Corrupt Government
See other Corrupt Government Articles
Title: Obama on national deficit: I didn’t build that
Source:
Personal Liberty
URL Source: [None]
Published: Aug 25, 2016
Author: Sam Rolley
Post Date: 2016-08-26 12:07:50 by HomerBohn
Keywords: None
Views: 976
Comments: 2
President Barack Obama’s White House is taking a lame-duck approach to dealing with the nation’s spiraling budget deficit, telling reporters this week that it’s the next administration’s problem. The Congressional Budget Office on Tuesday increased its projection for the national budget deficit in 2016 to $590 billion— that’s $56 billion more than it predicted in March. The nation’s money-watchers blamed the lagging economy’s impact on corporate tax revenues coupled with increases in mandatory government spending for the projected deficit increase. From the CBO: The deficit is growing in 2016 because revenues are up only slightly, by less than 1 percent ($26 billion), whereas outlays are projected to rise by 5 percent ($178 billion). As a share of GDP, total revenues are expected to fall from 18.2 percent to 17.8 percent. In contrast, outlays are projected to rise to 21.1 percent of GDP, up from 20.7 percent last year. That increase is the result of the following: a 6 percent rise, in nominal terms, in mandatory spending for programs such as Social Security and Medicare (which is generally governed by statutory criteria); a 1 percent increase in discretionary outlays (which stem from annual appropriations); and an 11 percent jump in net interest outlays. Debt held by the public will amount to nearly 77 percent of GDP by the end of 2016, CBO estimates—3 percentage points higher than last year and its highest ratio since 1950. The trend is expected to continue and intensify over the next decade. And, yes, you read that right. As a result of the uncontrolled spending, the amount of federal debt held by the public will creep toward highs not seen since the period following the nation’s massive wartime spending in the 1940s. The CBO warns of the following serious consequences if federal officials don’t quickly get the deficit under control: •Federal spending on interest payments would increase substantially as a result of increases in interest rates, such as those projected to occur over the next few years. •Because federal borrowing reduces total saving in the economy, the nation’s capital stock would ultimately be smaller, and productivity and total wages would be lower. •Lawmakers would have less flexibility to use tax and spending policies to respond to unexpected challenges. •The likelihood of a fiscal crisis in the United States would increase. There would be a greater risk that investors would become unwilling to finance the government’s borrowing needs unless they were compensated with very high interest rates; if that happened, interest rates on federal debt would rise suddenly and sharply. The national debt has nearly doubled throughout Obama’s presidency, rising from $10.6 trillion to $20 trillion. But the Obama White House is fond of pointing to deficit decreases under the current administration to draw attention away from the harsh reality of the debt hike and lack of any clear plan for government spending cuts. As for the debt, the Obama administration blames Republican tax cuts and elderly people. “That’s [an] indication that we had things moving in the right direction, but it’s clear that as the population of the United States ages that there are additional steps that we’re going to need to take,” White house press secretary Josh Earnest told reporters. And by “we,” he means the sucker who inherits the rising deficit and runaway debt. “There’s certainly a lot money that can be saved, and this will be a challenge that the next president and the next Congress will have to do,” Earnest said. Of course, the White House’s nonchalant attitude concerning the fiscal cliff we’re about to tumble over shouldn’t come as a surprise if you’ve been following along for the past few years. As bad as the CBO numbers look, they’re sugarcoated. CBO officials have to use government accounting to come up with their projections. But in the real world– like in the accounting departments of all major corporations– the bean counters use Generally Accepted Accounting Principles (GAAP). Using GAAP, which is based on the “accrual” method of accounting, all unfunded government obligations must be treated as expenses. Adding that into the equation brings the real national debt and deficit numbers to more than double the government’s official figures. Obama’s kicking the can, just like every modern president before him. Why? Because the spenders in Congress and the White House created a monster they can’t control. Wondering how this story ends? Let’s just say it isn’t pretty. Poster Comment: Obama has told hard working Americans "You didn't build that" and all the while he had his hand in our pockets in an effort to Share our profits! Then he blames everything he has screwed up on everyone, anyone besides himself...."Obama, You Own This"!!! This fraud has spent the money that the IRS mugs us each year for to waste on extravagant living and magnificent vacations. He has lived, as the Muslims hate to hear, high on the hog. Hillary is the very one to lift America out of the economic miasma and mire! It was, after all, she who with a modest investment morphed it into over $100 thousand! She is truly an economic genius! Not only that, but la Hillary has very extensive experience as the secretary of state in dealing with foreign affairs and, of course, intrigue. She will hit a magical 'reset' button and everything will come up roses. Or, then again, it might not. If there was ever a time in our history where a non-politician was desperately needed it is now. America is closely following the example of Detroit, Michigan. Keep electing leftist loony Democrats or liberal Republicrats and see how far that gets you 
Post Comment Private Reply Ignore Thread
Top • Page Up • Full Thread • Page Down • Bottom/Latest
#1. To: HomerBohn (#0)
Winston Churchill, February 8, 1920, Bolshevism is a "worldwide conspiracy for the overthrow of civilization on the basis of arrested development, Needless to say, the most intense passions of revenge have been excited in the breasts of the Russian people. http://www.ihr.org/jhr/v14/v14... If you ... don't use exclamation points --- you should't be typeing ! Commas - semicolons - question marks are for girlie boys !
Sadly, all the GOPe asshats in Congress share a lot of the blame, since they gave him the money to spend. Hang him, and all of them.
Si vis pacem, para bellum Those who beat their swords into plowshares will plow for those who don't Rebellion to tyrants is obedience to God. if you look around, we have gone so far down the the rat hole, the almighty is going to have to apologize to Sodom and Gomorrah, if we don't have a judgement come down on us. President Obama is the greatest hoax ever perpetrated on the American people. --Clint Eastwood "I am concerned for the security of our great nation; not so much because of any threat from without, but because of the insidious forces working from within." -- General Douglas MacArthur
...."Obama, You Own This"!!!
the reconstitution of society
envious malevolence,
impossible equality."
#2. To: HomerBohn (#0)
Top • Page Up • Full Thread • Page Down • Bottom/Latest
[Home] [Headlines] [Latest Articles] [Latest Comments] [Post] [Mail] [Sign-in] [Setup] [Help] [Register]