V. Saxena reports how runaway spending is destroying America:
In defending their messiah, President Barack Obama, liberals often point to the deficit, which did indeed fall during his tenure. What they never mention, however, is that due to his lack of action on entitlement spending, this same deficit is slated to skyrocket to over $1 trillion by 2025.
Take a look at the following chart to see what I mean:
The left-leaning commentators at USA Today blame this deficit on Democrats “promoting costly new spending programs” and Republicans “proposing unaffordable tax-cut plans,” but according to the Heritage Foundation, the real culprit is “[r]unaway spending on Medicare, Medicaid, and Social Security.”
According to a study by the non-partisan Congressional Budget Office, if we keep doing nothing about our financial woes, which it seems is Obama’s intent, our national debt will climb to 107 percent of GDP by 2040 (H/T The Washington Times).
Moreover, an analysis conducted by CBS News in 2011 — at which point the debt wasn’t even THIS high — revealed that by then, only two years into his presidency, Obama had already accumulated an additional $4 trillion in debt. Former President George W. Bush, on the other hand, increased the debt by $4.9 trillion over eight full years.
Now let us take a brief look at the consequences of a high debt and high deficit (H/T Economics Help):
Increased borrowing. Higher debt interest payments. Higher taxes. Lower spending (less available welfare). Increased interest rates. Inflation.
President Barack Obama, liberal pundits and the 2016 Democratic presidential candidates Hillary Clinton and Bernie Sanders all believe that we need to spend money on “helping” others, be they poor people, college students, drug addicts, Syrian refugees, etc.
What they never realize, however, is that if we keep throwing money around in a financially irresponsible way, the system will eventually crash, leading to an America where the government cannot even afford to dole out checks to people with severe disabilities.
Yeah, it can happen, and it will in fact happen unless we change our ways NOW.
Unfortunately, nobody, including President Obama, seems to care …