Political Quotes

“The article contains the following three comparisons that I found more than interesting. Four trillion dollars is equivalent to 24 percent of the U.S. GDP. That is greater than the GDP of the world's fourth largest country--Germany. Think about it. Four trillion dollars is twice the amount of all student and auto debt in this country. Yes, $4 trillion far surpasses even the amount of money the Federal Government spends in an entire year. This brings me to my next point. Many hold the misconception in this country that China is the world's largest owner of U.S. debt. That is not true. In fact, the Federal Reserve's balance sheet shows the Federal Reserve itself is by far the largest holder of U.S. Treasury bonds. With $2.2 trillion in Treasury debt, the Fed holds nearly $900 billion more than China does, if you can think in those terms. The Fed holds more in Treasury bonds than do China and most of the eurozone combined. The rate of acceleration with which the Federal Reserve is purchasing Treasuries should be alarming to all Americans. On the day of President Obama's first inauguration, the Federal Reserve held $475 billion in Treasuries. Today it holds $2.2 trillion in Treasuries. That represents a 363-percent increase in the past 5 years. It is no coincidence that President Obama has greatly accelerated our national debt over that same period of time. There is a connection. When he took office, the national debt stood at a large $10.6 trillion. That is a lot of money.…”