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Monday, October 29, 2012
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It will be our debt, when historians state what caused the decline and fall of our nation. Due to incompetent leadership, we have become the greatest debtor nation in history. The federal national debt is now over $16.2 trillion. It will be $16.5 trillion+ by January 20, 2012, a four-year increase of $5.9 trillion or 55.6%, since the beginning of the Obama administration; it’s increasing, uncontrolled, presently at $3.8 billion per day.

Our debt ratio exceeds our gross domestic product by over 104.9%, a situation that economists advise cannot continue. The yearly interest on the debt exceeds $256 billion. We are presently spending $3.8 trillion per year, and borrowing 38 cents for every dollar spent. The debt is projected to increase to over $22.3 trillion in 2016, which would be an $11.7 trillion or 110.3% increase since January 2009.

It will be all over for our nation and people unless we elect knowledgeable and competent leaders, like Mitt Romney and Paul Ryan, who understand the debt crisis and who will take decisive action to end deficit spending and to bring the debt under control.

P.S. My sources include usgovernmentdebt.us and basic percentage math. Also Google United States debt, United States debt 2008-2012, United States debt clock, and United States debt clock live. – Thomas Bryan

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Independent Discussion Guidelines

If Ryan so understands the debt crisis, why didn't he take "decisive action" when he was voting to make the deficit worse by supporting Bush's wars and entitlements without demanding they be paid for?

pk (anonymous profile)
October 30, 2012 at 10:20 a.m. (Suggest removal)

partisan hack.

spacey (anonymous profile)
October 30, 2012 at 5:05 p.m. (Suggest removal)

as evidenced in paragraph 3.

spacey (anonymous profile)
October 30, 2012 at 5:13 p.m. (Suggest removal)

Letters to the Editor should be fact checked.

Ken_Volok (anonymous profile)
October 30, 2012 at 5:33 p.m. (Suggest removal)

Yawn.

DrDan (anonymous profile)
October 30, 2012 at 6:16 p.m. (Suggest removal)

Your sources are quite out of the mainstream, Mr. Bryan.

I prefer referencing the Congressional Budget Office, in these matters, rather than a website (usgovernmentdebt.us) complied by Christopher Chantrill. (http://www.christopherchantrill.com/)

CBO says:
:: "[...snip...] The sharp rise in debt stems partly from lower tax revenues and higher federal spending related to the recent severe recession and turmoil in financial markets. However, the growing debt also reflects an imbalance between spending and revenues that predated those economic developments.

:: "As the economy recovers and the policies adopted to counteract the recession and the financial turmoil phase out, budget deficits will probably decline markedly in the next few years. But over the long term, the budget outlook is daunting. The retirement of the baby-boom generation portends a significant and sustained increase in the share of the population receiving benefits from Social Security, Medicare, and Medicaid. Moreover, per capita spending for health care is likely to continue rising faster than spending per person on other goods and services for many years (although the magnitude of that gap is very uncertain). Without significant changes in government policy, those factors will boost federal outlays sharply relative to GDP in coming decades under any plausible assumptions about future trends in the economy, demographics, and health care costs."
http://www.cbo.gov/publication/21546

binky (anonymous profile)
October 30, 2012 at 7:09 p.m. (Suggest removal)

I too have my doubts whether Romney will have much success in reducing the deficit. Mostly, he'll just rearrange the pieces on the chess board. Ron Paul was the only candidate that was up for the job of reducing the deficit. Sorry to say, we are likely in for $1T+ deficits for the foreseeable future no matter who is elected.

Botany (anonymous profile)
October 30, 2012 at 7:40 p.m. (Suggest removal)

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