We simply cannot sustain the runaway train of more and more entitlements and more and more spending. And at a time when we have literally reached critical mass, the answer certainly isn't to spend more money that we don't have and to continue that spending with wild deficits. Yet that has been the only plan put forth by the Obama administration from day one. And fifteen months into this lunacy of a socialist administration, those that are paying attention are noting that things are not getting any better at all, they are getting worse.
CBO report: Debt will rise to 90% of GDP
President Obama's fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90 percent of the nation's economic output by 2020, the Congressional Budget Office reported Thursday.
In its 2011 budget, which the White House Office of Management and Budget (OMB) released Feb. 1, the administration projected a 10-year deficit total of $8.53 trillion. After looking it over, CBO said in its final analysis, released Thursday, that the president's budget would generate a combined $9.75 trillion in deficits over the next decade.
"An additional $1.2 trillion in debt dumped on [GDP] to our children makes a huge difference," said Brian Riedl, a budget analyst at the conservative Heritage Foundation. "That represents an additional debt of $10,000 per household above and beyond the federal debt they are already carrying."
The federal public debt, which was $6.3 trillion ($56,000 per household) when Mr. Obama entered office amid an economic crisis, totals $8.2 trillion ($72,000 per household) today, and it's headed toward $20.3 trillion (more than $170,000 per household) in 2020, according to CBO's deficit estimates.
That figure would equal 90 percent of the estimated gross domestic product in 2020, up from 40 percent at the end of fiscal 2008. By comparison, America's debt-to-GDP ratio peaked at 109 percent at the end of World War II, while the ratio for economically troubled Greece hit 115 percent last year.
Regardless of partisanship and party loyalties, someone had better be listening to the congressional budget office and what they say is headed right for us like a runaway train.
America is in line for a literal cataclysmic event of biblical proportions and the day of that arrival is literally right around the corner. The CBO says so and has been saying so for over a decade now. No one is listening. Mean while, our president presses ahead full tilt and ignores the realities of his unabated socialist expansion of entitlement programs and how that weighs on our already depleted and dying economy.
America cannot sustain the weight of this runaway debt and deficit spending. Our nation will collapse and when it does, there will be no similarities to the great crash of 1929. Back then we only lost about a quarter of our economy and jobs and only 20% of Americans were out of work. This time the entire mechanism stands to crash from sea to shining sea our nation will literally die as a result.
And this time it won't just be hard times and bread lines and hobos. This time it will be famine and pestilence and anarchy and chaos in the streets.
Prepare yourself America, the only light at the end of the tunnel is the train wreck that is headed our way on greased rails.