President Inflates Debt By $339 Billion By Signing One Bill!
With one stroke of a highly priced pen President Obama blew up the national debt by $339 billion. Literally as soon as the ink dried more crushing interest payments were heaped on the backs of future Americans. Possibly your children and grandchildren.
Here’s the story:
As reported by USA Today, the Senate passed a two year budget deal which would prevent the government from defaulting on debt payments. Once the budget bill passed through the House the president signed off and raised the debt ceiling through March of 2017. What this means for taxpayers is the government can once again freely rack up more debt surpassing the original $18.1 trillion ceiling… an already unprecedented figure. In addition to ripping the lid off the debt ceiling you will also see a massive boost in military and domestic programs spending. The butcher’s bill for these two new rounds of government spending look to cost approximately $80 billion.
Perhaps the one “good” thing which came from the bill was avoiding a government shutdown. This means your elected officials should still report to work and legislate for at least another two years.
Care To Guess How Much YOU Owe?
When it comes to the government debt the mathematics can be truly chilling. Especially for the everyday taxpayer…
Consider this report by Mike Patton from Forbes.com who breaks down what each taxpayer, you, is responsible for paying in terms of the national debt. In 2004, you owed $72,051 towards the national debt. Now you owe a hefty $154,161 towards a debt which by 2019 is expected to eclipse the $21 trillion mark.
One might be wondering how the debt ballooned up so fast within minutes. Well, before the law was passed the national debt stood at $18.153 billion and after the bill was signed it exploded into a figure of $18.492.
Ultimately what this means to taxpayers your elected officials… the ones you trundled out of work and waited in lines on election day to put into office don’t need to debate anymore. They don’t need to find workable solutions, nor do they need to have those uncomfortable conversations with their colleagues at 3am to find better solutions.
The precedent which has been set now tells them to simply hoist up a higher debt ceiling and then go on TV and tell the public how hard they fought. While you end up paying more and more for a government who can’t balance its own checkbook. At some point the government is going to shut down again. And shut downs send shivers through the spines of Wall Street fat cats and hedge fund managers which means your money is at risk.
Now, there is one way you can find a lifeboat to jump on while everyone else sinks with a fiscal ship suffering with a torn up hull. Precious metals, particularly gold and now is a fantastic time to take advantage of its value. Today we’ve prepared a special report on how precious metals can protect your money in times of fiscal and political insanity. Simply stated you don’t have to go down with the ship and it’s up to you to protect your nest egg and family. The report, The Definitive Gold Guide is FREE of charge and comes with no obligation. Just a little financial education on how gold works against what you’re watching unfold in Washington. Simply click the link and we’ll deliver The Definitive Gold Guide directly into your inbox.
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On January 8, 1835, President Andrew Jackson proclaimed that the last installment of our national debt had been paid, and that the United States was debt free! This was the only time in American history that the U.S. had no debt.