Analytical Economist reports that Obama’s economy has set records never seen before.
Labor force participation rates are at historic lows, poverty is at record highs, and food stamp usage is through the roof. Isn’t hope and change great?
A new record was just set: this one pertaining to the national debt. Obama can play himself up by telling us that he cut the deficit in half, but he seems to forget to mention that he cut the deficit in halfafter tripling it.
As the Heritage Foundation’s Daily Signal reports:
On Monday the U.S. national debt hit a new record: $19,012,827,698,418. This is the first time the national debt has ever exceeded $19 trillion. That’s more than $58,000 for each person who lives in the U.S. today (including children).
That’s more than $58,000 for each person that lives in the U.S. today (including children).
The main culprit behind the rising deficits and debt is growing federal spending—especially among Social Security, Medicare, Medicaid, and Obamacare.
The trend isn’t promising either:
The Congressional Budget Office (CBO) projects that outlays will grow from $3.7 trillion in 2015 to $6.4 trillion in 2026. Moreover, spending growth is projected to outpace economic growth, as outlays are expected to grow from 20.7 percent of gross domestic product (GDP) in 2015 to 23.1 percent of GDP in 2026.
Deficits are projected to reach the trillion-dollar level by 2022 and continue growing from there. In total, the federal government is projected to rack up an additional $9.4 trillion in deficit spending over the next decade.
CBO projects that the debt will be $26.3 trillion by the end of the decade.
If you think $26.3 trillion in debt is scary – that’s how high it’ll be in absence of a Bernie Sanders presidency.
Bernie’s single payer health plan alone wouldincrease Federal spending by $28 trillion. If you thought Obama’s socialism-lite was bad, just wait until we get the real deal.