Obama Increases Deficit $1 Trillion a Year
Guest post by Joe Hoft
Since Obama has taken over federal spending has skyrocketed. The outlook is not good either, because as interest rates rise the amount of federal money needed to pay just the interest on the federal debt will increase incrementally.
According to the Congressional Budget Office, when Obama took over the amount of US federal spending was less than $3 trillion a year. Since Obama, spending has never been less than $3.4 trillion a year and the federal deficits have exceeded more than $1 trillion during Obama’s first 4 years alone. As a matter of fact, Obama’s deficits his first 4 years totalled more than $6 trillion which makes it a sure bet that Obama will average more than $1 trillion a year in deficits while he is in office.
Obama can be proud to have set the world record for overseeing the largest federal budget ever. He is also world record holder for largest deficits ever, with each of his year’s deficits being more than any president ever.
With interest rates rising, baby boomers retiring and more unskilled illegal and legal immigrants being allowed into the country than ever before, Obama has left a mess for the next President and all future generations to come.
And this does not even include the trillions in unfunded government promises not even counted in these numbers.