My take - The National Debt is the only real crisis. The White House and The Congress will take advantage of it too when the time comes. Higher taxes and a lower standard of living for years to come. Those who can move their wealth out of the country will do so, what's left will be spread around through higher taxes, inflation, more people relying on existing entitlement programs and new entitlement programs like forced health care that if passed will end the representative republic our Founding Fathers gave us. At a time in our history (2009) when we needed a Calvin Coolidge we got a FDR.
As bad as the numbers look above, I'm sure they are much worse.
This From The Heritage Foundation
President Obama is responsible for raising the debt to unprecedented levels. Capretta explains, “From 1789 through 2008, the U.S. government borrowed a total of $5.8 trillion. In 2009, the federal budget deficit exceeded $1.4 trillion. The administration now expects the 2010 deficit to break that record, topping $1.6 trillion. And in 2011, it would only fall to about $1.3 trillion. Thus, in just three years, the debt will have jumped an astonishing $4.2 trillion.”
This From whitehouse.gov
The political genius of President Coolidge, Walter Lippmann pointed out in 1926, was his talent for effectively doing nothing: "This active inactivity suits the mood and certain of the needs of the country admirably. It suits all the business interests which want to be let alone.... And it suits all those who have become convinced that government in this country has become dangerously complicated and top-heavy...."
Good Bad news - Newly elected Republican Chris Christie declares fiscal 'state of emergency,' paving way for N.J. spending cuts. Here