To say that President Obama has been a pretty terrible Commander-in-Chief would be an understatement. He has continued many of the Bush-era policies, he has added trillions of dollars to the national budget and he will leave the United States in worse shape than when he entered office – that is the trend of every president anyway.
But here is one last thing that President Obama will add to his resume when he exits the Oval Office: a $590 billion budget deficit in fiscal year 2016.
According to a new report from the Congressional Budget Office (CBO), a non-partisan research agency, the U.S. budget deficit will grow to $590 billion by the time Sept. 30 arrives. This is $56 billion larger than what the CBO estimated in March.
Moreover, the CBO notes that the budget deficit is projected to be $152 billion higher than last year, and will be equal to more than three percent of economic output. The budget deficit peaked at $1.4 trillion in 2009 and decreased to under $500 billion in 2014.
The CBO also stated in its report that the public debt will climb three percentage points to 77 percent of U.S. gross domestic product. The public debt hasn’t reached that level since 1950 – this was when the federal government started to pay off the debt it added because of the Second World War.
In the end, Obama will leave the White House with more debt, more deficits, more government, more war and lackluster economic growth. Just think how Hillary Clinton will amplify those accomplishments when she succeeds him.
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