Can we, who man the ship of state, deny it is somewhat out of control? Our national debt is approaching $1 trillion. A few weeks ago I called such a figure, a trillion dollars, incomprehensible, and I've been trying ever since to think of a way to illustrate how big a trillion really is. And the best I could come up with is that if you had a stack of thousand-dollar bills in your hand only 4 inches high, you'd be a millionaire. A trillion dollars would be a stack of thousand-dollar bills 67 miles high. The interest on the public debt this year we know will be over $90 billion, and unless we change the proposed spending for the fiscal year beginning October 1st, we'll add another almost $80 billion to the debt.
Adding to our troubles is a mass of regulations imposed on the shopkeeper, the farmer, the craftsman, professionals, and major industry that is estimated to add $100 billion to the price of the things we buy, and it reduces our ability to produce. The rate of increase in American productivity, once one of the highest in the world, is among the lowest of all major industrial nations. Indeed, it has actually declined in the last 3 years.
Now, I've painted a pretty grim picture, but I think I've painted it accurately. It is within our power to change this picture, and we can act with hope. There's nothing wrong with our internal strengths. There has been no breakdown of the human, technological, and natural resources upon which the economy is built.
Based on this confidence in a system which has never failed us, but which we have failed through a lack of confidence and sometimes through a belief that we could fine-tune the economy and get it tuned to our liking, I am proposing a comprehensive four-point program. Now, let me outline in detail some of the principal parts of this program. You'll each be provided with a completely detailed copy of the entire program.
This plan is aimed at reducing the growth in government spending and taxing, reforming and eliminating regulations which are unnecessary and unproductive or counterproductive, and encouraging a consistent monetary policy aimed at maintaining the value of the currency. If enacted in full, this program can help America create 13 million new jobs, nearly 3 million more than we would have without these measures. It will also help us to gain control of inflation.
Out of that partial explanation of USA's troubles in 1981 is the power of the individual, not the collective or State. Now, today, our unemployment is 5.8% with nearly 8,924,000 unemployed, our inflation is around 3.25% and President Obama is still prophesying DOOM & GLOOM even after the MASSIVE STATE INTERVENTION has become law:
"Our housing crisis was born of eroding home values, but also of the erosion of our common values. It was brought about by big banks that traded in risky mortgages in return for profits that were literally too good to be true; by lenders who knowingly took advantage of home buyers; by home buyers who knowingly borrowed too much from lenders; by speculators who gambled on rising prices; and by leaders in our nation's capital who failed to act amidst a deepening crisis.
"So solving this crisis will require more than resources -- it will require all of us to take responsibility. Government must take responsibility for setting rules of the road that are fair and fairly enforced. Banks and lenders must be held accountable for ending the practices that got us into this crisis in the first place. Individuals must take responsibility for their own actions. And all of us must learn to live within our means again.
"These are the values that have defined this nation. These are values that have given substance to our faith in the American Dream. And these are the values that we must restore now at this defining moment.
"It will not be easy. But if we move forward with purpose and resolve -- with a deepened appreciation for how fundamental the American Dream is and how fragile it can be when we fail in our collective responsibilities -- then I am confident we will overcome this crisis and once again secure that dream for ourselves and for generations to come."
Mr. Obama's tone focuses more on the State, the government, and the collective, why should the government step-in, when an individual does not manage his money in the right way? Sometimes an individual learns from Bankruptcy, i.e. Walt Disney, Abraham Lincoln, sometimes the best course of action is to lose your home and start again, learning from your mistakes. Individual Resilience and self-reliance, individual responsibility is all lacking from Obama's initiative, unlike Reagan, the real deal, who provided us with the road map to the greatest economic expansion in the USA: