OBAMA'S PLAN FOR A DEBT-RIDDEN FUTURE

American families over the last year have lost eight percent of their net worth, and if the president has his way, they will soon be hit with more than a 100 percent increase in public debt.

• In theory, the U.S. government can always pay its debts by increasing taxes, but the problem with taxes is that increases harm the economy disproportionately and quickly reduce the economy's taxpaying capacity.
• Paying off Obama's 10-year string of deficits that add up to $9.3 trillion with income tax increases of $9.3 trillion over 10 years would cost the private sector $23 trillion to $37 trillion.
• In effect, American families would over time lose an amount greater than an entire year of gross domestic product (GDP) -- a blow far more severe than the damage being done to them by the current recession.

It is irresponsible stewardship to go on a borrowing spree; the responsible alternative is for Washington to spend less, otherwise, the next Washington-created bubble to burst may be the full faith and credit of the United States...

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