Posted on 01/26/2015 2:40:13 PM PST by jazusamo
Federal deficits may have been falling since the end of the recent recession, but thanks to spending increases in major health care programs, including Obamacare, deficits are set to explode in 2017, according to a new report by the Congressional Budget Office.
Thanks to the recent recession and President Obama's trillion dollar stimulus, the federal budget deficit reached an all time $1.4 trillion high in 2009. Then, as the economy slowly improved and Obama's stimulus trickled to end, the deficit began to fall. According to the CBO, the deficit will continue to fall to $467 billion in 2016.
Immediately after Obama leaves office, however, deficits are expected to rise steadily thanks mostly to growth in mandatory health care spending programs like Obamacare. By 2025 the CBO estimates that our nation's federal deficits will again top $1 trillion a year. For comparison's sake the highest deficit ever under President Bush was $458 billion.
According to the CBO, in 2017 the federal government will be spending $384 billion a year on Medicaid, almost double what it spent before Obama became president. Spending on Obamacare's insurance exchanges is also set to rise from $15 billion in 2014 to $93 billion in 2017.
Despite this deficit time bomb, Obama only wants to spend more. Asked whether Obama's 2015 budget would hike spending over current levels, White House Press Secretary Josh Earnest told reporters earlier this month: "The President has been pretty clear about the fact over the last two weeks that now is exactly the right time for us start making some policy decisions that will invest in middle class families."
0bama’s fault.
His legacy.
Chickens coming’ home to roost..
How kindly will history treat Obama?
The sad truth awaits us all.
According to the CBO the deficit will fall to close to a half trillion dollars in 2016. A trillion here, a trillion there, pretty soon you’re talking real money.
Of course! But if by any miracle we vote in a republican president, he/she will get all the blame.
A ‘poison pill’ for the next administration. If it’s an (R), they will get all the blame................
Too bad we do not have a political system where the Congress and the the President does the spending.
Yep, we desperately need a conservative in the WH with the backing of Congress to slash these programs.
Too bad we do not have a political system where the Congress and not the President does the spending.
There’s a real shock...NOT!
The damn jackass planned it that way!...The BIG MIDDLE finger to America!
if there is no growth, there is no deficit
No doubt about it.
In 2017, repeal Obamacare (Medicare expansion) and increase the age for SS entitlement to 70, phased-in over three years. Work till you’re 70, it’s what 60 was, back in the day.
Work till you’re 70, it’s what 60 was, back in the day.
I hate the idea. I want the boomers out of the work force so that we get our chance. It is bad enough they are lingering longer then they originally wanted to. I don’t have a problem with boomers....both parents are boomers but it is time for the Generation X’ers to take over. Boomers have been running things for four decades now. Time to relax and retire.
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