Deficits of Many Kinds

By the end of this year, the federal debt is expected to be $16.2 trillion, which is $6.2 trillion more than when President Obama first came into office four years ago. Moreover, new analysis by the Republican side of the Senate Budget Committee finds that, over the next 4 years, if Barack Obama remains president and his budget is enacted, $4.4 trillion will be added to the federal debt.

Here’s a chart illustrating the projected debt over the next four years:

As the chart notes, staying on the same path will mean that debt is expected to hit $17.5 trillion in 2013, $18.5 trillion in 2014, $19.4 trillion in 2015, and $20.3 trillion in 2016.

The last full year of Obama’s presidency, if he is reelected, will be 2016.

“Federal debt will increase to $25.4 trillion by the end of 2022, an increase of $10.6 trillion (72 percent) under the president’s budget policies,” the Senate Budget Committee notes. 

It’s been 1,212 days since Senate Democrats brought a budget to the Senate floor.

After 14 years at National Public Radio, Andrea Seabrook left in July and, to hear her talk about her experience covering Capitol Hill, it’s clear that she had one takeaway: It’s damn frustrating.

“I realized that there is a part of covering Congress, if you’re doing daily coverage, that is actually sort of colluding with the politicians themselves because so much of what I was doing was actually recording and playing what they say or repeating what they say,” Seabrook told POLITICO. “And I feel like the real story of Congress right now is very much removed from any of that, from the sort of theater of the policy debate in Congress, and it has become such a complete theater that none of it is real. … I feel like I am, as a reporter in the Capitol, lied to every day, all day. There is so little genuine discussion going on with the reporters. … To me, as a reporter, everything is spin.” (Politico)

NPR for heaven’s sake! NPR!! Yikes!

A SENIOR MOMENT

Americans nearing retirement age have suffered disproportionately after the financial crisis: along with the declining value of their homes, which were intended to cushion their final years, their incomes have fallen sharply.

The typical household income for people age 55 to 64 years old is almost 10 percent less in today’s dollars than it was when the recovery officially began three years ago, according to a new report from Sentier Research, a data analysis company that specializes in demographic and income data.

 

As of June, the median household income for all Americans was $50,964, or 4.8 percent lower than its level three years earlier. (KFYI)

But I’m sure that’s Bush’s Fault! 🙂 We Need more entitlements!! 🙂
Michael Ramirez Cartoon
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