Obama campaigned for reelection promising to reduce the deficit almost exclusively through tax increases and phony cuts, like ending a war that was already over. Despite his tax increases, US debt is still growing as far and fast as the eye can see. The CBO’s midyear forecast shows this year’s deficit will still be $845 billion, over 5% of GDP.
Worse, the public debt is predicted to be 77% of GDP in 10 years, double the average of the last 40 years, and this despite exceedingly optimistic CBO growth targets never achieved during Obama’s time in office.
When the fed finally stops subsidizing interest rates, government debt payments and entitlements, which Obama also refuses to touch, will consume virtually the entire federal budget in 12 years. The president’s ability to blame this all on his predecessor will only diminish with time.