A debtor nation

From Americanthinker.com

In all the years of the nation's existence up to the end of 2007, the total national debt held by the public amounted to 36.2% of the Gross Domestic Product (53.8% by the end of 2009). By the end of 2012, based on the proposed budget of the Obama administration, that percentage will be 71.6. Thus, in five years, the debt will nearly double. If the trend is not stopped, then by 2019, the debt will triple to over 100% of GDP.

These projections do not include the overwhelming future impact of the health care reform bill recently passed in Congress, which will cost over $2.5 trillion in its first ten years of implementation. Nor does it include the carbon cap-and-trade or any other pending spending and regulatory bills. Beyond the expenditures contemplated, these actions will stifle domestic economic growth, so necessary for government revenue, and leave the now-global economy in the hands of our potential adversaries.

To put this into perspective, by 2019, three items -- interest on the debt, Social Security, and Medicare-Medicaid -- will account for 92% of all revenue to the federal government. Everything else will have to be funded by borrowing.