Its another term for President Obama!

During the campaign, we hear so much about raising taxes, tax breaks and redistribution of taxes but what effect does that have? The US debt deficit in 2012 alone is already over 1.1 trillion dollars ($1,100,000,000,000!). If Obama were able to get every tax increase he called for during his campaign, he would only generate an additional $82 billion in tax revenue per year.

If increasing taxes barely makes a dent, and no signs of slowing in government spending, there is not much anyone can do to help, even when you’re the president.

With the total US debt well over $16 trillion, it has been accepted to be mathematically impossible to pay it off. When printing more money or reducing spending can no longer work the only thing the US can do is continue to borrow. With countries like China and Japan owning much of the debt, it will be interestingly scary to see what will happen if/ when the US defaults.

Hopefully it will not be our generation that has to bear the whole burden. Fingers crossed.

source: http://online.wsj.com/article/SB10001424127887323894704578109152933575788.html