NUGENT: America is on a financial suicide watch

August 15, 2012 | « back

Distractions from debt problem a travesty

Someone should have to answer for the financial high crimes and misdemeanors that are bankrupting our nation and financially raping the futures of our children and grandchildren.

If a corporate officer did to the shareholders of a company what Barack Obama and his gang of soulless Fedzillacrats have done to the American public, he would be charged with any number of financial crimes and sent to prison.

Our federal government has mismanaged the financial affairs of our nation worse than Ken Lay and the other crooks did to the fake energy company, Enron.

It’s not an accounting scam. The ledger doesn’t lie. The numbers are easy to read and the numbers aren’t pretty. America has been steered way, way over our heads. Terrorists aren’t the biggest threat to our national security. Fedzilla’s irresponsible spending and our mounting national debt are.

Instead of talking about the debt beast that is drowning America, the national narrative is focused on what Dan Cathy, president and founder of Chick-fil-A, has said about marriage. What fools we are. We are being fleeced, led to the economic slaughterhouse like mindless sheep distracted by the dumbest of dumb.

America owes its creditors roughly $16 trillion, which is the entire size of our annual economy. And the debt keeps on rising as evidenced by the National Debt Clock, which should be renamed the National Economic Death Clock.

We are now borrowing 43 cents for every dollar we spend. We are spending roughly $1 trillion more than we take in every year.

In just over three years since taking the oath of office, the national debt has climbed from roughly $10 trillion to $15 trillion on Mr. Obama’s watch. The White House is now officially the American cuckoo’s nest.

America will pay $450 billion this year in interest alone on the national debt. According to the Congressional Budget Office, we will make $5 trillion in interest payments on the debt over the next decade. Just the interest payment alone could bury us.

Right now the share of the national debt of every person in America — all 310 million of us — is roughly $50,000 and rising.

Will anyone try to tell the American public how this is not a cataclysmic economic threat to the nation?

The pus-filled, infected ugly truth is that we aren’t going broke. We are broke and teetering on the edge of economic collapse. We have more in common with Greece than most of us believe. In fact, our situation may be worse than Greece, which is the quintessential definition of modern economic doom.

According to economists, the current generation of young people will be the first generation of Americans who will not have it as good as their parents. More than half of college graduates are moving back in with their parents. Hope and change, my foot.

Few of our politicians are willing to even discuss the drastic cuts in spending that would be required just to begin to put America back on the right path. Our politicians would rather ignore the problem and be re-elected by an ever-increasing population of America- hating bloodsuckers than to be statesmen and tell America what needs to be done right now: drastic cuts in borrowing and spending, a total revamping of the tax code and passing a balanced budget.

America is in deep, deep financial trouble and there is no indication that Mr. Obama and his Democrat Party are willing to take prudent measures to slow down and reverse this economic kamikaze course of action.

The very first thing we need to do is to remove the president and the Fedzillacrats from office who want to continue charting an economic suicide course that is sending us off an economic cliff.

Just like those Americans who came before us, we have an obligation to future generations of Americans to leave this nation in better shape than when we took the reins. To shirk this responsibility is to spit on the graves of our Founding Fathers and in the face of our children and grandchildren.

Are we American enough to do the right thing?