Sept. 4, 2012, Fairfax, VA—Americans for Limited Government President Bill Wilson today issued the following statement on the national debt increasing to more than $16 trillion:
"The national debt has now topped $16 trillion, a monument to Obama's failure to rein in the deficit. We're still borrowing over $1 trillion a year to pay for the massive explosion of government spending since he took office, growing at a pace far faster than the economy.
"All this 'stimulus' was supposed to bring the economy along with it. Instead, since Obama took office, the national debt has increased by a whopping $5.3 trillion, but the economy has only grown by $1.68 trillion. That's 3 dollars of debt for every dollar of growth. It seems the Keynesian multiplier has been turned on its head, as debt overwhelms our economy. This nation needs new leadership on the fiscal crisis that has become an economic crisis."
Americans for Limited Government is a non-partisan, nationwide network committed to advancing free market reforms, private property rights and core American liberties. For more information on ALG please call us at 703-383-0880 or visit our website at www.GetLiberty.org.