We knew this was coming, we've seen the writing on the wall for decades now. It's now here: we spend more than we can produce; we borrow more than we can pay back; we are a sorry debtor nation (albeit the World's largest) and it's time to face the fact that we.are.broke.
WE ARE BROKE YOU DUMB-ASS DEMOCRATS!
US debt shot up $238 billion to reach 100 percent of gross domestic project after the government's debt ceiling was lifted, Treasury figures showed Wednesday.
Treasury borrowing jumped Tuesday, the data showed, immediately after President Barack Obama signed into law an increase in the debt ceiling as the country's spending commitments reached a breaking point and it threatened to default on its debt.
The new borrowing took total public debt to $14.58 trillion, over end-2010 GDP of $14.53 trillion, and putting it in a league with highly indebted countries like Italy and Belgium.
Public debt subject to the official debt limit -- a slightly tighter definition -- was $14.53 trillion as of the end of Tuesday, rising from the previous official cap of $14.29 trillion a day earlier.
Treasury had used extraordinary measures to hold under the $14.29 trillion cap since reaching it on May 16, while politicians battled over it and over addressing the country's bloating deficit.
The official limit was hiked $400 billion on Tuesday and will be increased in stages over the next 18 months.
The last time US debt topped the size of its annual economy was in 1947 just after World War II. By 1981 it had fallen to 32.5 percent.
Ratings agencies have warned the country to reduce its debt-to-GDP ratio quickly or facing losing its coveted AAA debt rating.
Moody's said Tuesday that the government needed to stabilize the ratio at 73 percent by 2015 "to ensure that the long-run fiscal trajectory remains compatible with a AAA rating."
Our next steps downhill on the Ladder of Defeat will include the promised bond-rating dings. Then we'll eventually find the dollar removed as the World's Reserve Currency (Russia and China are spearheading that drive right this minute). After that, since oil is always purchased with the World's Reserve Currency, we'll find that we have to purchase another country's currency to buy oil on the world market; no longer can we 'print' money to buy oil. The Dollar will suffer great devaluation; oil prices will skyrocket; interest rates will skyrocket; we will become a third-world shithole after the Sovereign Default on paying back the debt brings down the government and topples the United States into a state of near-anarchy.
You think Greece had riots? Pshaw! We'll show the world riots. The U.N. will have to send in troops to quell the disturbances in the larger ghetto-cities.
We'll splinter. No longer 50 states, we'll be broken up into regional super-states that will never have the same Federal system with a nice, satisfying Constitution that we have now.
The number of deaths in this nation will be horrifying. It'll make the Civil War period look tame, because there won't be just armies engaging each other, but instead individuals and small groups will engage each other for dwindling foods and fuels.
Think it can't happen? It might not; this is worst-case scenario sort of thinking. But when did we think we would ever be at the point of having more money to pay back to Communist countries than we could ever earn?
Thanks! Democrats, Lyndon Baines Johnson, Franklin Delano Roosevelt, Marx, Cloward-Piven, Barack Hussein Obama and all these dirty Socialists who tried to achieve nirvana on earth. We told you it couldn't happen, and we were right.
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| HAPPY BIRTHDAY DIRTY SOCIALIST BARACK HUSSEIN OBAMA~! |
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