Reminder: Obama’s budget will crush the US under a mountain of debt
March 19, 2011 - 3:43 pm
Doug Ross takes a look at what we learned about the Obama budget this week. It’s not pretty.
Douglas Holtz-Eakin offers us a sobering snapshot of the latest Congressional Budget Office (CBO) report on President Obama’s budget. I won’t bore you with the details. Only a few low-lights are necessary.
• The national debt-to-GDP ratio rises above 87 percent – close to that of Greece.
• Their numbers are rosy because the CBO’s deficit projections include $500 billion in Obamacare Medicare cuts without a so-called “doc fix”. Obamacare also places immense obligations on state Medicaid systems when states can least afford them.
• The CBO predicts a downgrade of the U.S. as a sovereign borrower in only seven years. Put simply, the full faith and credit of our country is critically wounded as the federal government loses its coveted AAA credit rating. In short, it’s like an individual having a crappy credit score: everything costs more.
The executive summary according to the Associated Press? “CBO: Obama understates deficits by $2.3 trillion.”
In this case, the word “understates” means “lies about“.
Read the rest at the link.