Obama’s tax and spending plans would bankrupt U.S. in 10 years
By James P. Gannon
If there was any doubt that President Obama’s spending and tax policies would bankrupt the United States, it was dispelled this week when the nonpartisan Congressional Budget office blew the whistle on the Obama debt bomb.
Don’t take my word for it. You can read it in The Washington Post, not generally considered a part of the Vast Right Wing Conspiracy or an arm of the Republican party. Here’s the top of the Post story published Saturday (of course it was released for Saturday editions, the traditional burying ground for news an Administration would rather not be read):
“President Obama’s proposed budget would add more than $9.7 trillion to the national debt over the next decade, congressional budget analysts said Friday. Proposed tax cuts for the middle class account for nearly a third of that shortfall.
“The 10-year outlook released by the nonpartisan Congressional Budget Office is somewhat gloomier than White House projections, which found that Obama’s budget request would produce deficits that would add about $8.5 trillion to the national debt by 2020.
“The CBO and the White House are in relative agreement about the short-term budget picture, with both predicting a deficit of about $1.5 trillion this year — a post-World War II record at 10.3 percent of the overall economy — and $1.3 trillion in 2011. But the CBO is considerably less optimistic about future years, predicting that deficits would never fall below 4 percent of the economy under Obama’s policies and would begin to grow rapidly after 2015.
“Deficits of that magnitude would force the Treasury to continue borrowing at prodigious rates, sending the national debt soaring to 90 percent of the economy by 2020, the CBO said. Interest payments on the debt would also skyrocket by $800 billion over the same period.”
Against this disastrous fiscal outlook, Obama and Democratic Congressional liberals plan to jam through Congress a $1-trillion new health-care entitlement bill, using strong-arm tactics, deception and an abuse of the reconciliation process that’s supposed to be reserved for adjusting budget issues, not making new national policy.
Obama and his allies laughably claim the bill will cut future budget deficits. Sure it will, as long as you assume Congress will courageously make $500 billion in cuts to Medicare–something it has never been willing to do–and as long as you get to count 10 years of new higher taxes on health care while counting only six years of expenditures under the new entitlement program.
We await eagerly for the White House spin on why the the CBO analysis of the Obama debt bomb really is good news.