That’s a lot of zeroes. Hold on to your wallets! The tax hikes are coming. Who knows, maybe the 47% of Americans who pay no federal income tax will finally have to start paying their fair share. And this is before the democrats pass monstrous health care legislation.
CBS News reported, via Say Anything:
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…
But the White House budget review issued in August projects that by the end of the current fiscal year on Sept 30th, the National Debt could top $14 trillion.
It gets worse. The same document projects that by the end of the decade, the National Debt will hit $24.5 trillion — exceeding the Gross Domestic Product projected for 2019 of $22.8 trillion.
Living in America today is like living through a tragic comedy, but it’s not funny, just tragic. The most disgusting irony of it all is the very people who claim to care about the children are the ones destroying our children’s future.
What are we, as parents, supposed to do? We tell our children to study hard. We teach them to save money and be frugal. We provide a good example through our hard work. For what? So when they grow up the government can take away 80% of their earnings to pay off our debts? When are Americans going to wake up and realize that what we’re doing is fiscal child abuse? It’s sickening and it has to stop!
These are just more reasons to buy more gold and silver. You can’t change public policy, but you can adjust your own personal policy to guard against the national policy.
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