When President Obama took office in 2009, the United States national debt stood at around $10 trillion. Fast forward six years later and the national debt now sits at more than $18 trillion, despite claiming that adding so much debt is “unpatriotic.”
The president only has two years left in the White House, but he still has plenty of time to inflict more damage upon the country. According to a new report from the Congressional Budget Office (CBO) released Monday, the national debt will reach $19.1 trillion by the time Obama leaves the Oval Office.
In other words, President Obama will have nearly doubled the debt from his 43 predecessors.
Right now, the debt per taxpayer is more than $154,000. Debt-to-GDP is between 80 and 102 percent.
Moving on…
Until the year 2018, the budget deficit will continue to remain between $500 and $600 billion per year, which represents roughly 2.5 percent of the gross domestic product. For the years following 2018, the budget deficit will inch higher to three percent of the GDP. Once the U.S. hits 2025, the deficit will be four percent of the GDP.
The accumulative annual budget deficits will prompt the national debt to surpass $27 trillion by the year 2025, that is if there aren’t any changed to the federal law.
However, the CBO’s report is based on amiable economic conditions and omits any possible recession or financial downturn. An example of this is found in the report which shows the CBO predicting 2.9 percent economic growth in 2015 and 2016 and then another 2.5 percent in 2017. Between 2018 and 2025, the CBO estimates growth of 2.1 percent.
Also, the estimates are based upon CBO predictions of rising tax revenue. Last year, the federal government took 3.02 trillion from the American people and that number is projected to soar to $3.72 trillion in three years.
When it comes to spending, the CBO believes the U.S. will be doling out $6.1 trillion annually in 2025, or another $2.6 trillion more than it did last year.
Besides the founding presidents, the only two presidents to actually reduce the national debt during their tenures (via About.com) were Presidents Warren G. Harding (subtracted $2 billion) and Calvin Coolidge (subtracted $5 billion) in the early 1920s.
The report doesn’t cite the astronomical $120 trillion in unfunded liabilities and expenditures the country faces, which, if included in the numbers, would have the national debt stand at more than an unprecedented $100 trillion.
The welfare crowd has to keep getting their $1 Trillion a year in means tested income transfer programs. The debt keeps going up about $1 Trillion a year. Gee – I wonder if there is a connection?