The Truth? So You Want The Truth?
Make A Right Turn Here
Facts seem to evade people at times or maybe it is that some people want to evade the facts. What I find disconcerting at times is when a commenter comes on a Hub and immediately either goes on the attack because facts seem to offend their delicate sensibilities or they are in extreme denial that they were duped into something that goes against the imaginary facts that spin around in their heads. That’s a form of cognitive dissonance that should be examined by the person that is afflicted by this disorder.
I rely on facts to write and do research in pursuit of the facts and truth. Lets get down to business here and discuss the latest report issued by the Congressional Budget Office (CBO) concerning the state of the economy and the the future of the national debt under Obama’s economic policies. The recklessness of this administration with the tax payer’s money that we have witnessed since his inauguration should be apparent to anyone. The report doesn't paint a pretty picture.
A Known Failed Policy/Theory
According to the forecast the national debt will increase to $21.665 trillion in the next ten (10) years if the course of the ship of state isn't altered to do what is necessary to curtail this type of economic disaster. It is an uncomfortable truth but remains the truth. We are having extreme difficulties sustaining what has been added in just three short years. Think about the implications and ramifications of this to your heirs and stop thinking about just yourself for a while.
As reality sets in, let us look at some of the details that were contained in this report issued the day before yesterday. Under current administration policies who is impacted and by how much? The debt held by the public will increase by 50% between 2011 and 2022. And the debt held within the government itself will increase by 40%. That is debt contained within the “trust funds” held by the government in various forms of entitlement programs. That does not including unfunded liabilities. The link is the current National Debt Clock.
The Easier To Watch Version. Let the FACTS sink in.
- U.S. National Debt Clock : Real Time
US National Debt Clock - Real Time U.S. National Debt Clock
Think outside the box for a minute. The debt at the end of 2011 was $14.8 trillion. That debt, under Obama’s policies, will climb every year between now and 2022. If Obama is reelected and continues his economic destruction we are facing a debt increase of 47% between now and 2022. Who is going to pay for that? Explain it to me if you have the answer. I guess you can shrug your shoulders and say, “That’s not my problem” but it is and the problem of our future generations.
So how did the CBO make their projections? They used a baseline where assumptions are made. First they assume that all current laws go into effect. They factor in the large tax increases that will occur when the Bush tax cuts expire in 2013. That baseline takes into account the current government spending projected out ten years. That just isn’t sustainable no matter what you, I or Obama think. Spending has to be cut and cut drastically in order to insure this nation’s economic survival. I'm not talking about the accounting gimmicks we've seen so far but actual spending cuts.
Another part of the CBO report sheds even more light onto the subject. It pertains to the growth of our economy for the next two years. The federal government doesn’t grow the economy as some would have us believe. It sucks the life out of it. The Gross Domestic Product of the nation came in at an anemic 1.7% last year. That’s pitiful. The CBO projects that growth to be 2.2% this year and 1% the year after.
Obama, in his last budget proposal which never went anywhere, projected economic growth of 5% as of right now. As you can see, that is not happening nor will it if the government spending continues on its present course. Obama projected that same 5% growth well into the future as he smoke and mirrored his numbers. It isn’t happening. Will he reverse course? Ideologues never do. It isn’t coincidental that the full implementation of Obamacare coincides with the 1% projection. So is a 1% growth rate considered a recession? Is a 1.7% rate a recession? How about a 2.2% growth figure? When the growth rate hit 3.5% during the Bush administration it was called a recession. So what are we in now? According to Obama the recession is over. Oh really?
Have A Warm Fuzzy Yet About This?
Taxes are next. The CBO projects that during the next two years taxes, scheduled taxes and income taxes, will rise by 30%. You ready to handle that load on top of the load you already have? They have factored that into the projection to arrive at the 2.2 and 1% growth rate.
The government needs to stop trying to stimulate the private sector. It doesn’t work that way and will never work that way. You don’t stimulate an economy by raising taxes first of all. Look at it this way. Just where do you think the government gets the money to try to stimulate the economy besides printing it? Easy answer - by taking it out of the private sector which leaves the private sector at a loss to have the money available to stimulate itself. That is completely circular thinking. If you are going to take the money out of the private sector to stimulate the private sector just where did that money come from in the first place? All you’re achieving is more government interference in the marketplace..
What The Plan?
Do we really want, much less need, more of this economic nonsense we’re being subjected to? Here’s what will happen with four more years of Obamanomics. At the end of a second term he will leave office with the national debt sitting at approximately $18.4 trillion. I believe that is an optomistic estimate myself. That amounts to an increase of $7.8 trillion dollars under his stewardship. The national debt stood at $10.6 trillion the day he was inaugurated. Do the math.
Some will find this truth to be very inconvenient. Some will say, “The Frog lies. He lies.” But it’s all laid out right there in front of you. The truth will always be the truth. Obama does not deserve a second term in office, just like Jimmie Carter didn’t deserve one either.
I report, you decide. Happy Groundhog Day. Stop burying your head in the sand.
The Frog Prince