Will this country awaken in time, or are we already too far down the river of no return? That is the question of our era.

President Barack Obama has set a mission to transform America to his beliefs, to hollow out the U.S. into a shell of its former greatness, like a well-grown pumpkin turned into a jack-o-lantern with a cavity inside.

This man has denounced much of the success that made America the free world’s leader, reamed it out, polarized the citizenry, decimated the military and caused too many among America’s youth to stray from those principles that made America exceptional on the world stage. Obama has seized young adults, taking advantage of their youthful inexperience and naiveté, to steer them into buying his feel-good promises that higher-taxes on the “haves”, bigger government and wealth redistribution is a better way. Obama has used his “hopey-changey” hall of mirrors and glib rhetoric about economics that don’t work, to set many unthinking voters onto a course destined to end in failure.

Obama’s duped followers have drunk the Kool-Aid and tragically cannot see the end-game’s destructive aftermath. Flocking to the Obama banner, rose-colored glasses firmly in place and seeing only what their messiah tells them to see, they plunge lemming-like toward the cliff.

But the most devastating Obama game is his economic plan, now on its way to bankrupting the country while cleverly using “free stuff” to buy the votes needed to keep him and his ilk in power.

Here’s the jolting truth about the budget time bomb that most people don’t know, because the mainstream media downplay it.

The federal government is driving the bus downhill on a dark and winding fiscal road, heading for the abyss. The bus is picking up speed, as the nation reels under an unsustainable fiscal morass:

• a national debt of $18.1 trillion;
• other interest-bearing debt loads of $38.6 trillion explicitly or implicitly guaranteed by the U.S., including the liabilities of Fannie Mae and Freddie Mac, the Federal Deposit Insurance Corporation, the Pension Benefit Guaranty Corporation, the Farm Credit System and the Federal Home Loan Banks;
• unfunded obligations that the National Center for Policy Analysis estimates total another $84 trillion for programs like Social Security, Medicare, Medicaid and existing social programs; and
• continuing annual budget deficits that hover between “only” $486 billion and $1.2 trillion. We are stealing from our young, because every child born today inherits huge debt; each person in the U.S. owes an average debt exceeding $150,000, according to The Daily Signal.

If Obama and Congress keep whistling past the graveyard, and red-ink policies aren’t changed soon to meet financial obligations, the federal government will need to raise taxes by 30 percent, says The Daily Caller. The amount of debt the feds owe is now three-quarters of the nation’s total economic output, measured by Gross Domestic Product. From 2009 to 2012, the debt climbed each year by over $1 trillion; another $680 billion and $483 billion were added in 2013 and 2014, and this year’s deficit is about $468 billion. It adds up to a profligate number that puts us on the path to a financial crisis, with horrific damage also to the private economy.

Scared yet? If not, read closely: “The long-term outlook for the federal budget has worsened dramatically over the past several years,” says the Congressional Budget Office. If you think the government has been grossly overreaching since at least 2008, the CBO says the future will be worse. The amount of the annual federal deficit will not decline in the next three years. By 2019 and beyond, the deficit again begins to increase sharply, so that total government expenditures will steadily climb, exceeding 100 percent of GDP.  Interest to be paid on our debt will double. The future path is unsustainable unless Obama proposes reforms, starting immediately. Who wants to bet that will happen?

Historians know that nations that cannot balance the national checkbook and are hit with huge magnitudes of accumulated liabilities, making full debt repayment impossible, will wither and die in the long run. The United States of Debt had better get busy.

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John R. Smith

John R. Smith is chairman of BIZPAC, the Business Political Action Committee of Palm Beach County, and owner of a financial services company. He is a frequent columnist for BizPac Review.

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