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Steele Delivers Remarks on Health Reform at National Press Club
In short, our children will be working to build productive capacity and improve standards of living, but not here in America, but for our foreign creditors.
Now, let me quantify that a bit.
In a typical year, the total profits for all American businesses amounts to 6 or 7 percent of GDP. President Obama's own budget projections acknowledge that our country's debt will exceed 100 percent of GDP in the next decade.
That means that, even assuming relatively benign interest rates, which is no safe assumption with all the inflationary policies the president has pursued, roughly 5 to 6 percent of our GDP will go to paying interest on our federal debt.
That means, in short, capital roughly equal to all the business profits in the country, capital that historically has funded the expansion of our economy and enabled us to improve our standard of living, will go instead to our creditors, largely China and OPEC, to expand their economy and improve their standard of living.
Mr. President, you're putting your party's entire big-government wish list on America's credit card, but that card comes with a bill. It is more debt our children will have to pay, because this reckless administration has an unrestrainable urge to splurge.