Over the past few years, the U.S. government has been on the greatest borrowing spree in history.
Sadly, most people have no idea how bad it’s gotten. Here are some quick facts to enlighten you.
The national debt is on pace to double during Obama’s presidency and we will accumulate more debt under Obama than we did under all other U.S. Presidents combined. This can’t be laid all at the feet of Obama however.
The Republicans have control of the House of Representatives, and since John Boehner became speaker, the national debt has increased by over $3 trillion. That is more debt than was accumulated in the first 200 years of the U.S. Congress.
So what does this actually mean? If you made payments of $24 million a day, since Jesus was born, you would finally pay off the national debt this year.
If you paid $1,000 a second on the debt, it would take you 560 years to pay it off. If the national debt was reduced to a stack of one dollar bills it would circle the earth 45 times.
The U.S. is responsible for nearly a third of all government debt in the entire world.
If our government used the same accounting methods that publicly traded companies are required to use, the real budget deficit for 2011 would have been $5 trillion instead of $1.3 trillion.
Clearly what we are doing is completely unsustainable and it is going to end very badly.
As of now, most of the world is loaning us huge amounts of money at artificially low interest rates. If creditors demanded a return to year 2000 rates, in order to keep financing our spending, our entire financial system would collapse.
The U.S. is unique, in that we print the money that the rest of the world uses to trade, so we’ve been able to live beyond our means without being subject to the immediate repercussions that the rest of the world must face.
The federal government pays about half a trillion dollars a year in interest on the debt. That’s about 20% of all yearly revenue collected in taxes.
The deficit that the government runs each year is equivalent to almost half of all yearly revenue collected in taxes. How long could your family survive if you had to pay 20% of your income in interest on your credit cards?
According to the Heritage Foundation, the government’s spending habits are the equivalent of a family making $52,000 a year, but spending $64,000 a year, and putting $12,000 a year on a credit card that already has a balance of $312,000.  
A recent poll conducted by Anderson Robbins Research and Shaw & Company Research shows that 73% of Americans want the government to cut spending, while only 15% want increased spending.
Many Americans say they want something done about the national debt but most don’t actually mean it.
This is because almost half of all Americans get money from the federal government every month. About two-thirds of government spending comes from just three programs: Social Security, Medicare/Medicaid, and national defense. If you throw in interest on the debt it goes up to over 70% of the federal budget.
Tax revenue only accounts for about 70% of the budget so you can see where the problem lies.
In order to significantly cut the debt you have to significantly cut those programs and no one is willing to do that.  
Both parties talk about budget cutting but neither one actually does it. As a matter of fact, Obama's own budget projects spending will be about $90 billion higher this year compared to last, and according to a Government Accountability Office report, Obamacare is going to cause the federal debt to rise by $6.2 trillion.
We are stealing about $100 million from our children every single hour of every single day with no end in sight.
It’s not the “full faith and credit of the United States government” that will repay this debt.
The government has no credit worthiness.