The CBOs bottom line: If we go over the fiscal cliff, the second Obama administration will accumulate $1.5 trillion in deficits for 2013-2017 ($300 billion per year), for a modest deficit of less than two percent of GDP. If Obama gets his full wish list and avoids the fiscal cliff, the CBOs alternate fiscal policy projections yield a cumulated 2013-2017 budget deficit of $4.5 trillion. In this case, the second Obama administration will run annual deficits of almost a trillion dollars a year.
Watching the horror of America’s slow but relentless destruction is akin to what I imagine it would be like to watch one’s own body being slowly but inexorably devoured, feet first, by a huge snake.
If he ‘runs annual deficits of almost a trillion dollars a year’, it would actually be a significant improvement over his first four years. My guess is that we will average closer to $1.3 - 1.5 Trillion by the time he pushes for subsidies/stimulus, etc. to solve the next ‘crisis’.