{"id":27478,"date":"2016-01-29T15:04:48","date_gmt":"2016-01-29T20:04:48","guid":{"rendered":"http:\/\/www.rightwinggranny.com\/?p=27478"},"modified":"2016-01-29T15:04:50","modified_gmt":"2016-01-29T20:04:50","slug":"the-financial-legacy-of-barack-obama","status":"publish","type":"post","link":"https:\/\/www.rightwinggranny.com\/?p=27478","title":{"rendered":"The Financial Legacy Of Barack Obama"},"content":{"rendered":"

On Wednesday, Investor’s Business Daily<\/a> posted an article about the financial consequences of eight years of Barack Obama<\/a> as President. The article includes the following chart:<\/p>\n

\"EDIT3-CBO-012816\"<\/p>\n

Some comments from the article:<\/p>\n

\u201cGovernment has failed to fully confront the deep, systemic problems that year after year have only become a larger and larger drag on our economy,\u201d Obama said in his inaugural budget plan, promising to make \u201cthe tough choices necessary to \u2026 put our nation on sound fiscal footing.\u201d<\/strong><\/p>\n

Seven years later, a new Congressional Budget Office<\/a> report reveals that Obama will bequeath chronic and rising deficits, rapidly expanding debt, and exploding health care costs to his successors.<\/strong><\/p>\n

First, there\u2019s the deficit, which the CBO says will top $1 trillion in six years, and continue climbing. Over the next decade, deficits will total more than $9 trillion. The CBO\u2019s outlook has worsened significantly since its last forecast, mainly because it expects the economy to grow more slowly.<\/strong><\/p>\n

…And while Obama had promised that his health care reform would \u201cbend the cost curve down,\u201d it has instead turbocharged federal spending on health care. In fact, in 2015, for the first time ever, federal spending on health care programs exceeded Social Security<\/a> spending.<\/strong><\/p>\n

The CBO says that Medicare, Medicaid<\/a>, ObamaCare<\/a> and other health program costs climbed 13% last year, are expected to go up another 11% this year and double over the next decade. ObamaCare\u2019s annual subsidy cost will hit $109 billion by 2026. By 2026, health spending will account for nearly a third of all federal spending.<\/strong><\/p>\n

President Obama did not create this problem alone. He had the help of Congressmen who represent the Washington establishment rather than the American<\/a> people. It is time for ALL Americans to take a good look at their Congressmen (and Congresswomen<\/a>) and their voting records. If your Congressman has consistently voted for more spending and voted against ending ObamaCare, it is time for him to come home and live under the economy he created. It is time for state governors to take a good look at the concept of nullification to see if they can regain the state sovereignty they have lost in recent years. Even the small step of refusing federal money in an area can have a very positive effect on a state’s economy (one example<\/a>). Our current fiscal policies will not lead to future success.<\/p>\n

The article concludes:<\/p>\n

The CBO report also makes clear that Obama\u2019s tax hikes have been swamped by out-of-control spending.<\/strong><\/p>\n

Revenue as a share of GDP<\/a> will be slightly above 18% over the next decade, which is higher than the 17.4% average for the previous 50 years.<\/strong><\/p>\n

But federal outlays \u2014 which averaged 20% of GDP over the previous 50 years \u2014 will climb from an already high 21% this year to 23% by 2026. Worse, almost two-thirds of the entire federal budget<\/a> will go towards entitlement programs.<\/strong><\/p>\n

Not only did Obama not solve any of the problems he promised to, he\u2019s also made all of them worse. This isn\u2019t the legacy Obama and his supporters will brag about. But it is the legacy that future presidents will have to confront.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

On Wednesday, Investor’s Business Daily posted an article about the financial consequences of eight years of Barack Obama as President. The article includes the following chart: Some comments from the article: \u201cGovernment has failed to fully confront the deep, systemic … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[97,580,132,134,285],"class_list":["post-27478","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-barack-obama","tag-congressional-budget-office","tag-health-insurance","tag-patient-protection-and-affordable-care-act","tag-united-states"],"_links":{"self":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/27478","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=27478"}],"version-history":[{"count":2,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/27478\/revisions"}],"predecessor-version":[{"id":27481,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/27478\/revisions\/27481"}],"wp:attachment":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}