Obama Policies Will Increase National Debt by $9.7 Trillion
By Hans Bader
“President Obama’s policies would add more than $9.7 trillion to the national debt over the next decade, congressional budget analysts said Friday. . .The 10-year outlook by the nonpartisan Congressional Budget Office is somewhat gloomier than White House projections, which found that Obama’s policies would add $8.5 trillion to the debt by 2020.”
That’s from the an article in The Washington Post summarizing the findings of a recent report by the Congressional Budget Office.
As the Associated Press notes, “The deficit picture has turned alarmingly worse. . .Economists say that deficits of that size are unsustainable and could put upward pressure on interest rates, crowd out private investment in the economy and ultimately erode the nation’s standard of living.”
The President’s healthcare proposals will add still more to the national debt, which he is attempting to conceal through budget gimmicks. Even Democrats have expressed alarm about their unaffordable cost.
In the 2008 campaign, Obama promised a “net spending cut,” but as soon as he was elected, he proposed massive increases in federal spending instead. It’s one of a long series of broken promises by the President.
Obama broke his campaign promise not to raise taxes on anyone making less than $250,000 a year by signing a regressive SCHIP excise tax increase, and by proposing a cap-and-trade global-warming tax that could charge up to $2 trillion, a massive cost that Obama himself has said will be passed “on to consumers,” as well as homeowners and motorists. (In 2008, Obama privately admitted to the San Francisco Chronicle that if he was elected, electricity bills would “skyrocket” under his Administration, but it didn’t report that).
Obama broke seven campaign promises dealing with transparency and clean government in signing the $800 billion stimulus package. Obama claimed the stimulus package was needed to avert “irreversible decline.” But the Congressional Budget Office concluded before and after its passage that the stimulus package will actually cut the size of the economy in the long run.
Obama persists in pushing a government takeover of health care, event though most Americans oppose his plan. It would reduce lifesaving medical innovation, raise taxes, drive up insurance premiums and the deficit, break many campaign promises, and impose heavy burdens on state budgets. It would also jeopardize the quality of medical care for many, while imposing restrictions that failed when tried at the state level, and ignoring advice from federal and academic experts, and lessons from countries with universal healthcare, about how to keep costs down.
Obama recently nominated to a key federal appeals court a left-wing radical who seeks to make welfare a constitutional right, at taxpayer expense — a radical sometimes suggested as a future Supreme Court nominee.