OK! Lately I have learned more about the $14.3 Trillion National Debt than I need to know. We elected leaders to handle this so I don’t understand why they can’t seem to work it out. They do not agree on anything! The bickering has gone on for weeks and it is obvious that key players have little interest in reaching a resolution. President Obama is caught in a power struggle with men that did not want him elected in the first place. Men who, seemingly, would let this country go to hell in a barrel just to win this test of wills against the President. In short, they are having a power surge; a moment when they are poised and pleased to upset this sick economy even more to prove they are worthy of being in office.
Republicans want to hang the National Debt around the neck of President Obama. So, let’s look at the National debt by president:
*The numbers below do NOT reflect the actual National Debt.
Instead, they reflect the amount of the INCREASE in the National Debt during
each presidential term.
- Ronald Reagan’s First Term – $656 billion increase
- Ronald Reagan’s Second Term – $1.036 trillion increase
- George H.W. Bush’s Term – $1.587 trillion increase
- Bill Clinton’s First Term – $1.122 trillion increase
- Bill Clinton’s Second Term – $418 billion increase
- George W. Bush’s First Term – $1.885 trillion increase
- George W. Bush’s Second Term – $3.014 trillion increase
- Barack Obama’s First “Year” – $1.573 trillion increase
Obviously this financial disaster started long before our current president. One has to question the commitment of elected officials that refuse to compromise at this time. It is critical that we reach an agreement on the ceiling. The fallout will impact almost everyone in this country. According to **The Detroit News:
“If the economy grinds to a halt, that will have implications worldwide, threatening to dry up export markets.
Mortgage and other loan markets would gyrate wildly, dragging down the real estate and stock markets…
Interest rates on loans and credit cards would likely rise since the federal government would be paying more on its own debt, throwing credit markets into turmoil.
The stock market would likely tumble, severely affecting the value of businesses such as Boeing, ExxonMobil, Chase Bank, Ford Motor Co., Steelcase, Dow Chemical Co. and General Motors, which just re-entered the market in November after its government-led bankruptcy.
Nearly 2 million federal workers — and more than 50,000 in Michigan — would likely not be paid since Washington wouldn’t have access to money.
Pension funds and other retirement accounts could see another deep dip in value; potentially one worse than the market’s 2007 and 2008 lows. For workers nearing retirement age, that means even recent market gains could be wiped out, ruining nest eggs for soon-to-be retirees and for those already retired.
Funding for federal programs could be in jeopardy. White House officials, in briefing reporters, however, saved the scariest possibility for the end.”
“There is no back-up plan,” one senior administration official said. “None.”
I do not need to rewrite the press release by explaining how important it is for Republicans and Democrats to resolve this issue. I think it can be achieved without the personal beat down they are trying so hard to give President Obama. Failure to reach an agreement would be an unprecedented event for America. Why? Why is compromise more difficult now than it was with past Presidents? Could it be the unspoken elephant in the room – RACE? Many people believe his race is the real issue and it very well may be. But they should get over it – really! Do what you were elected to do and make the country better – not worse.