Wednesday, March 9, 2011

Every day you owe the Chinese another $50

Here are some sobering statistics from the Washington Times today…

According to Congressional Budget Office (CBO) figures released Monday, the budget deficit for February hit a staggering $223 billion - meaning the Obama administration added more in debt last month than was borrowed in all of 2007.

In one month, $223,000,000,000 in deficit spending. Wow. Here is another fun paragraph:

Since Barack Obama was sworn in as president, each American taxpayer’s share of the federal government’s IOU has grown to $50 per day - more than the average cell-phone user is billed in an entire month. The monthly share of the deficit is $1,500 per taxpayer - about what the average household spends on a mortgage. On an annual basis, each taxpayer owes $18,250 - more than an Old Dominion resident would pay in tuition at the University of Virginia or a nonresident would spend at the University of Maryland.

If you work and pay taxes, i.e. you are one of those working Americans liberals always claim to be speaking for, at the end of your work day today you inherit $50 in debt, spent by people in Washington D.C. on your behalf. Here is another way to look at it. If you make $10/hour, you need to work for five hours or more than half of a regular workday just to cover what the folks in D.C. are borrowing with your name on the promissory note.

Here is a final one to brighten your day….

Under Mr. Obama, government has been borrowing $4.6 billion each and every day.

Don’t worry though, Michael Moore says we aren’t broke.
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