Posted on 01/25/2017 4:35:56 AM PST by IBD editorial writer
Legacy: Barack Obama came into the White House in 2009 promising a "new era of responsibility." What he's left President Trump is a government careening toward fiscal ruin.That's what the latest report from the Congressional Budget Office shows.
The CBO report looks at what federal spending and revenues will look like over the next decade if the government is left on autopilot. The picture is grim.
Deficits this year are expected to be $559 billion. By 2023, the government will once again be running trillion-dollar annual deficits that will quickly climb in the following years.
Left unchanged, the national debt will worsen by an additional $10 trillion in a decade, equaling almost 90% of the economy.
And that's despite the fact that, thanks to Obama's multiple tax increases, revenues are on track to consume more than 18% of the nation's economy, which is a full percentage point above the average since 1967.
(Excerpt) Read more at investors.com ...
And I bet that Soros made the calculations to ensure it for him...
Good bet.
IRS uncollected taxes each year, federal works jobs and ridiculous salaries and pensions, medicaid, welfare, SNAP, a Freeze at 600 BILLION for the military would all go a long way.
600 BILLION is more than enough if it is not wasted, which it very much is.
Medicare and SS are the killers but I dont know what can be done about that. The suckers that paid into the ponzi scheme, (all of us) expect SS.
Gone are the days when children helped their parents. Now it’s vice versa
It seems they couldnt force the collapse of the economy on his 8 year watch but you can be sure hillarys watch would have put the nail in the coffin.
All funding allocations can be laid at the feet of the House of Representatives ... They alone allow the monies to allocated to the various other branches of our government. They are even more culpable than the ex treasonist in chief IMHO. All funding originates their so pelosi,Boehner and ESPECIALLY Ryan are the real criminals...along with those that did not force a budget .
“......you can be sure hillarys watch would have put the nail in the coffin.”......
Not to mention all the money into the Clinton’s bank account.
Yesterday, I pondered. I wondered is the prevailing preference and guiding light that led Mr. Obama for 8 years was his white genes, his black genes, his identity as a Muslim, or his leanings towards homosexual lifestyles. As his legacy now becomes in focus, and we pull away and out of the smog. It does seem he did the most FIRST... for the gay, lesbian and transgender people. Second...he made lots of allowances, gifts, and overtures to the Muslims... and placed emphasis upon whites from Vermont who wanted to protect climate change, the Keystone Pipeline, and Immigration issues. But the black people did really come up with zero in their account. I really, sadly feel for black America who for 8 years has been sucking on the hind teat. Think about this today. Ponder it. Was he ruling as a Muslim, or being Presidential as a Transgender, or was he in power as a Black. or ruling for the whites.
If you don’t cut entitlements - particularly medicaid/medicare and social security, you will never make a serious dent in the deficit.
Look at what Fed.gov spends money on - entitlements, debt service (which is only getting worse), defense, and the rest of government.
maybe we should stop funding EIC for illegals?...and their supposed multiple children?
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