More “Chains you can believe in”
Last week we told you about the drastic increase in individual tax receipts included in President Obama’s proposed budget. This week we dug a little deeper and found more interesting numbers the President isn’t mentioning in his rhetoric.
The following charts relate data from the White House Office of Management and Budget’s Summary Tables for Obama’s proposed budget.
Last month, Democrats in the US Senate voted to raise the national debt limit to $14.3 TRILLION–a 15% increase over the current $12.4 TRILLION. But the following two charts show President Obama plans on many more such increases over the next 10 years. In fact, his budget anticipates the national debt will grow to almost $25 TRILLION by the year 2020. Even worse, his plans include taking on more debt than the total output of the economy by 2013! The debt to GDP ratio stood at 83% last year, but the economic genius residing in the White House intends to take it to 105% by the end of the next decade!
It’s also obvious from the preceding charts that President Obama’s talk of cutting the deficit is nothing more than hollow rhetoric. President Bush’s last deficit was around $450 billion. Obama is projecting the smallest deficit over the next 10 years to be more than $700 billion. And his budget predicts a return to TRILLION DOLLAR DEFICITS by 2020!
What’s worse, his projections depend on drastic increases in taxes and extremely optimistic growth in GDP. So the actual numbers are very likely to be worse than he’s predicting.
Another great graphic that points out just how dishonest the President’s rhetoric is comes via The Heritage Foundation. They’ve put together the following chart that shows the difference in OMB’s projections and the Congressional Budget Office’s baseline. The most interesting thing about this comparison is the fact the CBO’s baseline projections are based on current policies and laws, while the President’s projections take into effect his proposed changes in those policies and laws.
In other words, if Obama would leave things as they are, we could expect the CBO’s numbers to be right. But the chart below shows his proposed changes will actually INCREASE the deficit in every one of the next 10 years!
For the President to attempt to sell his budget as one that cuts the deficit is nothing less than outright deceit! The yoke of debt each and every one of us is burdened with becomes heavier with every word Obama reads off his teleprompter.
The National Debt Clock estimates every man, woman and child in the US currently shoulders a share of the National Debt equal to $40,128.80. Assuming the Debt Clock’s estimate of the current US population is accurate, and an annual population growth rate of 3% over the next 10 years, each citizen’s share of the National Debt will grow to $64,182.19 under Obamanomics by 2020.
Obama promised “Hope & Change” on the campaign trail. But his changes are destroying hope and binding us with chains of debt!