President Barack Obama often champions himself as a fiscal leader who reduced the deficit and set America on a path to debt reduction and financial security, but the facts deny that claim.
As reported by Politico, the latest report by the non-partisan Congressional Budget Office revealed that this year’s deficit is slated to skyrocket by a third from $438 billion to $590 billion. Federal spending is also expected to rise by up to 5 percent.
Overall, America is in store for higher deficits and an even larger debt. The Hill added that “by the end of this year, the national debt is expected to reach its highest debt-to-GDP ratio since 1950.” And by 2026, that debt will reportedly reach $23 trillion or 85 percent of the GDP.
There is reason why many Americans call Obama the “spender in chief” – because from day one, the president has set out to implement or expand as many programs as possible.
From enacting Obamacare to expanding Medicaid, handing out free phones and pushing for free college tuition, the president has made it a mission to turn America into a country where begging and grievance mongering take one much further than traditional hard work.
And now, because of Obama’s mission to transform America into a socialist country, we are now awash with nearly $20 trillion worth of debt, which doesn’t include the trillions in unfunded liabilities.
Plus, the 2016 deficit went up by nearly $150 billion.
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