Four trillion dollars has been added to the national debt since President Obama took office.
That's 4 million million dollars. That's 4 with 12 zeroes after it -- for less than three years. It's nearly a third of all federal debt amassed throughout American history. [Note: Actually, there are ways to measure it as not the largest additional debt ever. It isn't the largest increase, by percentage, of any three years.]
CBS News reports:
The debt was $10.626 trillion on the day Mr. Obama took office. The latest calculation from Treasury shows the debt has now hit $14.639 trillion. It’s the most rapid increase in the debt under any U.S. president.
Taxed to death. If we had 4 million millionaires in the United States, we could take everything they earned this year and pay off those three years of debt. Unfortunately, we have only 250,000 or so millionaires, so even if we tax them to death, we'd pay only one-quarter of $1 trillion.
Meaning: It's time to cut back on federal spending and bring it into balance with the government's once-sane usual income, relative to GDP and inflation. It's time government workers were reminded that they are public servants -- not a favored elite with an unlimited access to the public's privately earned cash. And it's time to reorganize Social Security and Medicare into systems in which expenses are equal to or less than revenue.
It's time to get real, or the nation's wealth will continue its dangerous and unnecessary burn-out on the high-speed train to poverty.