The U.S. budget deficit this year is projected to be $1.65 trillion. This follows a budget deficit of the first two years of the Obama administration of about $3.8 trillion. The first year, the budget deficit was about $1.4 trillion. The second year it was about $1.3 trillion and this year it’s projected to be $1.6 5 trillion. This equates to $4.3 trillion in budget deficits in the first three years of this administration.
These numbers are staggering, they are mind numbing. People have no idea what this means for the country.
Despite the fact that an entire new House of Representatives was elected in a political landslide, based primarily on people’s concern about the country’s debt, the Obama administration did not get the message because he rolled out a new budget with a deficit of $1.65 trillion. Instead of calling it spending, he has taken to his new “business friendly” discourse and called the spending “investment.”
If you spent a dollar every second it would take you 32,000 years to reach $1 trillion. If dollar bills were pouring out of the back of a jet plane going at the speed of sound it would take 14 1/2 years to reach $1 trillion. This administration has piled up budget deficits of almost $4 trillion dollars in three years; all the while talking about how the spending was to save the country. It has done anything but save the country. With this kind of overspending and Federal Reserve printing to soak up the dollars, it does not take a rocket scientist to see that interest rates and prices will rise in the coming months.