May 2, 2012—SnyderTalk Editorial: If you weren’t worried about our deficit and debt problems before Monday April 18, 2011, you had better start worrying now.

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If you weren’t worried about our deficit and debt problems before Monday April 18, 2011, you had better start worrying now.

Monday April 18, 2011—a date which will live in infamy.  That’s the day that the credit rating firm Standard & Poor’s lowered the long-term outlook for United States debt to negative.  Their criteria indicated that there was a 1-in-3 chance that by 2013 they would downgrade United States Treasury bonds from the AAA level.  That’s important because lower ratings translate into higher interest rates on our almost $15 trillion and growing national debt.

Following a charade in Congress posing as a debt ceiling debate, Standard & Poor’s did downgrade United States bonds to the AA+ level.  Obviously, our political leaders weren’t paying attention or they just didn’t care.  President Obama did virtually nothing to prevent the downgrade from happening except to criticize Standard & Poor’s.  The problem isn’t Standard & Poor’s.  The problem is Barack Obama and other liberal progressive politicians who either don’t understand our economy or don’t care about the effects of their decision.  Whatever the case may be, they have taken this country to the precipice, and it’s our job to win it back.

Liberal progressive Svengalis tell us that we don’t actually owe $15 trillion since almost $5 trillion of our debt is money owed to the Social Security Trust Fund.  I’m sure that nugget of wisdom will enable our seniors to sleep well at night.   They can rest soundly knowing that their Social Security deductions all those years were used to pay for everything under the sun, and now the money they need in retirement is tied up in IOUs from the federal government.  What could be safer?  According to Standard & Poor’s, they would be better off owning French debt.

It wasn’t a coincidence that Standard & Poor’s chose to sound the alarm on Tax Day 2011 just in time for the debate about raising the debt ceiling, and it wasn’t by chance that they cut our bond rating immediately following the so-called “debate.”  They must have been as enthusiastic as I was about the “historic” $38.5 billion in spending cuts that were announced as part of the Great Budget Compromise.  As it turns out, instead of cutting spending by $38.5 billion in 2011 as we were told by President Obama, House Speaker Boehner, and Majority Leader Reid, the actual spending reduction amounted to only about $352 million in 2011.  That’s less than a rounding error given the fact that federal spending for 2011 was just under $4 trillion.

I’m encouraged that the people at Standard & Poor’s recognize budget chicanery when they see it.  I just hope the American people do, and it’s our job to educate them.

The United States doesn’t have a revenue problem.  With the exception of the Great Recession and the 2001-2002 recession, the revenue side of our income statement has shown healthy growth.  Our problem is spending.  It’s been completely out of control for more than a decade, and the Great Recession only made our spending problem worse—much worse.  At this point, our debt load has reached an alarming level, and I mean that literally.  As they say, it’s time to pay the fiddler.

The charts below show federal spending per household and total federal revenue.  Examining them should convince you that we have a spending problem—not a revenue problem.  Revenue growth has been impressive, but spending growth has outstripped revenue growth by a wide margin.  Notice that spending growth started accelerating rapidly while George Bush was president, and it took off like a rocket when Barack Obama became president.

To put our debt problem in perspective, consider this fact.  In 2010 according to the International Monetary Fund, the United States debt/GDP ratio was 92.7%.  That’s a problem because Standard & Poor’s starts to worry about a country’s ability to manage its finances when its debt/GDP ratio reaches 80%.  Unless things change, in the not too distant future, we won’t be able to see 80% in the rearview mirror.  The chart below shows the United States debt/GDP ratio from 1900 to today.

This chart shows that Presidents Bush and Obama have contributed greatly to our nation’s debt problems, but Bush is no longer president.  Obama is, and he doesn’t get it.  Even worse, he doesn’t seem to care.

How does the United States’ debt/GDP ratio compare with the debt/GDP ratios of up-and-coming economic powerhouse nations?  Take a look:

  • Brazil’s debt/GDP ratio for 2010 is 66.8%;
  • Russia’s debt/GDP ratio for 2010 is 11.1%;
  • India’s debt/GDP ratio for 2010 is 71.8%; and
  • China’s debt/GDP ratio for 2010 is 19.1%.

I’m always amused when liberal progressive pundits and politicians tell us that the solution to our deficit and debt problems is to raise taxes on the rich.  The data I’ve presented already shows how ridiculous that argument is.  Even so, feeling the pressure because of criticism Obama has received for continually suggesting that “the rich” must pay more, White House spokesman Jay Carney told the press that people who don’t pay federal income taxes do pay payroll taxes.  In other words, they aren’t getting off scot-free.  That’s the quality of analysis I’ve come to expect from the Obama team.  Every wage earner in America pays payroll taxes, including the rich if they have jobs.  As I said, the chicanery never ceases, and the Obama White House is good at obfuscation.

This is the bottom line.  It’s time for us to get serious about our deficit and debt problems because we don’t have much time left.  Either we will get our act together, or our creditors will tell us what we have to do.  Ironically, that’s what we used to do.  We were the ones telling other countries that they couldn’t keep borrowing and spending.  We were brutal as we forced nations to implement austerity measures so they could remain solvent.  Now the tables are turning, and they’re telling us.  Problem is Barack Obama isn’t listening or he has a hearing impairment.  Whatever the case may be, he doesn’t deserve to be re-elected.

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To see other SnyderTalk editorials, click here.

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Her uncleanness was in her skirts; she did not consider her future.  Therefore she has fallen astonishingly; she has no comforter.  “See, O Yahweh, my affliction, for the enemy has magnified himself!”  The adversary has stretched out his hand over all her precious things, for she has seen the nations enter her sanctuary, the ones whom You commanded that they should not enter into Your congregation.

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My people are destroyed for lack of knowledge.

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Blessings in the Book of Revelation is a book that you need to read, especially now.  There are blessings throughout the Scriptures but Revelation is the only book in the Bible actually containing a specific blessing for reading it. It’s repeated twice, once at the beginning and again at the end. This is the reason that I believe Revelation should be the first step toward studying biblical prophecy. Though not easy to do, Revelation can be broken down and understood by anyone, not just the academic elite. So, Revelation’s blessings are for everyone.  Click here to order the eBook.  Click here to order the paperback.

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