OPINION:
White House Press Secretary Jay Carney told reporters Thursday that President Obama wasn’t going to buy a lottery ticket. That’s a shame. By Friday, the multi-state Mega Millions jackpot had reached $640 million. The biggest spender in the history of the world could have had a fair shot at the world’s biggest cash prize by matching the six numbers drawn.
The record payout would almost cover the amount of money Mr. Obama borrows in the time it takes to fly Air Force One to a posh Hollywood fundraiser. Since taking office, he has added $2,954,954 to the national debt every minute of every day. All of this represents money the nation simply doesn’t have, and the breathtaking sums add up fast.
Most people consider the hourly rates some plumbers charge to be excessive, sometimes reaching up to $100 per hour. The best-paid government employee in California, a prison doctor, took home the equivalent of $370 per hour in pay. Trial lawyers at the nation’s most prestigious firms can command an impressive $1,200 per hour. They have nothing on Mr. Obama, who leaves taxpayers with $177,297,247 in new debt for each and every hour he bears the title of president.
In just one day, Mr. Obama takes enough money on loan from Beijing to pay 282,170 of the unemployed an entire year’s salary at the minimum wage. Eventually, the Middle Kingdom and our other creditors are going to want to be paid back, but the administration isn’t worried about that. The red ink is a problem for future generations, as Washington continues to do everything it can to delay the inevitable day of reckoning. As long as interest rates remain at near-zero levels, the cost of the national mortgage remains at manageable levels. Last year’s bill for the national debt was $266 billion, but our monthly payments will soon grow unmanageable as interest rates rise and the debt balloons.
That’s exactly what’s in store should Mr. Obama win four more years at 1600 Pennsylvania Avenue. At his historic rate of spending, the national debt would grow $7.5 trillion through the end of his second term. Despite rhetoric about “cuts” and “tough choices,” spending continues to rise year after year. Voters ought to keep this in mind when deciding whom to send to the Oval Office in November. In fact, it’s going to cost us $927 billion just to wait for Election Day. Nov. 6 can’t come soon enough.
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