by Plantagenet » Fri 22 Feb 2013, 15:23:41
$this->bbcode_second_pass_quote('ralfy', '.').. your last statement is that, "Once you have to borrow more money to pay the interest on the money you've already borrowed, you are doomed," but that's what the U.S. had been doing even before Obama took office.
Yes---Obama took a bad situation and made it much worse.
Obama exploded the deficit to well over a TRILLION bucks per year----he's added 5+ TRILLION to the debt in just the last four years. Obama is by far the worst president ever when it comes to borrowing money.
Interest payments on the debt are already ca. 220 BILLION dollars per year. That is money we could be using to build high speed trains across the USA or pay for free tuition for every college student. Instead, we've got to pay interest on all the money Obama has been borrowing.
[img=http://www.usnews.com/news/articles/2012/11/19/how-the-nations-interest-spending-stacks-up]The annual interest payment on the US debt is now 220 BILLION[/img]