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Latest Obama Deficit To Top $1 Trillion. Again.

by Keith Koffler on February 1, 2012, 12:30 pm

Well, the Obama deficit reduction plan is going nearly as well as the Afganistan Retreat Strategy, with the non-partisan Congressional Budget Office predicting yet another deficit exceeding $1 trillion.

The White House blames Republicans for refusing to raise taxes. EXCEPT . . .  spending is at the highest level it’s been since World War II and Obama was supposed to be a post-partisan, God-like figure who could transcend politics and make Kumbaya the national anthem.

Besides, it’s no secret where the money is: entitlements. Obama has been unwilling for his entire term to do anything serious on this front.

Mr. Elmendorf warned that the primary driver of the deficit later this decade would be the cost of an aging U.S. population, particularly the rising costs of government health-care programs. For example, the CBO projected the government would spend $1.6 trillion on Social Security, Medicare, and Medicaid in 2012, 44% of the federal budget. In 2022, the government will spend $3.0 trillion on those programs, 54% of the federal budget.

Meanwhile, spending on TARP this year will cost $23 billion – compared to $37 billion in savings last year – because the stock prices of GM and AIG, in which the government still owns stakes, have declined.

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Susan February 1, 2012 at 3:06 pm

We’ll never make it to 2022 unless Washington, D.C. STOPS SPENDING!!!! CBO is predicting the amount of money the federal government steals from the U.S. economy will increase by more than 30% between 2012 & 2014. Everyone will being going John Gault by then.

srdem65 February 1, 2012 at 4:03 pm

You’re right. The problem is that our elected officials, and the people they hire, don’t know how to do anything but spend money.

Just2old February 1, 2012 at 7:54 pm

They think it’s their duty to do so…to get reelected….must stop now.

Knothead February 1, 2012 at 8:14 pm

Blame it on the Baby Boomers. Of which I am one of. Somebody dropped the ball and it’s in Obama’s court.

Arron Grottolo November 4, 2012 at 7:49 am

Whatb people normally due when having financial difficulties is cut back on vacations and entertainment. Well….?