Last week the Obama administration quietly released updated projections on the budget deficit and the national debt for the next 10 years. These White House calculations show that the federal government will run budget deficits totaling $9 trillion over the next 10 years, and that’s in addition to the $1.6 trillion budget deficit for 2009. The news media actually did a pretty good job of covering this story, but they failed to adequately portray how these budget deficits will affect the national debt.
Quite simply, when our government runs a budget deficit in a given year, the government has to borrow an amount equal to the deficit in order to fund the budget shortfall for that year. That’s what causes our national debt to keep growing. The frightening thing about President Obama’s projected budget deficits is how much they will add to the national debt over the next 10 years.
To put it in perspective, consider these facts. When President Obama was sworn in on January 20, 2009, the national debt totaled $10.6 trillion, a figure that was already unacceptably high. But by the end of Obama’s first term, the national debt is projected to be approximately $17 trillion. By the end of his second term, the national debt is projected to soar to approximately $24 trillion. And these are using the administration’s own projections, which many experts believe are overly optimistic.
We are rapidly approaching the point where the interest on the national debt will be the largest component of the federal budget…larger than defense, larger than Social Security, and larger than Medicare. We simply can’t imagine the economic disasters that await us if this trend isn’t reversed.
It’s imperative that we let our elected officials know how we feel about the federal government’s reckless borrowing and spending that is destroying the very foundation of our economy and our nation. Please contact your Congressman and Senators and tell them you are opposed to the explosive growth in our national debt.
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