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 –

U.N. Official Reveals Real Reason Behind Warming Scare

The alarmists keep telling us their concern about global warming is all about man’s stewardship of the environment. But we know that’s not true. A United Nations official has now confirmed this.

At a news conference last week in Brussels, Christiana Figueres, executive secretary of U.N.’s Framework Convention on Climate Change, admitted that the goal of environmental activists is not to save the world from ecological calamity but to destroy capitalism.

“This is the first time in the history of mankind that we are setting ourselves the task of intentionally, within a defined period of time, to change the economic development model that has been reigning for at least 150 years, since the Industrial Revolution,” she said….

The only economic model in the last 150 years that has ever worked at all is capitalism. The evidence is prima facie: From a feudal order that lasted a thousand years, produced zero growth and kept workdays long and lifespans short, the countries that have embraced free-market capitalism have enjoyed a system in which output has increased 70-fold, work days have been halved and lifespans doubled….

From the Editor – Investors Business Daily –

Al Gore & Mexican President: Spend $90 Trillion To Rid Cities Of Cars

Former Vice President Al Gore and Mexican President Felipe Calderon proposed a $90 trillion plan to redesign every city on earth so that motor vehicles would become obsolete due to more dense populations.

Gore and Calderon announced the proposal with colleagues from The Global Commission on the Economy and Climate at the annual World Economic Forum meeting in Davos, Switzerland Wednesday, Business Insider reported. The conference – attended by some of the wealthiest and most powerful people in the world – runs from Wednesday through Saturday.

Entitled Better Growth Better Climate, the report’s objective is to combat climate change. “The world is now experiencing a new, different type of urbanization,” according to the introduction.

Calderon said these new, redesigned cities would not include the integration of automobiles, but rather more mass transit.

By James Beattie – Western Journalism –