Barack Obama has proposed a new “Stimulus Bill” even though that is not what they are calling it. Our current national debt is figured to be at $130 trillion dollars. There is not enough money in the world to pay for this; literally. As per National Review Online:
For perspective: At the time that 2008 article was written, the entire supply of money in the world (“broad money,” i.e., global M3, meaning cash, consumer-account deposits, checkable accounts, CDs, long-term deposits, travelers’ checks, money-market funds, the whole enchilada) was estimated to be just under $60 trillion. Which is to say: The optimistic view is that our outstanding obligations amount to more than all of the money in the world.
Here we have a president who spent a brief time in the private sector and described the experience as sitting behind enemy lines. His cabinet is filled with academics that have similar resumes. No past administration has ever had such a lack of real world experience as Obama’s. We have theoreticians running the country.
I believe we are witnessing the consequences of socialist academia indoctrination.
H/T: video Lonely Conservative
Source: http://blog.american.com/?p=7572
http://www.nationalreview.com/exchequer/246159/our-debt-more-all-money-world
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