Obama administration adding $3 million per minute to national debt

From Examiner.com

The Obama administration released in the past 2 weeks revised projections that the 2009 deficit will amount to just shy of $1.6 Trillion dollars and that their long term budget projections will create $9 Trillion dollars of deficits in the next ten years. More than a year ago for another organization, I excoriated the Bush Administration for years of unchecked government spending culminating in the single largest deficit in US history. At the time, that budget deficit of half a Trillion dollars amounted to over $1 million dollars a minute in new national debt; an debt level that simply is not sustainable. With no balance of power in Washington this year, the drunken spending of politicians has tripled the record breaking Bush deficit, creating a phenomenal $3 million of new national debt every single minute (not total government spending, but new government debt). As a result, during the 8 hours of time you will spend at work today, the US government will go more than $1.4 billion into debt.

Just how much debt does $3 million a minute equate to? Consider the fact that the average American earns approximately $40,000 a year. As a result, the Obama administration's $1.6 trillion deficit is equivalent to the total earnings of 37.5 million Americans. What is even scarier, is that the deficit is projected to remain level next year, even without the addition of health care, immigration, education and tax reforms that remain on the President's agenda.

Our government cannot continue to operate in the fashion it currently is. During the Bush presidency we saw the national debt double and now the Obama administration is projecting that it will nearly double the national debt again. Depending on whether you read the Administrations estimates, the Congressional Budget Office projections or other non-partisan projections, the national debt is expected to rise to between $18 trillion and $23 trillion by 2019. Again the numbers seem staggering and unfathomable, but I can shed some light on just how much money that is. Considering our population of 300 million citizens, a $19 trillion debt in ten years would amount to $63,333 of national debt for every man, woman and child in the US. If our population was to grow to 450 million people by 2019, then the national debt would amount to $47,499 for every citizen. In other words, your personal share of the national debt will be the equivalent of some Americans current mortgages. Even more stunning is the realization that if wages were to grow at a 3% rate, the average American's share of the national debt would be more that their annual wages.