Whenever the annual federal budget deficit is slightly lower than the previous year, the media trumpets it as a financial victory. That is delusional because the national debt continues to skyrocket. The latest news is that it might expand even faster—reaching $30 trillion dollars in as little as a decade. Thus, the Washington Times reports,
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.
The “progress” the story refers to is bogus. At no time did any of the budgets of the Obama years, just like the Bush years before, fail to add to the national debt. A few years did less damage than others but the country has never had a year to heal even a little bit.
Of course, the new spending approved by Congress refers to the Republicans we voted into office to stop Obama who dramatically increased spending.
But other factors are equally outrageous. For example, how can an aging population be a surprise that unexpectedly increased our debt? The demographic trends have been clear for years. The government has encouraged demographic winter by encouraging a reduction in births and pumping out false propaganda about the “population bomb.” Everyone should have known this was going to be an added drag on the economy.
Then there is Obamacare. Notice that a great deal of spending is no longer under the control of Congress but is automatically directed and decided by this program. It is too convoluted to be called an entitlement, but it has the same effect on spending.
The CBO claims that economic growth will be 2.5 percent this year and 2.6 percent next year. I’ll believe it when I see it. But then, if economic growth does get that high, it will taper off afterwards.
Now more than ever we need a Tea Party candidate.