Obama's Economic Train Wreck


by: Les Carpenter
Rational Nation USA
Birthplace of Independent Conservatism
Liberty -vs- Tyranny

As our President keeps on a smiling...

The Examiner reports.
A new report from the Congressional Budget Office (CBO) finds that President Obama’s economic stimulus program helped nearly double U.S. debt.

The 2011 Long-Term Budget Outlook, released Wednesday morning, reports that the “the combination of automatic budgetary responses” and Obama’s stimulus “had a profound impact on the federal budget.” According to CBO projections, before Obama’s stimulus became law, federal debt equaled 36 percent of GDP and was projected to decline slightly over the next few years. Instead, thanks in large part to the stimulus, debt reached 62 percent of GDP by 2010.

Other lowlights from the report include:
  • Debt will reach 70 percent of GDP by the end of this year – the highest percentage since World War II.
  • Spending on Medicare, Medicaid, and Social Security will reach 15 percent of GDP by 2035 – spending on all government programs has averaged 18.5 percent over the past 40 years.
  • Total government spending is set to hit 27 percent of GDP by 2035.
  • Taxes are set to grow from 19 percent of GDP in 2013, to 23 percent by 2035.
  • Americans “at various points on the income scale would pay a larger percentage of their income in taxes than people at the same points do today.”
  • The effective marginal tax rate on labor income would rise from about 25 percent now to about 35 percent in 2035.

Irrespective of what the progressives tell you Obama's economic policies have been a train wreck. In less than three years he has managed to almost double the national debt. Employment remains at staggering levels. And the anemic economic growth continues.

How's that "Hope and Change" working for ya'll?

Via: The Examiner

Comments

  1. Jersey McJonesThu Jun 23, 05:56:00 PM EDT

    http://investmentwatchblog.com/national-debt-increased-by-75-under-bush-and-25-under-obama/

    Anonymous is right. Above are the real numbers, not the massge BS you posted above.


    JMJ

    ReplyDelete
  2. Les CarpenterThu Jun 23, 06:30:00 PM EDT

    JMJ - Numbers can be massaged. And the very best massager's of numbers are the progressive collectivist left.

    Believe what you will dude. Hope you can swim, or have very long and prominent nose.

    ReplyDelete
  3. dmarksFri Jun 24, 01:02:00 PM EDT

    In real numbers, Obama is increasing the debt at a much faster rate then Bush.

    JMJ, the numbers you present are flat-out misleading, as they are attempting to lie about doing arbitrary divisions against unrelated numbers.

    ReplyDelete

Post a Comment

RN USA no longer accepts comments. The information presented is for reflection, contemplation, and for those seeking greater understanding and wisdom. It is for seekers and those with an open mind and heart.

Namaste


Top Posts

Are You REALLY FREE? - Nagarjuna & The MIDDLE WAY..

Image
  When you run after your thoughts, you are like a dog chasing a stick: every time a stick is thrown, you run after it. Instead, be like a lion who, rather than chasing after the stick, turns to face the thrower. One only throws a stick at a lion once. Milarepa   “Just as it is known t hat an image of one's face is seen d epending on a mirror b ut does not really exist as a face, s o the conception of "I" exist d ependent on mind and body, b ut like the image of a face t he "I" does not at all exist as its own reality."    Nagarjuna "Thanks to impermanence, everything is possible.   Nagarjuna
Read more

AI, Humanity & Purpose - Matthew McConaughey, Jane Goodall DBE & Sadhguru at Dreamforce 2024...

Image
  When you run after your thoughts, you are like a dog chasing a stick: every time a stick is thrown, you run after it. Instead, be like a lion who, rather than chasing after the stick, turns to face the thrower. One only throws a stick at a lion once. Milarepa   “Just as it is known t hat an image of one's face is seen d epending on a mirror b ut does not really exist as a face, s o the conception of "I" exist d ependent on mind and body, b ut like the image of a face t he "I" does not at all exist as its own reality."    Nagarjuna "Thanks to impermanence, everything is possible.   Nagarjuna  
Read more

Super Brain, Epigenetics & More: Bernard Carr, Christof Koch, Rudy Tanzi, Deepak Chopra & Sadhguru...

Image
When you run after your thoughts, you are like a dog chasing a stick: every time a stick is thrown, you run after it. Instead, be like a lion who, rather than chasing after the stick, turns to face the thrower. One only throws a stick at a lion once. Milarepa   “Just as it is known t hat an image of one's face is seen d epending on a mirror b ut does not really exist as a face, s o the conception of "I" exist d ependent on mind and body, b ut like the image of a face t he "I" does not at all exist as its own reality."    Nagarjuna "Thanks to impermanence, everything is possible.   Nagarjuna  
Read more

Sadhguru's Transformative Teachings - How to Achieve for Mind, Body & Soul"...

Image
  When you run after your thoughts, you are like a dog chasing a stick: every time a stick is thrown, you run after it. Instead, be like a lion who, rather than chasing after the stick, turns to face the thrower. One only throws a stick at a lion once. Milarepa   “Just as it is known t hat an image of one's face is seen d epending on a mirror b ut does not really exist as a face, s o the conception of "I" exist d ependent on mind and body, b ut like the image of a face t he "I" does not at all exist as its own reality."    Nagarjuna "Thanks to impermanence, everything is possible.   Nagarjuna
Read more

This Existence Is A DREAM: Awakening To Your True Self & Exploring Nonduality...

Image
When you run after your thoughts, you are like a dog chasing a stick: every time a stick is thrown, you run after it. Instead, be like a lion who, rather than chasing after the stick, turns to face the thrower. One only throws a stick at a lion once. Milarepa   “Just as it is known t hat an image of one's face is seen d epending on a mirror b ut does not really exist as a face, s o the conception of "I" exist d ependent on mind and body, b ut like the image of a face t he "I" does not at all exist as its own reality."    Nagarjuna "Thanks to impermanence, everything is possible.   Nagarjuna
Read more

When and How Will it End?

Image
by: Les Carpenter Rational Nation USA Birthplace of Independent Conservatism This is America. We are an English speaking nation. We have distinct and traditional American cultural values. We have some Americans in our population who have difficulty speaking a coherent sentence. We have many who cannot construct a complete and proper sentence. Yet we find the time and the money to educate youth in Arabic and Arabic culture. Mind you this is a Federal Grant program and limited to only five select school districts. At least for now. At a cost of 1.3 millions dollars students on these select district will be required,  you heard {read} right, required as mandatory part of their curriculum to learn Arabic. This is a blatant abuse of taxpayer money, and it is indicative of the future course our nation has embarked upon under the fuzzy, misguided, and incredibly deceitful anti leade...
Read more

Thoughts On the Civil War and What Precipitated It...

by: Les Carpenter Rational Nation U S A Purveyor of Truth Over at Contra O'Reilly Will Hart has been running a interesting series on the Civil War and what the primary causes were. Historians continue to disagree with the root, or primary causes. However it is generally accepted among knowledgeable and unbiased experts that slavery had very little to do with the onset of the War Between the States. Causes were primarily economic and constitutional. Will, in his posts has done a good job of pointing this out with supporting documentation. This site offers the following, a July 2013 article by David Hirsch in support of Will Hart's arguments. Arguments this site wholly concurs with. Arthur Hirsch's recent article about the Battle of Gettysburg reveals a disturbing ignorance of the political dynamics that brought this nation to a war that 150 years later remains the most cataclysmic event in our history ("A defining day relived," July 2). It accepts the sh...
Read more

Our Biggest Creditor {China} Tells Us "The good old days of borrowing are over"

Image
by: Les Carpenter Rational Nation USA Birthplace o Independent Conservatism Liberty -vs- Tyranny As the chickens come home to roast... Unbelievable we have been this stupid. ( Reuters ) - Global leaders on Saturday arranged a round of emergency calls to discuss the twin debt crises in Europe and the United States that are causing turmoil in financial markets . After a week that saw $2.5 trillion wiped off global stock markets, they are under pressure to show political leadership and reassure markets that Western governments have both the will and ability to reduce their huge and growing public debt loads. French President Nicolas Sarkozy, who chairs the G7/G20 group of leading economies, conferred with Britain's Prime Minister David Cameron ahead of a call planned for this weekend by G7 finance ministers and central bankers. "They discussed the euro area and the U.S. debt downgrade. Both agreed the importance of working together, monitoring the situation closely ...
Read more