National Debt to Hit $19.1 Trillion Under Obama

The Congressional Budget Office is predicting that the national debt will rise by a bit more than half a trillion dollars for the next two years, which will leave the nation with a $19.1 trillion debt by the time President Barack Obama leaves office.

That would be close to a doubling of the debt under Obama — the total national debt was $10.6 trillion when he took office in 2009, and now sits at nearly $18.1 trillion.

CBO released its latest budget and economic outlook on Monday, which also predicts that the annual budget deficit will be relatively steady through 2018….

Through 2018, the budget deficit will remain at around $500 to $600 billion a year, or about 2.5 percent of the gross domestic product of the United States. After 2018, however, the budget deficit will rise past 3 percent of GDP, and then hit 4 percent of GDP by 2025.

By 2025, those accumulated annual budget deficits will bring total national debt to an estimated $27.3 trillion without any changes to the law.

Obama has boasted about the shrinking of the budget deficit from the more than $1 trillion seen in the first four years of his presidency. But even with that reduction, budget deficits under Obama are on track to stay higher than the highest deficit seen under President George W. Bush.

CBO’s assumptions are based on relatively rosy scenarios that would be easily upended by another economic downturn. For example, CBO predicts 2.9 percent growth in 2015 and 2016, followed by 2.5 percent growth in 2017. It predicts an average of 2.1 percent growth from 2018-2019 and 2020-2025….

By 2025, CBO expects federal revenues to jump $2 trillion from their 2014 levels, and that the government will take in $5 trillion that year.

In terms of spending, CBO thinks the government will be spending $6.1 trillion per year in 2025, or $2.6 trillion more than it spent in 2014….

CBO estimates that by 2016, total debt held by the public will be $13.9 trillion, which implies intragovernmental holdings of about $5.2 trillion. Debt held by the public in 2025 will hit $21.6 trillion, according to CBO.

By Pete Kasperowicz – The Blaze –

THE ECONOMY IS NOT RECOVERING

To look at data being released by the Lying Machine out in Washington, DC., specifically minions who work for the criminal impostor in the Red House (formerly known as the White House), one would think happy days are here again!

I know it’s tiresome and depressing to constantly read how bad things are economically in this country, but commerce runs the engine of our economy and our lives for it generates the income we all need to survive. It’s also confusing because one doesn’t know who or what to believe. However, is it not better to know the truth than to rely on an illusion? Truth from people who actually care what happens to we the people.

Intellectually lazy media hacks, some who actually pass themselves off as journalists, not only in the ‘mainstream’ media but also on cable networks are nothing more than good little toadies who prattle on about a growing economy without ever broaching the subject of the head of the beast, the privately owned “Federal” Reserve and what impact its had on our economy and daily lives for over 100 years. Oh, sure, once in a while one might see a headline about the “Fed” and raise a soft-ball question about how “they” manage our money and economy. But, for the most part, they simply stick to the script:

Everything Is Awesome! (Dec. 24, 2014): “Good news! The U.S. economy grew at a rollicking 5 percent rate in the third quarter. Oh, and it added 320,000 jobs in November, the best of its unprecedented 57 straight months of private-sector employment growth. Just in time for Christmas, the Dow just hit an all-time high and the uninsured rate is approaching an all-time low. Consumer confidence is soaring, inflation is low, gas prices are plunging, and the budget deficit is shrinking….

By Devvy Kidd – News With Views –