The Congressional Budget Office has predicted that President Barack Obama’s $1 trillion-plus annual deficits — scheduled over the next decade — will result in roughly another $10 trillion in aggregate debt.
With this astronomical figure in mind, returning to pre-Bush tax rates or slashing discretionary spending will do nothing to mitigate the national fiscal crisis, according to
Pajamas Media, a conservative and libertarian news organization.
Current fiscal figures denote the Obama administration has done nearly the impossible by creating the greatest peacetime deficits in U.S. history; roughly $1.5 trillion per year in Obama’s first, three years in office without any concrete economic expansion to speak of, Pajamas Media says.
With gas prices remaining high, unemployment pegged at 9.2 percent, and no visible growth across the economy, Obama may not only be the first African-American president, but will increasingly be referred to as the single greatest borrower among all former presidents, it says.
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