Well, Obama is approaching another milestone. In addition to breaching the $16 trillion debt mark, Obama will earn another gold medal in the Greek Olympics for fiscal insanity. According to CBO, we will definitely incur another $1 trillion debt this year, ensuring that Obama will become not only the only president to rack up a trillion dollar debt, but the only one to ever do so during every year of his tenure. This, from The Hill:
The nonpartisan Congressional Budget Office (CBO) on Tuesday estimated that the federal budget deficit stands at $975 billion through July.
This guarantees that the deficit for fiscal 2012, which ends Sept. 30, will be above $1 trillion.
The deficit under each year of the Obama administration will have exceeded $1 trillion, after coming to $459 billion in 2008.
Also, even though the total debt will come in about $100 billion less than last year, that is almost entirely the result of increased corporate tax receipts, not cuts in spending. And in regard to some of the fundamentals, spending has actually increased, according to the CBO’s Monthly Budget Review:
- Troubled Asset Relief Program: Outlays rose by $63 billion, mainly because adjustments to the estimated cost of the program reduced outlays by $42 billion in 2011 and increased them by $21 billion in 2012.
- Social Security: Payments for benefits increased by $35 billion (or 6 percent).
- Medicare: Net spending was up by $17 billion (or 4 percent).
The total tab for the Obama spending binge is $5.28 trillion in just over three and a half years. Over $4.8 trillion, or 91% of that accrued debt is comprised of debt held by the public. For some perspective, President Bush, who was no piker with fiscal restraint, racked up $4.9 trillion during his full 8 years in office, with only a little more than $3.1 trillion coming from the public share of the debt.
Obama is truly the Michael Phelps in the race to fiscal insolvency.