I don't know who made that chart but they're an idiot. And anyone who thinks it approaches reality in any sense is also an idiot. That, I suppose, would be you.
First, it is necessary to point out there are no "Bush era tax cuts" contributing to the deficit at this point. Any tax cuts are "Obama era tax cuts." He signed the cuts into law, NOT Bush. That makes you a dumbass.
Following are the remarks from CBO's July report.
What Is the Outlook for the Budget in the Next 10 Years? The economy’s gradual recovery from the 2007–2009 recession, the waning budgetary effects of policies enacted in response to the weak economy, and other changes to tax and spending laws have caused the deficit to shrink this year to its smallest size since 2007: roughly 3 percent of GDP, compared with a peak of almost 10 percent in 2009. If current laws governing taxes and spending stayed generally the same—an assumption that underlies CBO’s 10-year baseline budget projections—the anticipated further strengthening of the economy and constraints on federal spending built into law would keep deficits between 2½ percent and 3 percent of GDP from 2015 through 2018, CBO estimates.
In succeeding years, however, deficits would become notably larger under current law. The pressures stemming from an aging population [Social Security and Medicare], rising health care costs [Obamacare], and an expansion of federal subsidies for health insurance [Obamacare] would cause spending for some of the largest federal programs to increase relative to GDP. Moreover, CBO expects interest rates to rebound in coming years from their current unusually low levels, raising the government’s interest payments [interest on debt accumulated as a result of Medicare, SS, and Obamacare]. That additional spending would contribute to larger budget deficits—equaling close to 4 percent of GDP—toward the end of the 10-year period spanned by the baseline, CBO anticipates. Altogether, deficits during that 2015–2024 period would total about $7.6 trillion.
With deficits expected to remain close to their current percentage of GDP for the next few years, federal debt held by the public is projected to stay between 72 percent and 74 percent of GDP from 2015 through 2020. Thereafter, larger deficits would boost debt to 78 percent of GDP by the end of 2024.
What Is the Outlook for the Budget in the Long Term? CBO has extrapolated its baseline projections through 2039 (and, with even greater uncertainty, through later decades) by producing an extended baseline that generally reflects current law. The extended baseline projections show a substantial imbalance in the federal budget over the long term, with revenues falling well short of spending (see the figure below). As a result, budget deficits are projected to rise steadily and, by 2039, to push federal debt held by the public up to a percentage of GDP seen only once before in U.S. history (just after World War II). The harm that such growing debt would cause to the economy is not factored into CBO’s detailed long-term projections but is considered in further analysis presented in this report. [Static Analysis, the bane of CBO projections].
Bottom line: Liberal social programs, AND NOTHING ELSE, are responsible for the "unsustainable deficits" the nation is now facing. These will rapidly destroy the standards of living of future generations and these programs will have been failures by FDR's standard.
I don't know your age, but if you can't see the fundamental moral outrage with promoting these programs, then I think there is no help for you. |
