Skip to comments.CBO -- We're on the road to (fiscal) Perdition, and ObamaCare is hitting the gas pedal
Posted on 07/16/2014 5:02:03 AM PDT by IBD editorial writer
Debt: No sooner had the White House crowed about a smaller deficit than the Congressional Budget Office reported that the country is headed toward fiscal ruin driven by excessive spending, much of it the result of ObamaCare.
Last Friday, in announcing the release of the administration's updated budget numbers, the acting White House budget director bragged that the deficit is undergoing "the most rapid sustained deficit reduction since World War II, and it continues to fall."
What he didn't say is that it fell from all-time highs produced by Obama's spending spree. Or that deficits will soon stop falling and under current policies begin a steady and unbroken climb for decades.
The CBO's long-term budget report, released on Tuesday, shows that if nothing changes, the debt held by the public will exceed the entire economy in 25 years the first time that's happened since World War II and will continue to climb from there.
The report also shows that this fiscal crisis is entirely due to the spending side of the ledger.
(Excerpt) Read more at news.investors.com ...
wait for it
the democrats will be out on the talk shows
like a pack of baying foxhounds
It’s Bush’s fault
Tax cuts for the rich
Iraq War spending
We got to close the loopholes and raise taxes on the producers of wealth
yada yada yada
Our New National Anthem:
Humpty Dumpty sat on a wall;
Humpty Dumpty had a great fall.
All the kings horses
And all the kings men
Couldn’t put Humpty Dumpty back together again.
Exactly what Obama has wanted to happen all along.
We would all be so much better off.
It will become a REAL problem at some time. The democrats will have full control by then and will be able to resolve it by new revenue enhancements. ie. Spain just imposed a new bank account tax, and it’s retroactive.
Cloward and Piven.
Obama did dump a massive amount of fuel on the fire but our deficit did not start with Obama. Its 80+ years of the Welfare State. The most conservative president of our time, Ronald Reagan, could only hold the line, and Republican presidents like Bush I and Bush II spent like drunken sailors to the point where they only look responsible in comparison to Obama. We have a system that is set up to spend and, from time to time, add a massive new entitlement. No one has been able to stop it. Revolution or collapse may be the only answer.