Obama's rosy national debt picture in 2016

[marke]

Hillary was running against Trump in August 2016, and it was good news that came out from the Obama budget office on the US fiscal outlook.

https://www.cbpp.org/research/federal-budget/long-term-budget-outlook-has-improved-significantly-since-2010-but-remains

AUGUST 18, 2016

| BY RICHARD KOGAN, PAUL N. VAN DE WATER AND CHLOE CHO

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PDF of this report (13 pp.)
RELATED RESOURCES
Appendix Spreadsheet: Data Accompanying CBPP's Long-term Budget Projections of August 2016

MORE ON THIS TOPIC​

REPORT

Decline in Projected Long-Term Debt Mostly Reflects Slower Health Cost Growth, Lower Interest Rates​

SEPTEMBER 15, 2016
REPORT

Low-Income Programs Not Driving Nation’s Long-Term Fiscal Problem​

JUNE 26, 2018
REPORT

Program Spending Outside Social Security and Medicare Historically Low as a Percent of GDP and Projected to Fall Further​

MARCH 8, 2019
REPORT

Difference Between Economic Growth Rates and Treasury Interest Rates Significantly Affects Long-Term Budget Outlook​

FEBRUARY 27, 2015
The nation’s long-term fiscal outlook is much improved since 2010, but nevertheless worsens gradually under current budget policies during the coming three decades, according to CBPP’s latest projections.
FIGURE 1

Chart

The problems with that rosy picture included just about every statement and prediction it made. Obama's team predicted the GDP to debt ratio would remain lower than 100% until well after 2030. It sits now at more than 107% and we are barely into the first six months of the Biden presidency.

United States Gross Federal Debt to GDP - 2022 Data - 2023 Forecast

The United States recorded a Government Debt to GDP of 129 percent of the country's Gross Domestic Product in 2022, according to initial estimates. Government Debt to GDP in the United States averaged 65.20 percent of GDP from 1940 until 2022, reaching an all time high of 129.00 percent of GDP...

tradingeconomics.com

Gross federal debt in the United States increased to 107.60 percent of the GDP in 2020 from 106.90 percent in 2019, according to estimates from the Office of Management and Budget. source: U.S. Bureau of Public Debt​

Biden, like Obama before him, likes to paint rosy pictures but the facts don't support those lies. Biden says his $6 trillion in new spending p[roposals will not add a dime to the US debt. That lie is so stupid it is insane.

 

[marke]

Hillary was running against Trump in August 2016, and it was good news that came out from the Obama budget office on the US fiscal outlook.

https://www.cbpp.org/research/federal-budget/long-term-budget-outlook-has-improved-significantly-since-2010-but-remains

AUGUST 18, 2016

| BY RICHARD KOGAN, PAUL N. VAN DE WATER AND CHLOE CHO

SHARE​

PDF of this report (13 pp.)
RELATED RESOURCES
Appendix Spreadsheet: Data Accompanying CBPP's Long-term Budget Projections of August 2016

MORE ON THIS TOPIC​

REPORT

Decline in Projected Long-Term Debt Mostly Reflects Slower Health Cost Growth, Lower Interest Rates​

SEPTEMBER 15, 2016
REPORT

Low-Income Programs Not Driving Nation’s Long-Term Fiscal Problem​

JUNE 26, 2018
REPORT

Program Spending Outside Social Security and Medicare Historically Low as a Percent of GDP and Projected to Fall Further​

MARCH 8, 2019
REPORT

Difference Between Economic Growth Rates and Treasury Interest Rates Significantly Affects Long-Term Budget Outlook​

FEBRUARY 27, 2015
The nation’s long-term fiscal outlook is much improved since 2010, but nevertheless worsens gradually under current budget policies during the coming three decades, according to CBPP’s latest projections.
FIGURE 1
Chart

The problems with that rosy picture included just about every statement and prediction it made. Obama's team predicted the GDP to debt ratio would remain lower than 100% until well after 2030. It sits now at more than 107% and we are barely into the first six months of the Biden presidency.

United States Gross Federal Debt to GDP - 2022 Data - 2023 Forecast

The United States recorded a Government Debt to GDP of 129 percent of the country's Gross Domestic Product in 2022, according to initial estimates. Government Debt to GDP in the United States averaged 65.20 percent of GDP from 1940 until 2022, reaching an all time high of 129.00 percent of GDP...

tradingeconomics.com

Gross federal debt in the United States increased to 107.60 percent of the GDP in 2020 from 106.90 percent in 2019, according to estimates from the Office of Management and Budget. source: U.S. Bureau of Public Debt​

Biden, like Obama before him, likes to paint rosy pictures but the facts don't support those lies. Biden says his $6 trillion in new spending p[roposals will not add a dime to the US debt. That lie is so stupid it is insane.

When democrats tell you how beneficial their policies are and what great things those policies will do to our economy and our nation, do not believe them. None of their rosy predictions have ever come true as far as I know.

 

[marke]

When democrats tell you how beneficial their policies are and what great things those policies will do to our economy and our nation, do not believe them. None of their rosy predictions have ever come true as far as I know.

Democrats traditionally miss the mark when predicting future economic gains from present massive spending increases. The democrats are almost always wrong in their projections and Congress almost always increases its spending anyway as the US always gets deeper and deeper in debt with no workable plan of relief.

Here's what happens next as Democrats try to pass Biden's multitrillion-dollar economic plans

Nancy Pelosi took key steps toward passing infrastructure and budget bills, and Democrats aim to approve both in the coming weeks.

www.cnbc.com

Jared Bernstein and Ernie Tedeschi, two economists on Biden’s Council of Economic Advisers, wrote Monday that the plan to improve the nation’s physical infrastructure is “an antidote for inflationary pressure.”

Infrastructure fixes “should be expected to have little, if any, effect on inflationary pressures in the short-term and to ease them over the long term,” the pair wrote in a White House blog post. “As economic capacity builds, cost pressures are less binding on firms making new goods and services, and price pressures gradually ease.”