Warning signs are everywhere — most carefully phrased and nuanced, but warnings, nevertheless. Greece and, closer to home, California are painful reminders of what could happen. CNBC is reporting that the Dow is repeating patterns that prevailed just before the Great Depression. The U.S. workforce suffered one its sharpest declines ever — a drop of 652,000 — in June. Economists claim that “wages are flirting with deflation.” It’s hard to find good news on the financial front.
Now, the Congressional Budget Office (CBO) just released its “Long-Term Budget Outlook,” to confirm what people already feared: the national debt is devastating for the future of America. According to the CBO, “the federal government has been recording the largest budget deficits, as a share of the economy, since the end of World War II.” As a result, the CBO paints a very bleak picture of our nation’s future prospects. Further, as the world’s remaining superpower, the terrible financial condition of this country affects all other nations — a fact that makes the CBO report even more alarming.
To compound the alarm, the CBO admits to understating the severity of the problem because their report does not include the negative impact that “substantial amounts of additional federal debt” would have on other aspects of the nation’s economy.
We’ve been warned; is anybody listening?
The CBO made it clear that ObamaCare — the health reform package that was shoved down the nation’s throat — did not “diminish” the problem; plus the economists at the CBO think that the President’s pledge of tax cuts for the middle class will make matters worse and that health care costs will continue to “spiral out of control.” Indeed, some analysts believe the Obama health care package locked in the unsustainable health care spending path. These expert evaluations confirm my recent report, Obamanomics, in which I noted: “Americans are learning that ObamaCare will pile on to an already insurmountable debt. ... It is obvious that ObamaCare is an unmitigated disaster for both our health care system and the nation’s fiscal future.” The CBO does not mention the failure of the stimulus bill — The American Recovery and Reinvestment Act — that was supposed to create jobs, but unemployment remains close to double digits, and there has been no impact on either employment or payrolls. In short, the national debt is pushing us toward a fiscal crisis, and ObamaCare is expected to add $10 trillion to that debt over the next decade.
Almost no one questions the assertion that ObamaCare and its impact on the national debt is devastating for the future of America.
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