...Projections of the nation's impending doom have worsened: We face destruction if we don't act, and the crisis is accelerating.
Last year, the CBO predicted our national debt would be 91 percent of gross domestic product in 2021. Now, just a year later, it is projected to be 101 percent in 2021.
It gets worse. The debt is forecasted to be 150 percent of GDP by 2030 and 200 percent by 2037. And, if you can even imagine this, it will proliferate more rapidly thereafter. On our present course, by 2035, federal interest payments will be 9 percent of our entire economy, compared with 1 percent today.
Adding insult to injury, Obamacare, which Obama fraudulently sold as an indispensable component of balancing the budget, will greatly drive up health care costs. The CBO says that mandatory federal spending on health care will increase by 86 percent, from 5.6 percent of GDP presently to 10.4 percent over the next 24 years. Don't say we didn't warn you... Adding aggravation to insult is the recently discovered "glitch" in Obamacare that allows for more than 3 million middle-class Americans to qualify for Medicaid...
What Limbaugh alludes to is a devastating problem: the estimates of Medicare collapsing in only a dozen years and Social Security imploding shortly thereafter assumes rosy growth and hiring projections that can't possibly happen in the current economic climate. In short, these disastrous entitlement programs will collapse much sooner than anyone is willing to admit.
Consider the current situation:
• Real US GDP has risen 0.8% over the 13 quarters since the current recession began, compared to an average increase of 9.9% in past recoveries.
• Obama’s trillion dollar stimulus failed.
• The unemployment rate is still above a 9%.
• Obama is the worst jobs president since the Great Depression overseeing the worst housing downturn since the Great Depression and the worst slide in home prices since the Great Depression.
And, just to make it official: "The Obama recovery is the worst ever since the Great Depression".
President Obama took what should have been a normal, run-of-the-mill recession and turned it into a full-blown depression.
By the time his first term ends, Obama will have nearly doubled the U.S. national debt. And just think: he spent it on a series of utterly failed programs like the "Stimulus", HAMP, Cash-for-Clunkers, Weatherization, Green Jobs Initiatives, Obamacare, "Banking Reform", drilling moratoriums, First-Time Home-Buyer Tax Credits, auto company takeovers and QE2, to name but a few.
These are the disastrous policy failures that our children and grandchildren will have to pay for, in the unlikely event our financial system hasn't already collapsed. This is Democrat child abuse, plain and simple.
Remember in 2012.
The minimum wage was raised effective 07/24/2009. The chart reflects this.
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