Oliver’s National Debt

 by Kerry Thomas
May 5, 2009

I recently met the newest member of my community, a newborn baby boy named Oliver.  On the day he came home from the hospital, young Oliver owed $36,588.46.  Not from any medical bills.  No, this was his share of the $11,199,511,145,643.83 national debt, as of April 29, 2009.

During his lifetime, Oliver will also have to pay an additional $112,000 in interest charges alone on the $787 billion that was borrowed in his name to pay for the economic stimulus bill.  That’s just interest, in addition to repaying the original $787 billion.

Oliver and his friends will also be responsible for repaying the $700 billion that was borrowed to bail out the banks.  And the billions that went to prevent GM and Chrysler from going into bankruptcy.  And the $2 trillion that Barack Hussein Obama will borrow each year of his Presidency to pay for his reckless, tried and failed liberal social programs.  And the trillions in unfunded Social Security and Medicare costs.

(By the way, that future date when the Social Security program will start to pay out more in benefits than it takes in in revenues has arrived.  The Social Security surplus is gone.  The day of reckoning for Social Security has arrived. See the OASDI Trustees Report)

Add it all up and young Oliver, plus his children and grandchildren, are on the hook for more than $63 trillion in federal debt that’s been charged in his name.

And that’s before we add in the costs for socializing our medical system and educational institutions.

At least Oliver’s parents are getting a tax cut.  They’re among the “95% of Americans” who have received a tax cut from Barack Hussein Obama.  They’re now seeing an extra $13 in every paycheck.

Meanwhile, Oliver’s grandfather is seeing his taxes go up by thousands of dollars.  He owns his own small business.  So he’s part of “the rich” who Barack Hussein Obama thinks hasn’t been paying his “fair share” in taxes.  It doesn’t matter that Oliver’s grandfather supports numerous community projects.  Barack Hussein Obama thinks he knows better than Oliver’s grandfather which community projects are worthy of support.  Groups like ACORN deserve support.  But local libraries and museums were specifically prohibited from receiving any of the $787 billion stimulus money.

How will young Oliver pay for all the spending?

There is a solution.  It’s the same solution you and I practice when we go into debt.  We spend less, work harder, and pay off the debt.

The people we’ve put in charge of governing our Republic don’t know how to spend less money.  They believe they can borrow and spend, spend, spend, with no accountability.  They haven’t learned that you can’t borrow and spend your way out of debt.

Now the Chinese, who have been loaning America all this money, have indicated they won’t (or can’t) lend us any more money.  In response, Treasury Secretary Timothy Geithner was sent to China to reassure the Chinese about the long-term security of foreign investment in the United States.  After giving a speech at Peking University, in response to a question about Chinese investments in the United States, Geithner said “Chinese assets are very safe.”

This statement drew loud laughter from his student audience.

The world has run out of cheap money to lend to the United States.  Our printing presses are running at full speed, printing up federal reserve notes.  Runaway inflation is coming that will make us long for the economy we enjoyed during the Carter administration.

There is a solution.  Americans know what works.  When the $787 billion stimulus bill was being debated, we inundated Congress with phone calls, emails and letters saying “NO.”  When Congress debated the $700 billion TARP bill, Americans were shouting “NO!”

Congress voted to spend the money anyway.

When the government fears the People, you have Liberty.  When the People fear the government, you have tyranny.

Americans keep electing people who refuse to cut spending.  Too many voters believe the politicians’ lies that punishing successful people will somehow make their lives better.

You can’t make the poor rich by making the rich poor.

In the one week since young Oliver came home from the hospital, his share of the national debt has risen by $71.65.  He now owes $36,660.11, his share of today’s $11,222,651,477,381.80 national debt.

The original Boston Tea Party was a revolt against an increase in taxes of 3%.  We’ve gone way beyond that.

The grumblings of a new American Revolution are nearing critical mass.

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