The Congressional Budget Office
(CBO) released their annual Long-Term
Budget Outlook today, and the updated
projections-which include the effects of
Obamacare-paint a grim picture.
If Obamacare
really did bend the cost curve down,
CBO shows little evidence of it in this report.
In fact,
CBO openly admits
that "projections understate
the severity of the long-term
budget problem because they
do not incorporate the significant
negative effects that accumulating
substantial amounts of additional
federal debt would have
on the economy."
Debt held by the public
will reach 62 percent of
Gross Domestic Product
(GDP) by the end of this year -
this is the highest percentage since 1951.
Under current law,
federal spending on
major mandatory health
care programs will grow
from approximately 5 percent of
GDP today to about 10 percent
in 2035, which includes ALL effects
of the Obamacare legislation.
Under current policy,
debt held by the public
reaches 87 percent of GDP by 2020.
Afterward CBO says,
"the growing imbalance
between revenues and noninterest
spending, combined with spiraling
interest payments, would swiftly push
debt to unsustainable levels," reaching
185 percent in 2035
http://blog.heritage.org/2010/06/30/cbo-reveals-magnitude-of-reform-needed-for-sustainable-fiscal-future/
Why Obamanomics Has Failed :
Uncertainty about future taxes
and regulations is enemy No. 1
of economic growth.
The administration's
stimulus program has failed.
Growth is slow
and unemployment remains high.
The president,
his friends and advisers talk endlessly
about the circumstances they inherited
as a way of avoiding responsibility for
the 18 months for which they are responsible.
But they want new stimulus measures-
which is convincing evidence that they too
recognize that the earlier measures failed.
And so the U.S.
was odd-man out at the G-20 meeting
continuing to call for more government
spending in the face of European resistance.
Two overarching reasons
explain the failure of Obamanomics.
First,
administration economists
and their outside supporters
neglected the longer-term costs
and consequences of their actions.
Second, the administration
and Congress have through
their deeds and words heightened
uncertainty about the economic future.
High uncertainty
is the enemy of investment and growth
http://blog.heritage.org/2010/06/30/why-obamanomics-has-failed-annotated/
The Commie Saboteurs Cloakroom
http://blog.heritage.org/tag/cloakroom/
The Commie Coups Against
Domestic Free Enterprise
http://blog.heritage.org/category/enterprise-and-free-markets/
The Communist Hell Care Coup
http://blog.heritage.org/category/health-care/
The Commie Energy and Environment Coup
http://blog.heritage.org/category/energy-and-environment/
Opposing The Commie
Coup Against The U.S.A.
http://blog.heritage.org/
Exposing The Enemies
Of Domestic Free Enterprise
http://thefreeenterpriser.blogspot.com/
Expose Oppose Protest Resist Defy & Defeat :
The Anti Constitutional
Anti Republic Anti Capitalistic
Unconstitutional Treasonous Criminal
Satanic Commie Fascist Open Borders, NAFTA,
NAU, Illegal Aliens, Tresspassers, Censorship,
AIG, TARP, Shariah, Hell Care, Homo,
Smart Grid Whores & Satanic Globalist
Commie Liberal Progressive Stateist
Corporate Unionist Ponzi Schemes,
Lies, Liars, Frauds, Saboteurs
& Their Jesuit Masters
