The government’s monstrous budget deficits continue their meteoric rise under President Obama’s big spending policies, further threatening America’s shaky economy and future growth.
The Congressional Budget Office last week released a revised estimate of the Obama administration’s spiraling deficit, forecasting it will hit $1.2 trillion in the 2012 fiscal year, which will end a few weeks before Election Day. This latest revision pushes the deficit up by another $100 billion, and it will likely climb higher before the fiscal year ends.
This is the fourth straight trillion-dollar-plus deficit under Mr. Obama’s presidency and the highest in U.S. history.
He came into office in 2009 with thousands of proposals to spend trillions of dollars and has run up annual deficits totaling more than $5.2 trillion that have pushed total debt to more than $15 trillion.
This means the entire national debt exceeds our gross domestic product, the measure of all the goods and services we produce each year. In other words, Mr. Obama is spending beyond our means.
Mr. Obama’s record-shattering deficits are as follows: $1.4 trillion in 2009; $1.3 trillion in 2010; $1.3 trillion in 2011; and an estimated $1.2 trillion in 2012.
In 2007, the year before the nation’s economy plunged in the Great Recession, the federal budget deficit was a tame $167 billion. Even in 2008, the first full year of the subprime mortgage debacle and the last year of George W. Bush’s presidency, the deficit was a manageable $438 billion.
But it isn’t just the budget deficit that has been climbing at a furious pace under this president. Gas prices, which were around $1.80 for a gallon of regular Jan. 1, 2009, have on average skyrocketed to nearly $4 for a gallon of regular, according to AAA. The average price was running $3.52 just a month ago.
But if the pump price isn’t shocking enough for you, sharply rising health care costs under the new Obamacare law make the cost of a gallon of gas look like a bargain in comparison.
In 2009, Mr. Obama promised the American people that his mandated health insurance plan would cost “around $900 billion over 10 years.”
But the CBO reported last week that Obamacare will cost at least twice that much, or $1.76 trillion. And the costs will likely rise in the years to come as the baby boomers grow older.
That’s why Republicans have begun to wage a new political assault on the unpopular Obamacare law as it reaches the two-year anniversary of its enactment.
“The president promised, ‘If you like your doctor or health care plan, you can keep it,’ ” Sen. John Cornyn, the chairman of the GOP’s Senate campaign committee, says in an Op-Ed column for the Austin American-Statesman.
“In fact, employers have already started dropping insurance coverage in direct response to Obamacare. The president promised his law would ‘slow the growth of health care costs for our families, our businesses and our government.’ Instead, premiums for family coverage rose by 9 percent last year.”
Higher costs for gasoline and health care, along with a weak, high unemployment economy, will be lethal issues in the coming general election, both for Mr. Obama and the Democrats generally.