Thursday, August 04, 2011

America Already Reaches New Debt Ceiling

Well, that didn't take long. In the space of less then 48 hours after passing the debt ceiling increase the United States is already back at the limit.
U.S. debt shot up $239 billion on Tuesday — the largest one-day bump in history — as the government flexed the new borrowing room it earned in this week’s debt-limit increase deal.

The debt subject to the statutory limit shot way past the old cap of $14.294 trillion to hit $14.532 trillion on Tuesday, according to the latest the Treasury Department figures, which are released on the next business day.

That increase puts the government already remarkably close to the new debt limit of $14.694, which means one day’s new borrowing ate up 60 percent of the $400 billion in space Congress granted the president this week.
This round of borrowing now puts us at 100% of GDP in debt. That means that the entire output of Americans now goes just to the debt.

The more you give the more they take. Hell, it looks like the first order of business when Congress comes off its' little vacation will be to go back into talks to raise the debt ceiling. It is almost as if this administration is determined to spend this country into oblivion. A question I have heard several times is if you were trying to deliberately destroy this economy, name me one thing you would have done different?

The EPA has been taking advantage of all the attention on Congress to push ahead with one edict after another that will have the effect of crippling energy production in this country even further. Slublog, one of Ace's crack hobo hunters, has a piece up about how soon that heart healthy cereal known as Cheerios will probably be inducing heart attacks when you see the price cause of new regulations.

More borrowing, more spending, more rules and regulations all aimed at further reducing further the productivity in America and handicapping not only energy production but instilling even more instability into business community.

I originally thought that we could survive four years of Obama, using Jimmy Carter as a model, but I no longer have even that glimmer of optimism. Folks, quite frankly I could care less who the next president is at this point, hell pick a random name out the Dubuque, Iowa phonebook. They certainly could not do anything more destructive then this administration has done.

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