Saturday, November 9, 2024
Hawai'i Free Press

Current Articles | Archives

Monday, October 21, 2013
$17,000,000,000,000
By Heritage Foundation @ 2:33 PM :: 4764 Views :: National News

$17,000,000,000,000

by Gerren McHam, Heritage Foundation, October 21, 2013

President Obama boasted last week that he had signed legislation to lift “the twin threats” to our economy of government shutdown and default. But what was done to fix the problem of growing debt that leads Washington to repeatedly raise the debt ceiling?

Nothing. In fact, by Friday, the U.S. debt had rocketed past $17 trillion.

Debt_TJ_450Facebook - Share on Facebook

What does this mean?

  • At $17 trillion, this number has passed total U.S. gross domestic product (GDP), the measure of all that is produced in the economy.
  • Since Obama took office, the national debt has increased from about $10.6 trillion to more than $17 trillion—a 60 percent increase.

How quickly Obama changed his tune when he transitioned from Senator to President. Here’s what he said just a few years ago:

The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. (Senator Barack Obama, March 16, 2006)

And his partner in debt, Senate Majority Leader Harry Reid (D-NV), argued mightily against what he now champions—when a different Administration was in office.

Today the Senate is considering a bill to increase the Nation’s debt by $781 billion. If adopted, it would be the fourth such increase in the 5 years this administration has been in office. I will be opposing this latest request, and I hope that people on both sides of the aisle will do the same. (Senator Harry Reid, March 16, 2006)

History shows us that those in power will always face the temptation of funding their pet projects and initiatives. Meanwhile, entitlement spending—the key driver of spending and debt—remains unaddressed.

To fix these problems, a responsible constituency needs to consistently hold elected representatives accountable and limit their spending.

Read the Morning Bell and more en español every day at Heritage Libertad.

Quick Hits:

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

Aloha Pregnancy Care Center

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Ballotpedia Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii ConCon Info

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federation of Republican Women

Hawaii History Blog

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii Military History

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Together

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

July 4 in Hawaii

Land and Power in Hawaii

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii

MentalIllnessPolicy.org

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Parents Org Hawaii

NFIB Hawaii News

NRA-ILA Hawaii

Obookiah

OHA Lies

Opt Out Today

Patients Rights Council Hawaii

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii

RailRipoff.com

Rental by Owner Awareness Assn

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

School Choice in Hawaii

SenatorFong.com

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii