Indiana Gov. Mitch Daniels at CPAC on 'New Red Menace'

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Indiana Gov. Mitch Daniels at CPAC on 'New Red Menace'. See more at theblaze.com

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Indiana Gov. Mitch Daniels at CPAC on 'New Red Menace'. See more at theblaze.com

Hugh Jidette: Foreign Debt

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As we borrow more money from foreign sources the more of our national sovereignty is handed over. But considering that the current administration will not protect our borders and refuses to enforce current law, how can we expect President Obama to really care about the dangers of depending on foreign countries for our financial future.

Hugh Jidette: Kissing Baby

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Kissing Babies - HD from Peterson Foundation on Vimeo.

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Unless we take action to cut spending our children, grandchildren, and great-grandchildren will be enslaved to a national debt far beyond their ability to afford. The government must stop the insane spending. We must be willing to live within our means and accept that we are being and have been lied to for years. In 2012 we must make sure that we have more people in government who are willing to make the hard decisions and return sanity to our nation. The freedom of our descendants depend on what we do now. Don't vote for child abuse, vote for a future of prosperity. The only other option is slavery.

Hugh Jidette for President Rally

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Rally - HD from Peterson Foundation on Vimeo.

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Who will be our next President? Will it matter? Will we turn our country around or continued to be ruled by Hugh Jidette? It is time for change. We must turn away from the reckless spending of the Progressive Socialist and understand that we must be the masters of our own destiny. Dependence on government will only lead us to enslavement and universal poverty. We must defeat the Huge Debt in 2012.

National Debt a Threat to National Security?

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Secretary of State Clinton issues debt warning

House Republican Leadership Weekly Press Conference

CRNC Presents "Don't Put It On Our Tab: Not Too Big To Fail"

Why Isn't President Obama Focused On Jobs?

Rep. Sam Johnson: Eliminate the Foreign Debt Threat

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How GM Paid Back Its Loans

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General Motors CEO Ed Whitacre has bragged in TV commercials and newspaper columns that GM has paid back its bailout "in full and ahead of schedule."

As with the Pontiac Aztek, an ugly exterior masks an ever darker problem: Whitacre is being fanciful to the point of deceit. GM received $50 billion in TARP funds (never mind that TARP was only supposed to cover financial institutions). About $7 billion of that came in the form of a straight-up, low-interest loan. And about $13 billion came in the form of an escrow account.

So how has GM, which lost $38 billion in 2007 even as it sold 9.4 million cars, paid back its debt? It took money from the escrow account to pay back the $6.7 billion loan.

Do you remember when you were a kid and your parents gave you $20 to buy them a Christmas present? You bought them something worth $3 and pocketed the rest? That's what GM has just done.

Oh, and do you remember when you hit your parents up for college? GM has applied for a $10 billion, low-interest loan from the government to modernize its plants so its cars will meet new federal mileage standards.

If you think all this constitutes paying back their debt in full and ahead of schedule, you might want to check out the new line of GM cars. And hope that the company's safety engineers are better at math than their CEO.

Is Washington Bankrupting America?

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According to a recent poll, 74 percent of likely voters are extremely or very concerned about the current level of government spending. And 58 percent think the level of spending is unsustainable.

Is the public right? Is Washington bankrupting America? Some facts from the video:

Spending per household has risen over 40 percent in the last 10 years and is set to do so again in the next 10 pushing debt (and interest on the debt) to unprecedented levels. But that's just a result of PAST spending...

Our government owes $106 trillion in FUTURE spending commitments - that cannot be paid for.

We can solve it, but politicians will have to make tough choices. Increasing taxes can't do the trick ($106 trillion is equivalent to taking all of the taxable income from every American nine times over), nor is it fair to saddle taxpayers with a problem created by government irresponsibility.

We need real spending reform. Merely returning to the spending per household levels of the 1990s would balance the budget in three years.

Reform can only be achieved if the public is informed and engaged. You can start by doing the following:

(1) Share this video with at least 5 friends, family and coworkers

(2) If you haven't already, sign up to be the first to receive our next videos at our website http://www.bankruptingamerica.org