The economic picture in the United States gets worse with each passing day of the Obama administration, and families are especially hard-hit. While the damage is already devastating, the ramifications will continue wreaking havoc on today's children when they are adults starting their own families.
Comedians refer back to President Obama's 2008 campaign theme, "Hope and Change," declaring that most of us can only hope to have some change left after paying bills. A survey of 1,100 Americans taken in October 2012 showed that 41 percent of respondents did not have more than $500 in savings at the time of the survey, which included "dual-income earners with ... big mortgages and big credit card bills." Further, 54 percent had no savings plan, and 45 percent thought they would never be able to save money.
The picture did not look any better in June 2013, when a survey of 1,000 adults found that 76 percent are living paycheck-to-paycheck. Half of those surveyed had less than a three-month cushion in savings, and 27 percent had no savings at all.
It's even worse for the federal government. Just click on the Debt Clock to see profligate spending in real time. The U.S. national debt is just shy of $17 trillion! That amounts to a debt per citizen of $53,431 -- that means every man, woman and child who is a United States citizen would need to pay that much money each to retire our current national debt. The debt per taxpayer is a whopping $148,091.
What was the national debt when President Obama took office? According to Mark Knoller, White House correspondent for CBS News, it was $10.626 trillion. Mr. Knoller pointed out in March 2012, "The Debt rose $4.899 trillion during the two terms of the Bush presidency. It has now gone up $4.939 trillion since President Obama took office." In the first three years and two months of Obama's presidency, he increased the debt more than the entire eight years of President Bush's presidency. In March 2012, it was $15.566 trillion, and it now stands at $16.901 trillion and is estimated to top $20 trillion by the time Obama leaves office in 2016 -- an 87-percent increase in his two terms.
Via: American Thinker