R. Cort Kirkwood
President Barack Obama's imprudent moratorium on drilling for oil in the Gulf Of Mexico cost not only the Gulf region but also the nation billions of dollars and tens of thousands of jobs.
So said Joseph Mason, a professor at Louisiana State University in his testimony last week before the House Subcommitte on Energy and Power.
It’s official. The U.S. federal debt has crossed another unbelievable line: $15 trillion.
The Treasury Department reported the news on Wednesday, and various sources are reporting different figures for the level of debt person and per family.
But the discrepancies between those figures are a distinction without a difference. The United States of America is drowning in debt. And it may never recover.
As the supporters of President Barack Obama have complained about tax cuts for the rich during the ongoing budget debate, one group of Americans has escaped their notice: the 45 percent of Americans who will pay no federal income tax at all for 2010.
The catastrophic news on the U.S. Government's debt keeps coming. Since Jan. 5, when The New American reported that the debt had surpassed $14 trillion, the government has added more than $150 billion in unpaid bills.
Anyone who reads a newspaper knows the United States is financially doomed. Even reportage from the usual left-wing sources confirm as much to anyone who understands math. Yet one of those sources, the Washington Post, revealed early this week just how bad the situation is.
The national debt of the United States reached a new milestone this week when it surmounted $14 trillion. You read that right: $14,000,000,000,000. That’s $45,093 per American citizen. But remember that not all citizens pay taxes, which makes the figure even worse for those who do. The share per taxpayer is $126,642.