red states rule
02-07-2013, 04:13 AM
Is it just me - or why is all the news on the Obama recovery coming out after the election?
So between now and the end of the decade, the national debt will explode, at least seven million people will be denied keeping their current plan even if they like it (other estimates are considerably higher (http://blog.heritage.org/2012/07/27/what-are-the-odds-your-employer-will-drop-health-coverage/)), federal healthcare spending is poised to swamp the rest of the federal budget, and unemployment is likely to remain dismally high. After 2023, the picture gets much worse. Former CBO director Douglas Holtz-Eakin runs through some of these numbers in chart form in this user-friendly report (http://americanactionforum.org/sites/default/files/AAF%20on%20CBO%20Report%20.pdf), which is worth a read. The actuaries also expect sluggish growth (http://www.upi.com/Business_News/2013/02/05/CBO-projects-slow-growth-in-2013/UPI-37401360101258/) in the near and medium-term future, stunted by the growing debt burden. Tepid growth would still beat Q4 of 2012, in which the US economy actually contracted for the first time since 2009. Jim Pethokoukis adds a critical piece of information (http://www.aei-ideas.org/channel/pethokoukis/) that contextualizes the anticipated debt boom:
The flood of new debt comes despite tax revenue from 2015 through 2023 being higher than the historical average. We have a spending problem.
In spite of higher than average expected revenues -- thanks to President Obama's various tax hikes and some moderate GDP growth -- the CBO nevertheless foresees nearly $9 trillion in publicly-held red ink staining our books in the next decade alone. One trenchant snapshot of this phenomenon comes in 2023 (http://budget.house.gov/news/documentsingle.aspx?DocumentID=318771), when the CBO sees the government collecting double the tax dollars that it did in last year, yet the annual deficit will still hit $978 billion. As Pethokoukis summarizes, we have a spending problem, no matter what the president may believe (http://townhall.com/tipsheet/guybenson/2013/01/08/aww-obama-getting-pretty-tired--of-hearing-about-americas-spending-problem-n1483016). I encountered a similar head-in-the-sand mindset on Fox Business Network the other night, as Democratic strategist Malia Lazu echoed the White House's continued obsession with "more revenues:"
http://townhall.com/tipsheet/guybenson/2013/02/06/cbo-debt-spiral-deepening-health-costs-soaring-n1506116
So between now and the end of the decade, the national debt will explode, at least seven million people will be denied keeping their current plan even if they like it (other estimates are considerably higher (http://blog.heritage.org/2012/07/27/what-are-the-odds-your-employer-will-drop-health-coverage/)), federal healthcare spending is poised to swamp the rest of the federal budget, and unemployment is likely to remain dismally high. After 2023, the picture gets much worse. Former CBO director Douglas Holtz-Eakin runs through some of these numbers in chart form in this user-friendly report (http://americanactionforum.org/sites/default/files/AAF%20on%20CBO%20Report%20.pdf), which is worth a read. The actuaries also expect sluggish growth (http://www.upi.com/Business_News/2013/02/05/CBO-projects-slow-growth-in-2013/UPI-37401360101258/) in the near and medium-term future, stunted by the growing debt burden. Tepid growth would still beat Q4 of 2012, in which the US economy actually contracted for the first time since 2009. Jim Pethokoukis adds a critical piece of information (http://www.aei-ideas.org/channel/pethokoukis/) that contextualizes the anticipated debt boom:
The flood of new debt comes despite tax revenue from 2015 through 2023 being higher than the historical average. We have a spending problem.
In spite of higher than average expected revenues -- thanks to President Obama's various tax hikes and some moderate GDP growth -- the CBO nevertheless foresees nearly $9 trillion in publicly-held red ink staining our books in the next decade alone. One trenchant snapshot of this phenomenon comes in 2023 (http://budget.house.gov/news/documentsingle.aspx?DocumentID=318771), when the CBO sees the government collecting double the tax dollars that it did in last year, yet the annual deficit will still hit $978 billion. As Pethokoukis summarizes, we have a spending problem, no matter what the president may believe (http://townhall.com/tipsheet/guybenson/2013/01/08/aww-obama-getting-pretty-tired--of-hearing-about-americas-spending-problem-n1483016). I encountered a similar head-in-the-sand mindset on Fox Business Network the other night, as Democratic strategist Malia Lazu echoed the White House's continued obsession with "more revenues:"
http://townhall.com/tipsheet/guybenson/2013/02/06/cbo-debt-spiral-deepening-health-costs-soaring-n1506116