From Bill O’Reilly Talking Points 5/25/2011:
This week in Europe, President Obama will get quite an earful from foreign leaders who believe, as China does, that the USA is in dire trouble because of its massive debt. If America’s economy collapses, the whole world will suffer. But many Americans are not getting that.
The election on Tuesday in upstate New York, where a Democrat won a congressional seat in a heavy Republican district, shows that some voters simply do not understand that Medicare has to be reformed. The winner, Democrat Kathy Hochul, campaigned on not doing anything about the exploding cost of Medicare. Her campaign scared elderly people.
The fact is that the Democratic Party simply will not tell the truth. You cannot sustain entitlements like Medicare and Social Security based on their present form. There is not enough money to do that, no matter how high you raise taxes.
President Bush in 2008 was trying to warn the country, of the increasing debt but many Americans simply wouldn’t listen.
That is the exact same scenario today. We cannot add to the $14 trillion debt. The Democratic Party and President Obama have to stop deficit spending. They have to cut back on entitlements and everything else. Medicare and Social Security have to be reformed or America will suffer like it has never suffered before.
On the day George W. Bush left office the national debt was $10.6 Trillion, which a hell of a lot of Samolians.
As of today, the national debt is $14.3 Trillion.
$3.7 Trillion more since Obama has been in Office.
So what America goes Bankrupt big deal, what will happen will I have to use Monopoly Money?
Not only that but:
1) Your life savings could be reduced to nothing almost overnight.
2) Your taxes will skyrocket.
3) Your life could be in danger. If the government goes bankrupt, you’ll have an extremely angry, confused, and frustrated populace that has little faith in its leaders — combined with a horrific economy and a reduced ability of the government to keep order. Under those circumstances, widespread rioting and violent crime seem entirely plausible.
4) Your payments from the government will dramatically decrease or stop altogether. Contrary to what some people believe, Medicare and Social Security are paid out of the same fund that pays for everything else. In other words, if the government goes bankrupt, there is no money set aside to pay for these programs.
5) You will have a dramatically reduced standard of living. If taxes and inflation escalate dramatically, both of which are very likely if we go bankrupt, economic activity will slow to a crawl and we’ll go into a depression.
Other than that everything is fine. To quote Bobby McFerrin “Don’t Worry Be Happy”.