CBO: Deficits To Explode As Obama Leaves Office

Townhall.com ^ | January 26, 2015 | Conn Carroll

[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."

[11th_VA]

He’s just like the customer who orders a big meal at a restaurant, then leaves by the back door without paying.

[VideoDoctor]

What Congress? We have a one party systems spending and stealing the American taxpayer blind.

[William Tell]

Cringing Negativism Network said: "The solution is, someone needs to bring back jobs to America."

What force in the universe can be expected to bring jobs from a low standard-of-living place to one with a higher standard-of-living place?

The cost of moving jobs overseas has been paid over time by the savings realized in having them in a lower cost area.

How would one pay for moving them back?

My questions are posed in order to clarify that nothing less than a dramatic decrease in the standard-of-living here will cause jobs to move here. That's an economic reality.