Our federal government has lived by the philosophy that “you can spend your way out of debt” for some time now. As working, tax paying, American’s we know this theory doesn’t work. Podcast 53 discusses the #2 issue to conservatives in the 2020 Presidental election. The Fed’s just keep borrowing more and more and increasing spending at a fevered pace.







A Brief History of our National Debt



In 2000 our National Debt was $5.6 Trillion (55% of our GDP). Today just 19 years later our national debt is $22 Trillion (107% of our GDP). So how did we get here?



Quick milestones of importance. In 2008, for the 1st time ever we crossed the $10 Trillion mark. This equated to 68% of our GDP. The excuse was given that “Obama” was cleaning up the messes left behind by George W. Bush. However, by 2012 we were far much worse off. The National Debt had reached $16 Trillion and became the tipping point reaching 100% of our GDP.



When Obama took office we were $9 trillion in debt, by the end of his presidency $21 Trillion. So where did all the money go? Under the Obama administration socialistic programs grew at a rapid rate. The American job market stalled, and the government became a dad.



Free Stuff under Obama



Do you remember the “Obama Phone” lady? Not to mention the National Affordable Health Care Act. Obamacare ran a tab of almost bankrupted our country alone.



So why is the National Debt a major concern for the conservatives? What does it really matter? Introducing the Gross Domestic Product. For those who do not know what the GDP is. The GDP is the total value of goods produced and services provided in a country during one year. In other words, our national debt has far surpassed the goods produced and the services we provide in our country.



Why not become more Socialist?



So the argument for people like AOC and Beto O’Rourke have become, just spend more. Make government bigger and forget the cost. Well in “imagination” land sure, but we live in the real world.



Americans are constantly told how Europe has it right and we have it wrong. So let’s look at how they are shaping up. Even with our National Debt, in comparison, the EU stinks.



Per capita economic output in the U.S. in 2003 was $37,600-more than 40 percent higher than the $26,600 average for EU-15 nations.



Real economic growth in the U.S. over the past 10 years (3.2 percent average annual growth) has been more than 50 percent faster than EU-15 growth during the same period (2.1 percent).



The U.S. unemployment rate is significantly lower than the EU-15 unemployment rate, and there is a stunning gap in the percentage of unemployed who have been without a job for more than 12 months-3.9 percent in the U.S. versus 41.9 percent in EU-15 nations.



Standard of Living in the European Union



Living standards in the EU are equivalent to living standards in the poorest American states. This is roughly equal to Arkansas and Montana, and only slightly ahead of West Virginia and Mississippi, the two poorest states.



So do not believe the hype. The EU is not fairing so well. A key issue blasted down our throat is Universal Healthcare. At an estimated cost of $3.6 trillion a year,