US Milestone Debt is now 100% of GDP

August 4th, 2011 the United States Debt surpassed 100% of GDP

Two days after President Obama the biggest spender in US History signed the bill which was passed by the Senate on August 1, 2011 adding an additional 2.4 trillion to our massive debt, and today $239 billion  60% of funding approved on Tuesday vanished in to the black hole of United States Debt.

The last time US debt was greater than this nation's Gross Domestic Product, was in 1947, after WW II.

Years of bad Foreign Trade Agreements that encouraged the flight of both manufacturing and jobs offshore. The highest Corporate Taxes in the world have contributed to nation crushing manufacturing and unemployment.  Years of of unelected bureaucrats have written  miles of red tape (in July of 2011 9.5 Billion more) enough to send Astronauts far from earth in interstellar adventure

Instead of addressing and freezing and cutting spending which would have been a fiscally sound decision that would have placed this nation on a path to pay off our debt, our elected officials denied reality and Americans got another big bad deal .

When Obama took office, unemployment was 7.8%, now it's 9.2%, up 18% from when he took office.

If your stomach has not turned enough already,  This Government Cost Calculator will show you based on your income the price of the fiscal insanity that has been practiced by our elected officials.

This nation has the highest Corporate Taxes in the world.

We have the most regulated manufacturing base in the world.

Our leaders since Eisenhower have signed bad really bad trade agreements. 

Our leaders have consistently since 1974 have flatly ignored, refused, denied exploiting our own natural resources.

And here are the rest of today's happy numbers

Indices Currencies World
DJIA -512.76 -4.31% 11383.68

S&P 500 -60.27 -4.78% 1200.07

NASDAQ -136.68 -5.08% 2556.39

RUSS2KG EOD -28.52 -6.42% 415.49

10yr Treasury -1.18 -4.58% 24.58

The real tragedy is all of this was avoidable.  We have spent beyond our means.  We have taxed and regulated business and little is left of the powerhouse economy that I grew up enjoying. 

Worse, our elected officials lack both the political will and courage to make the necessary changes to improve America and turn things around.

Our elected officials refuse to balance our nations budget, refuse to address entitlements to make them solvent (not Republicans but Democrats) refuse to overhaul a punishing chrony tax system, refuse to stop spending, refuse to stop regulating and smothering business, refuse to use our resources, and refuse to enforce our laws.

God Help Us, we are looking into the abyss.