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Deficit spending a troubling trend, end not in sight

August 3, 2012
The Mining Journal

Another $1.2 trillion will be added to the national debt by the end of the current federal fiscal year, President Barack Obama's administration conceded last week. That will mark the fourth consecutive year of trillion-dollar-plus federal deficits - all on Obama's watch.

Worse, however, is the fact that much of the deficit, including more than $1 trillion in "stimulus" and "bailout" spending, was directly at the president's urging.

What is especially striking about the national debt, soon to top $16 trillion, is that it stood at only about $10 trillion before Obama took office. During his tenure - and again, in large measure because of his actions - the nation has added $6 trillion to our debt.

The share of the debt for every man, woman and child in the United States has topped $50,000.

If Obama remains in office, the debt is expected to top $20 trillion during his next four years in the White House.

And given the precarious state of the nation's finances, it's a troubling trend.



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