The American economy is in a deeply troubled condition, according to the U.S. Office of Management and Budget’s latest report.
The 2016 deficit is now projected to be $600 billion, over $160 billion higher than the prior years’ deficit. In March, the Congressional Budget Office had predicted a $66 billion lower deficit.
This puts the total U.S. National Debt on track to reach a nearly $20 Trillion hole. Despite the fact that the debt has just about doubled during President Obama’s tenure, close to nothing was gained from all that spending. America’s infrastructure remains deficient, our military has weakened considerably, the middle class continues to shrink, and decent jobs continue to vanish. For the first time, America’s seniors have endured multiple years within a presidential administration without a social security cost of living increase.
The weak and worsening Gross Domestic Product forecast combined with massive spending on non-fundamental expenses is responsible. The forecast for a weak 2.7% growth rate has been even further downgraded to a mere 2.2%. Investors.com notes “That means Obama will have the unique distinction of presiding over an economy that never once grew at more than 2.4% in eight years…This is, to put it mildly, a disaster. Growth at these low levels will mean that middle class families will continue to fall behind, more people will drop out of the labor force, more will end up in poverty, and more will be looking to the government for help…Even the White House admits that this combination of anemic economic growth and fast-growing federal entitlements (which Obama has turbocharged) puts the government on track to pile up $9 trillion in additional debt — a 67% increase from today’s already historic levels. By 2026, interest payments alone will cost $787 billion…The Congressional Budget Office recently reported that, if nothing is done to change course, the national debt will equal 141% of GDP. (Even during World War II, the highest national debt got was 106% of GDP.)”
An improved outlook is nowhere in sight. The National Interest reports that “Deficits are projected to reach the trillion-dollar level by 2022 and continue growing from there. In total, the federal government is projected to rack up an additional $9.4 trillion in deficit spending over the next decade.”
The Obama/Democrat-progressive concept of high spending on social programs (other than Social Security and Medicare) at the cost of funding traditional governmental obligations has failed at both the federal and state levels. The American Legislative Exchange Council (ALEC) 2016 “Rich States, Poor States” rankings indicate that states with more traditional spending habits (Utah, North Carolina, North Dakota, Wyoming, Arizona, Indiana, Tennessee, Florida, Wisconsin, Oklahoma) have the best overall economic outlook, while those with the most Democrat-progressive policies (Oregon, Hawaii, Illinois, Delaware, Minnesota, California, Connecticut, New Jersey, Vermont, and New York) have the worst overall economic outlook.
A 2015 analysis by the financial news source ETFdaily news cited the reasons why the U.S. economy is in serious trouble: “Did you know that the percentage of children in the United States that are living in poverty is actually significantly higher than it was back in 2008?… let us not neglect the long-term economic collapse that is already happening all around us…
- Back in 2008, 18 percent of all Americans kids were living in poverty. [it has] risen to 22 percent…
- In early 2008, the homeownership rate in the U.S. was hovering around 68 percent. Today, it has plunged below 64 percent. Incredibly, it has not been this low in more than 20 years.
- While Barack Obama has been in the White House, government dependence has skyrocketed to levels that we have never seen before.
- In 2008, the federal government was spending about 37 billion dollars a year on the federal food stamp program. Today, that number is above 74 billion dollars…
- the U.S. national debt was sitting at about 9 trillion dollars when we entered the last recession. Since that time, the debt of the federal government has doubled. We are on the exact same path that Greece has gone down, and what you are looking at …is a recipe for national economic suicide…
- During Obama’s “recovery”, real median household income has actually gone down quite a bit. Just prior to the last recession, it was above $54,000 per year, but now it has dropped to about $52,000 per year…
- Even though our incomes are stagnating, the cost of living just continues to rise steadily. This is especially true of basic things that we all purchase such as food.
- In a healthy economy, lots of new businesses are opening and not that many are being forced to shut down. But for each of the past six years, more businesses have closed in the United States than have opened. Prior to 2008, this had never happened before in all of U.S. history.
- Barack Obama is constantly telling us about how unemployment is “going down”, but the truth is that the percentage of working age Americans that are either working or considered to be looking for work has steadily declined since the end of the last recession…
- We have seen a spike in the inactivity rate for Americans in their prime working years…. the percentage of males between the ages of 25 and 54 that aren’t working and that aren’t looking for work has surged to record highs since the end of the last recession…
- A big reason why we don’t have enough jobs for everyone is the fact that millions upon millions of good paying jobs have been shipped overseas. At the end of Barack Obama’s first year in office, our yearly trade deficit with China was 226 billion dollars. Last year, it was more than 343 billion dollars.
- Thanks to all of these factors, the middle class in America is dying. In 2008, 53 percent of all Americans considered themselves to be “middle class”. But by 2014, only 44 percent of all Americans still considered themselves to be “middle class”…
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