THE NEVER-ENDING PORK PARADE - New York Post
THE NEVER-ENDING PORK PARADE
Quote:
As a result, we're now stuck with some of the most absurdly counterproductive legislation imaginable. The national debt is growing faster than the GDP. According to the Congressional Budget Office, within 10 years Uncle Sam's publicly held debt will double to 82 percent of GDP. The CBO predicts that by 2038, our debt will be 200 percent of GDP. Debt siphons off growth for the simple reason that dollars go to paying it off rather than investing in something productive.
Meanwhile, thanks to ongoing trade deficits and relentless borrowing, America's financial status is deteriorating rapidly. The Commerce Department reported last week that the value of foreign assets owned by Americans is $19.89 trillion, while the value of American assets owned by foreigners is $23.36 trillion. In other words, we are a "net debtor" to the tune of $3.47 trillion. That represents a 62 percent increase over 2007. Foreigners, most significantly China, own nearly 50 percent of our government's public debt.
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Yes, according to obama, if we could just manage to pass UHC, cap&trade, all our worries would be behind us.
So, spent another $3 trillion we don't have, is that the solution?
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