“I sincerely believe… that the principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale… I say, the Earth belongs to each of these generations during its course, fully and in its own right. The second generation receives it clear of the debts and encumbrances of the first, the third of the second, and so on. For if the first could charge it with a debt, then the Earth would belong to the dead and not to the living generation. Then, no generation can contract debts greater than may be paid during the course of its own existence.” ~ Thomas JeffersonNo thanks to quisling Republicans who aided and abetted either. Thinking about that previous post, we should really work out a criminal swap! Obama leading the pack directly to the slammer...
WT: When President Obama signs into law the new two-year budget deal Monday, his action will bring into sharper focus a part of his legacy that he doesn’t like to talk about: He is the $20 trillion man.As Margaret Thatcher said, “The problem with socialism is that you eventually run out of other people's money.” Well, when you have a two-party system run like one, spending hand over fist year after year, the debt mounts fast and the money runs dry even faster (not that most, particularly the one sitting in the Oval Office, care).
Mr. Obama’s spending agreement with Congress will suspend the nation’s debt limit and allow the Treasury to borrow another $1.5 trillion or so by the end of his presidency in 2017. Added to the current total national debt of more than $18.15 trillion, the red ink will likely be crowding the $20 trillion mark right around the time Mr. Obama leaves the White House.
When Mr. Obama took over in January 2009, the total national debt stood at $10.6 trillion. That means the debt will have very nearly doubled during his eight years in office, and there is much more debt ahead with the abandonment of “sequestration” spending caps enacted in 2011.
Moreover, the fact that a single president has been allowed to run the debt up in such a reckless manner is nothing short of tyranny in the making, folks...
Yellowhammer: President Barack Obama on Monday signed into law a two-year budget and debt deal that funds the government through the rest of his presidency and raises the nation’s debt limit yet again.
The deal was negotiated in what Sen. Richard Shelby called Washington’s “dark corridors” without input from most of the people’s representatives, then slammed through Congress in a rush as House Speaker John Boehner hightailed it out of town for the final time.
Spending caps that were put in place in 2011 were tossed aside by a bi-partisan coalition of big spenders, allowing $1.5 trillion to be added to the federal debt by 2017.
Republicans and Democrats alike ensured the U.S. federal debt will exceed $20 trillion by the time President Obama leaves office, almost double what it was when he came in.
This is one of the most profoundly immoral, even tyrannical, things a President — and the complicit Congress — has ever done.
Here is why:
Would you not say that “taxation without representation” is tyranny? Of course you would. Our forefathers fought a war over it. And yet we sit idly by and allow politicians to pile on debt that will be left to future generations to pay.
Do the unborn have a say — a vote — in this spending? Of course not. Yet they will be taxed to pay for it. That, my friends, is tyranny.