Obama's Legacy: $25 Trillion in Debt by 2022
by JOHN SEXTON
August 1, 2012
The Obama administration quietly released a new budget report Friday afternoon at a time calculated to make sure it received minimal attention. The highlights of the new report are a pair of new estimates, the first of this year's deficit and the second of projected debt 10 years from now.
As reported over the weekend, the new Obama budget document lowers growth estimates for the current year to a (still) high 2.6 percent and estimates this years' deficit at $1.2 trillion. That will bring our national debt to $16.2 trillion by the end of the fiscal year.
The more worrisome number in the new report is the estimated national debt at the end of the current 10-year budget widow. Senator Sessions, ranking member of the Senate Budget Committee posted this chart of the anticipated growth of our debt. As you can see, we'll be looking at over $25 trillion in debt by 2022:
The budget items driving this are largely Medicare, Medicaid and Social Security. Both Social Security and Medicare are currently paying out more in benefits than they take in. President Obama has on a few occasions, notably last summer during the debt-ceiling negotiations, suggested he would be open to modifying the programs but he has never put a plan on paper. In fact, even during negotiations last summer, Obama never offered any specifics about how he would reign in spending in these programs.