CBO: Obama/Congress Budget Deficits Drastically Higher Than 'Anticipated'

by the Left Coast Rebel

I usually don't post such a large graphic here at the Left Coast Rebel but I believe this one needs to be seen (as large as possible) to be believed. Just look at the steadily increasing debt, sloping up to ten years from now. The insurmountable debt that Obama and Congress is pushing will bankrupt this nation, a government that pisses away future generation's prosperity without even batting an eye.

It is simply inconceivable and unconscionable. What would the Founders do with our Leviathan that will never be satiated? Cato has shown that this level of spending (not to mention trillions in new entitlement spending via Obamacare) will annihilate this country's economy. Consider the mounting debt levels financed at higher interest rates than we currently have right now. We are simply ruled by robber-barron-looters intent on breaking this nation.

Clifton writes at Another Black Conservative:

It does not take a rocket scientist to figure out that these numbers will not lead to a happy ending. It also does not take a rocket scientist to understand that we simply cannot afford a new $1 trillion health care entitlement [deficit neutral my behind].

The only way to bring this debt under control is to remove the spend thrifts and elect politician with the cajones to start cutting everything, and I do mean everything.

The Lonely Conservative weighs in:

Speaking of the CBO, they figure Obama’s deficits will be higher than he told us. What a shock! I’m not sure if they’re counting on tax hikes causing a decrease in revenue. Probably not. So it will probably be even worse than they predict.

Moonbattery:

Leftists will claim that the deficit monster can be tamed by a massive tax increase. In other words, an additional trillion dollars a year can be hoovered out of the private sector and wasted by government.

Imagine the economic impact of a trillion dollars disappearing from the economy every year from now on. A trillion dollars used to feed the Government instead of being invested or spent by consumers to promote economic activity.

There's a better way. Freeze Government spending at FY2007 levels. (FY2007 being the last budget under a Republican congress and president.) Make Government allocate resources within that ceiling. By my calculations, the $10 Billion in debt over ten years would be reduced to a manageable $500 Billion... and that doesn't take into account the economic growth that would result from a restrained Federal Leviathan.

Daily Caller:

The United States in 2020 will owe to creditors almost as much as it produces as an economy, and interest on the national debt will grow to almost $1 trillion, according to an analysis of President Obama’s budget released Friday afternoon by the Congressional Budget Office.

Bungalow Bill:

There will be a huge cost to the American people if Barack Obama leads the United States down this path. Not only are they talking about a confiscatory tax on our 401 K accounts to fund this increasing debt as more countries back out of funding American debt, they also look at paying $800 billion in annual interest payments on this debt. Once we get to that point, you might as well kiss the American dream good bye. Something will break, and it will be all you have worked hard for first followed by the inevitable.

Rational Nation USA:

First, let me make it perfectly clear that the big government, liberal spending, so called conservative GWB must share a portion of the blame for our countries dismal and alarming fiscal mess. Lets be honest with ourselves, he started the deficit spending ball rolling and rolled it right into the lap of President Obama.

I am not now, nor have I ever been a fan of William Jefferson Clinton. However we should remember that he left ofice with a budget surplus. One can argue the merits, or lack thereof, as to how he got us there. The bottom line is he did.

Here's the catch however, at least in my independent conservative mind, real spending cuts must precede any tax increase. As I said above all budgetary items must be placed on the cutting table. That includes military spending and social welfare programs. This is the only road to restoring financial solvency to America and this is the only true bipartisanship path.

We can either make the tough decisions together that will strengthen our nation in the future. Or we can refuse to take the difficult and pass the problem on to the next and future generations. The choice rests with us as it always has. We have taken the easy way for too long. It is now time to do what reason demands of us. All of us, both the conservative and the progressive.

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