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GAO Says Obamacare Will Be Responsible For Pushing National Debt To $30 Trillion In Ten Years
Feds foresee $30 trillion debt, blame looming tax hikes and Obamacare
EDITOR’S NOTE: When the “not Muslim” Barack Obama was running for president in 2008, he lambasted George Bush for adding $4 trillion to the National Debt, calling it an “unpatriotic” action. Since that time, Obama has personally added over $8 trillion to the debt PLUS another project $13 million by 2026 bringing the total to a poverty inducing $30,000,000,000,000.00 dollars when all is said and done. This will be the true legacy of Barack Hussein Obama.
The federal government will be flirting with $30 trillion in debt within a decade, the Congressional Budget Office reported Monday, blaming an aging population, new spending and tax cuts approved on Capitol Hill, and the growing burden from Obamacare for erasing the progress Washington had made over the past few years.
Analysts said Obamacare will chase more workers out of the labor force over the next five years, adding pressure to an economy still struggling to spring to life more than seven years into the Obama “recovery”.
Obama Said George Bush Adding $4 Trillion To Debt Was Unpatriotic
The Affordable Care Act itself is still struggling to attract a customer base, the CBO said, lowering its estimate for the number of people who will sign up for the exchanges from 21 million to 13 million — a drop of nearly 40 percent in projections. Customers collecting taxpayer subsidies this year will be 11 million, down from the 15 million the CBO projected a year ago.
The grim news comes with less than a year left for President Obama to put the law on firmer footing as he seeks to head off what is likely to be a last effort at repealing the act after November’s elections.
The economic front is somewhat brighter for Mr. Obama, who seven years into the recovery will finally see significant sustained growth of 2.5 percent this year and 2.6 percent next year, the CBO said.
That will be followed by a cooling off, with growth dropping below 2 percent in 2019 and 2020. The economic gains will continue to go disproportionately to the wealthy, helping boost income tax revenue but limiting payroll taxes, which will put even more pressure on the entitlement programs that are driving up deficits. source
The post GAO Says Obamacare Will Be Responsible For Pushing National Debt To $30 Trillion In Ten Years appeared first on Now The End Begins.
Source: http://www.nowtheendbegins.com/obamacare-will-be-responsible-for-pushing-national-debt-to-30-trillion-in-ten-years/
