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.
Join FSM and stay informed. Get your daily Security Update delivered each day to your e-mail.
New York Times finds IRS office an unprepared, understaffed outpost with no direction
May 18, 2013 10:58 PM
We’re starting to expect another presidential press conference Monday morning in which Obama changes his mind about being angry about the IRS targeting conservative groups. Maybe he’ll ask acting commissioner Steven Miller to stay on and give him a bonus. And forget about abolishing the IRS — it just needs more money and attention. The […]
Racist Umbrellagate scandal overshadowed by fake Benghazi, IRS outrage
May 18, 2013 10:04 PM
Yes, it is now racist to talk about President Obama and the umbrella. In fact, let’s just add “umbrella” to the Big Book of Racial Code Words. It was bad enough when rank-and-file right wingers (like Howard Kurtz) noted the unbelievably bad optics of President Obama summoning a pair of Marines to hold umbrellas over […]
#OccupyTheFarm champions food independence, solicits donations of salad, reaps ridicule
May 18, 2013 08:23 PM
Any farmer knows that pulling weeds is just another part of a mostly thankless job, so can you blame Occupy Oakland for losing its patience when conservatives started popping up everywhere in its Twitter timeline? Who, though, could resist pointing out the irony of the people of #OccupyTheFarm asking for donations of fresh greens? Twitter […]
Sail through your next IRS application with these handy #SafeC4Names
May 18, 2013 05:39 PM
The Washington Free Beacon this week shared the story of a conservative nonprofit group that applied for tax-exempt status with the IRS only to wait nearly a year for a response. The group resubmitted its application under a more innocuous name and watched in amazement as its application sailed through the approval process in three […]
Sen. Ted Cruz leads call to abolish IRS in wake of targeting scandal
May 18, 2013 05:03 PM
When President Obama assured the nation he'd make sure nothing like the current IRS scandal would ever happen again, we're pretty sure he didn't have abolishing the IRS in mind.
FSM Archives
blog comments powered by Disqus