$7 Tri...No wait, $9 Trillion Dollars

Friday is dump news day (Dump the news that is bad right before the weekend begins). The Whitehouse did exactly that right before our President went on vacation.

Here is the news that broke:
WASHINGTON (Reuters) - The Obama administration will raise its 10-year budget deficit projection to approximately $9 trillion from $7.108 trillion in a report next week, a senior administration official told Reuters on Friday.

This will cover the years of 2010-2019 and will take our overall debt to a potential $20 Trillion dollars. This right here is our biggest risk to this country. Our current debt is $11.7 Trillion compared to a GDP of $12 Trillion dollars. Our economy would have to grow at 5% a year for a decade and we would still only be a GDP of $19.51 Trillion. The debt would be more then our GDP.

What is growing our deficit? Social entitlement spending. Medicare, medicaid and social security is eating the budget alive. Now we are talking about adding another entitlment with more healthcare. The system is simply unsustainable at this point.

Go ahead and spend away and tax all you want, but without major government reduction, we are heading into territory that will affect all of us. The dollar right now is supposed to be stable, but it is not. China is now starting to back out of our bonds/dollar. We are supplementing that with the Federal Reserve buying up our debt in a scheme called "printing money".

Another question one must pose, how do we even pay all this current debt back while promoting fiscal growth of personal wealth? Higher taxes? Don't think so. More regulation? Don't think so.........How about we start getting back to a little individualism by getting government out of business. How about restructuring our tax code so it is not punitive but collects revenue like it was supposed too. How about less regulation and more self motivation in being responsible.

Atleast I can dream........