Letter: Economic picture is getting worse

Byron Maduska

Leavenworth

To the editor:

A recent CBO report says federal taxes will skyrocket 30 percent or more within the next two years, with devastating results.

Forty-four million, seven hundred thousand Americans are now using food stamps.

U.S. debt is now significantly more than the entire Eurozone and the United Kingdom combined. Our per-capita debt is far larger than any Eurozone country and has risen $12,984 per household since the so-called debt agreement last August.

More than 88,000,000 adult Americans aren't even in the labor pool.

Welfare spending has risen 41 percent since 2008.

Fifty percent of recent college grads are unemployed or seriously underemployed.

Five-hundred million dollars was recently diverted to the IRS to hire 4,000 new agents to enforce Obamacare mandates, and fines for noncompliance, on U.S. citizens.

Credible economic analysts are saying we have 20 percent real unemployment, inflation above 10 percent and climbing fast, and it could reach 15 percent by year’s end, with horrible results.

The CBO says the yearly interest payments on our debt will surpass the entire yearly Department of Defense expenditures within this decade.

We're presently borrowing 43 cents of every dollar the fed spends. Our future unfunded liabilities are now over $120 trillion, and the value (buying power) of our dollar is falling fast.

Medicare has unfunded liabilities of $38.6 trillion, or $328,404 for each American household.

The so-called "jobless recovery" has gone on longer than any U.S. economic downturn except the devastating "Great Depression" of the 1930s.

In 2010 the rate of new business startups fell to an all-time record low.

The Japanese have estimated the cost to repair their country from the devastating earthquake and tsunami will make it the most expensive natural disaster in human history. They say it will cost $309 billion to rebuild their country. By contrast, that equals much less than two months of our present debt accumulation.

Obamanomics is a huge failure. Pay no attention to the the shiny trinkets Democrats wave to distract you. We're facing economic destruction if things don't change. There are no jobs being created and only the government has grown, tremendously so. The private sector is totally stagnated.

That's the crux of the November elections in a nutshell. We either turn it around, or face economic destruction and gut-wrenching misery.