Obama Debt: $20,000,000,000,000 by 2020!
By John W. Lillpop
As reported, in part, by spectator.org (1), Barack Obama’s reckless budget plans will cause the US debt to swell to $20,000,000,000,000 by year 2020.
Twenty trillion dollars!
Excerpts from the report:
“The Congressional Budget Office has released its assessment of President Obama's budget, and the results aren't pretty. According the analysis, deficits in the next decade will be worse than what the White House has projected, much higher than they would be if we were to follow current law, and even higher than what CBO had forecast last year.
“Between 2011 and 2020, the nation will accumulate $9.8 trillion in deficits as a under the Obama budget, according to the CBO, ending the decade with $20.3 trillion in public debt, which translates into a staggering 90 percent of gross domestic product (compared with the 53 percent Obama "inherited" in 2009).
By contrast, in its own budget release, the White House Office of Management and Budget had projected debt at 18.6 trillion in 2020 (or about $1.7 trillion less than the CBO).
“Obama's budget would also add more to the debt when it is viewed relative to the CBO baseline scenario that assumes current law is followed, as demonstrated by the area chart below. The blue area represents the additional debt created by Obama's budget -- while it may not look huge, the difference reaches about $5 trillion relative to the CBO baseline scenario (or added debt of 23 percent of GDP) by 2020.”
Is living in a fascist nanny state run by incompetent Marxists really worth $20 trillion dollars?
Of course not.
All the more reason why patriotic Americans people must reverse the mistakes of the 2008 election by taking the United States Congress out of the hands of Democrat politicians!
Posted by John W Lillpop at 10:10 PM