Stossel on the Tuesday, Feb 14, 2012 O'Reilly Factor presented America's Annual Family Budget that, proportionally, reflects America's Annual Federal Budget:
Annual Family Budget:
Annual Income $24,700
Annual Spending $37,900
New Credit Card Debt
($37,900 - $24,700) $13,300
Cumulative Credit Card Debt
Simple Interest 10%
(Cumulative over 4 yrs) $67,898
Proporsed Belt Tightening $385
NOTE: $67,898 /$378 = ~ 176 years + to pay off the debt. Without the interest, which may account for Stossel's Annual Family Debt thru generations to be $153,500.
Addendum: I adjusted Stossel's information by assuming the Simple Interest at 10% to make his final sum of Credit Card Debt of $153,500 more understandable.
What O'Reilly, or Stossel, failed to mention is America's WORLD CURRENCY STATUS.
What Obummer is counting on is that America will continue to have WORLD CURRENCY STATUS. In other words, America is able to pay off its debts simply by printing more money. And, The World accepts our dollar because it has the WORLD CURRENCY STATUS. Please note, The World is presently re-evaluating America's WORLD CURRENCY STATUS.
Proportionally, Greece, probably has a National Debt that is equal to ours. However, Greece's drachma does not have WORLD CURRENCY STATUS. That is why Greece is not able to get away with printing more of its drachmas to pay off its debt.
The population of Greece, alarmingly a harbinger to Europe's overall Socialistic Entitlement System, is in flames because of its outlandish entitlements which its populace refuses to give up.
Obummer is using Europe's DISASTROUS Socialist Entitlement System as his model for America.
Obummer has spent in THREE YEARS what Dubya spent in EIGHT YEARS. As if that is not enough, Obummer wants to add ANOTHER $1.3 TRILLION in his proosed budget, thus adding $5.3 TRILLION to our National Debt during his present term as President ...... proportionally, BY FAR MORE MONEY SPENT BY ANY PRESIDENT IN AMERICA'S HISTORY!!!
Obummer's "CLASS WARFARE'S" ploy of misdirecting the focus of the Nation from the OBVIOUSLY DISASTROUS FINANCIAL DEBACLE, i.e., the "TAX the RICH" solution ? According to Stossel's report, even if ALL the income of the rich together with the profits would be grabbed by the IRS, only 1/3 of the TOTAL DEBT for THAT PARTICULAR YEAR would be reduced. In other words, the Fed Debt FOR THAT YEAR would STILL go deeper into debt by 2/3 of the annual projected amount. Of course, in that hypothetical case the Nation would collapse because ALL the major business would be shut down.
In O'Reilly's opinion, Obummer is attemptiing to get re-elected by bribing America with freebies.
As Charles Krauthammer stated, Obummer's behaviour is "SCANDALOUS". In my opinion, that is an understatement.