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Title: Blog by Novelist William S. Frankl, MD

We Are Being Buried Alive in Debt! HELP!

The Obama budget represents the biggest disaster in our entire fiscal history (Michael J. Boskin, “Debt Roulette,” Hoover Digest, July 2, 2010).

In addition to the proposed increase from today’s levels in taxing capital gains, dividends, payrolls, incomes, and the initiation of an energy taxes, the enormous deficits and endless accumulation of debt by the Obama Administration will eventually force growth-inhibiting income tax hikes, a national value-added tax similar to those in Europe, and/or severe inflation.

1. In the first three years of Obama’s term, federal spending will rise about 4.4% of gross domestic product (GDP), far more than during President Johnson’s Great Society and Vietnam War buildup and President Reagan’s defense buildup combined.

2. Spending will hit the highest level in American history (25.1 percent of GDP) except for the peak of World War II.

3. The deficit of $1.4 trillion (9.6 percent of GDP) is more than three times the previous record in 2008.

4. Obama will add more to the deficit in his first two years than President George W. Bush  added in eight years in office.

5. In his first 15 months, Obama will raise the debt burden — the ratio of the national debt to GDP — by more than President Reagan did in eight years.

6. This debt and current and future taxes are rising just as the baby boomers are retiring and the costs of entitlements are growing, which will require major reform.

7. The Obama programs increase the number of people getting more money back from the government than they pay in taxes to almost 50%.

The Obama regime and his minions in Congress are pushing the United States into bankruptcy. Who will bail us out? China? Saudi Arabia? Europe? Or nobody? Will November stem the tide, or are we slated to be the next Greece?

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