Obama Legacy: Debt, Obamacare Rolling Disaster
Remember when candidate Sen. Barack Obama (D-Corrupt Cook County) said George W. Bush’s increase in the national debt was “unpatriotic?” Ah, good times.
First, the mother of all income redistribution schemes, NOT health insurance, Obamacare. From The Hill:
ObamaCare will enroll significantly fewer people than expected in 2016, ending the year with about 13 million customers, the Congressional Budget Office (CBO) said Monday.
The figure, which was included in an expansive budget report, is a decline of about 40 percent from last year’s enrollment prediction of about 20 million people.…
Many of the uninsured people who opt out of coverage on the exchanges are now expected to purchase insurance “directly from an insurer instead,” the CBO said.
The smaller enrollment tally will not likely mean a substantial decrease in costs, however.
Though it predicts fewer customers, the budget office says the number of people receiving subsidies will be higher than expected. About 11 million people are expected to receive subsidies this year, compared to 8 million people in 2015.
And while healthcare spending has grown more slowly in the last several years, the CBO is projecting that per-person spending on healthcare programs “will grow more rapidly than it has in recent years.”
The cost of subsidies alone is expected to increase by $18 billion in 2016, reaching a total of $56 billion, and doubling that within a decade.…
Spending on the healthcare marketplace is expected to rise to $56 billion next year, up from $38 billion this year. Within a decade, that total is expected to double to $109 billion.
And the debt? From Press TV:
The US government will owe $30 trillion in national debt within a decade if the country’s budget deficit continues to grow at the same rate and current tax laws remain in place, according to a new federal report.
The federal deficit will increase in 2016 for the first time since the end of the financial crisis in 2009, and the accompanying public debt could reach crisis-levels in the decades to come, the Congressional Budget Office (CBO) said Monday.
The CBO is a federal agency within the legislative branch of the US government that provides budget and economic information to Congress.
Government budget deficits will continue to rise over the next 10 years, topping $1 trillion again in 2022 and reaching $1.4 trillion in 2026, CBO analysts said.
The accumulation of those deficits will deepen the gross public debt from $18.1 trillion at the end of 2015 to $29.3 trillion in 2026.
By contrast, the debt stood at $10.6 trillion when President Barack Obama took office in 2009. Looking decades into the future, the picture only gets worse, the CBO said.
“If current laws generally remained unchanged, the deficit would grow over the next 10 years, and by 2026 it would be considerably larger than its average over the past 50 years,” the report said.
Read more …
Gee, elect an ineligible Marxist to squat in the Oval Office, and what could possibly go wrong, right?
I guess we can see why Hillary wants to cozy up to this legacy. Oh wait…that’s to avoid being indicted for her many crimes.