Projections of the nation's impending doom have worsened: We face destruction if we don't act, and the crisis is accelerating.
Last year, the CBO predicted our national debt would be 91 percent of gross domestic product in 2021. Now, just a year later, it is projected to be 101 percent in 2021.
It gets worse. The debt is forecasted to be 150 percent of GDP by 2030 and 200 percent by 2037. And, if you can even imagine this, it will proliferate more rapidly thereafter. On our present course, by 2035, federal interest payments will be 9 percent of our entire economy, compared with 1 percent today.
Adding insult to injury, Obamacare, which Obama fraudulently sold as an indispensable component of balancing the budget, will greatly drive up health care costs. The CBO says that mandatory federal spending on health care will increase by 86 percent, from 5.6 percent of GDP presently to 10.4 percent over the next 24 years. Don't say we didn't warn you.
Adding aggravation to insult is the recently discovered "glitch" in Obamacare that allows for more than 3 million middle-class Americans to qualify for Medicaid. Can you believe this socialist scandal?
Yet the Democrats' only action plan is to play the class warfare card and peddle fear about the horrors of not raising the debt ceiling. They demand that Republicans agree to raise the debt ceiling when they won't agree to implement any budgetary plans to restore fiscal sanity. No wonder the markets are plummeting. Who could possibly have confidence in our financial future under these circumstances?
Meanwhile, President Obama is hiding behind Vice President Joe Biden, who is handling the budget negotiations with congressional Republicans. House Majority Leader Eric Cantor, hardly a radical, has backed out of these talks because of an impasse over taxes, and Sen. Jon Kyl is expected to follow suit. Finally! Bravo.
Desperate times, desperate measures. Hardball. No turning back.