Yesterday, the White House told the nation that Obama's spending binge will raise the national debt by more than $9 trillion, almost doubling our nation's debt burden.Well, they didn't exactly say "Obama's spending binge," but we know one when we see one.
Today, the national debt is about $11.7 trillion. Adding the $9.1 trillion Obama debt (that the White House admits to) will bring our debt to $20.8 trillion in only 10 years.
That's breathtakingly fast work in only 7 months in office: Obama and his Democrat majority have already doubled the debt expenditures made by 42 previous presidents and 110 previous 2-year sessions of Congressional pork-seeking politicians!
What is the interest on our national debt? Today, according to Stuart Varney of Fox News, we pay about $50 billion interest on every trillion. Let's see, $12 trillion ($11.7 trillion rounded up) x $50 billion equals $600 billion per year.
How much of that goes to China? Again, according to Varney, a mere $800 million per week. That's just the interest on our debt to China! Somehow we'll also have to pay back the principal.
Say, for a rough calculation, that we double that $800 million figure to approximate our weekly interest payments to China in 10 years. (In the real world, with rising interest and interest rates, this figure could be expected to be higher.) That means we'll be sending China more than $1.6 billion every week. In interest only.
Can Americans really work that hard and maintain any semblance of our quality of life?
Democrats are already arguing that this huge debt creates just one more reason to pass ObamaCare, which they claim will lower health costs.
I wouldn't be too quick to believe that. After all, $2 trillion of the $9 trillion increased debt load will be a direct result of ObamaCare.
$9.1 trillion. In the Obama view, that's chump change, in a world where Americans are the chumps.
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