerve about cutting down government debt. Even the Chinese see the folly and they’re communist.

Do you see a way for President Obama to get out of this self-created mess? He created the stimulus to pay off constituencies which created mountains of debt. And he promised the middle class he wouldn’t raise their taxes. And he wants to pass health care to appease the hard left socialists. So many promises.

Meanwhile, the interest on this money accrues and the dollar loses value. Tax revenues will continue to decline because of all the people out of work. It’s only the press that’s keeping President Obama’s hope and change alive. How long can that last?

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