{"id":17641,"date":"2016-02-11T12:10:06","date_gmt":"2016-02-11T17:10:06","guid":{"rendered":"http:\/\/olduvai.ca\/?p=17641"},"modified":"2016-02-11T12:10:06","modified_gmt":"2016-02-11T17:10:06","slug":"americas-national-debt-bomb-caused-by-the-welfare-state","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=17641","title":{"rendered":"America&#8217;s National Debt Bomb Caused By the Welfare State"},"content":{"rendered":"<header class=\"wrapper entry-header page-header\">\n<div class=\"title-with-sep single-title\">\n<h3 class=\"entry-title\"><a href=\"http:\/\/www.cobdencentre.org\/2016\/02\/americas-national-debt-bomb-caused-by-the-welfare-state\/\" target=\"_blank\">AMERICA\u2019S NATIONAL DEBT BOMB CAUSED BY THE WELFARE STATE<\/a><\/h3>\n<\/div>\n<\/header>\n<div class=\"entry-media\">The news is filled with the everyday zigzags of those competing against each other for the Democrat and Republican Party nominations to run for the presidency of the United States. But one of the most important issues receiving little or no attention in this circus of political power lusting is the long-term danger from the huge and rising Federal government debt.<\/div>\n<div class=\"wrapper\">\n<div class=\"grids\">\n<div class=\"grid-8 column-1\">\n<div class=\"single-box clearfix entry-content\">\n<p>The Federal debt has now crossed the $19 trillion mark. When George W. Bush entered the White House in 2001, Uncle Sam\u2019s debt stood at $5 trillion. When President Bush left office in January of 2009, it had increased to $10 trillion. Now into seven years of Barack Obama\u2019s presidency, the Federal debt has almost doubled again.<\/p>\n<p>And it is going to get much worse, according to the Congressional Budget Office. On January 26, 2016, the CBO released it latest \u201cBudget and Economic Outlook\u201d analysis for the next ten years, from 2016 to 2026.<\/p>\n<p><strong>Continuing Deficits and Growing National Debt<\/strong><\/p>\n<p>The economists at the CBO estimate that the Federal budget deficit for the fiscal year, 2016, will be $544 billion, or $105 billions more than Uncle Sam\u2019s budget deficit in fiscal year 2015. And each year\u2019s budget deficit will continue to be larger than the previous year from here on. Indeed, the CBO estimates the Federal government\u2019s annual deficits will once more be over $1 trillion starting in 2022 and thereafter.<\/p>\n<p>Between 2016 and 2026, the Federal debt, as a result, is projected to increase by a cumulative amount of almost $9.5 trillion, for a total national debt of around $30 trillion just ten years from now.<\/p>\n<p>The reason for the continuing ocean of Federal red ink is the fact that while government revenues are projected to be around 49.5 percent higher in fiscal year 2026 ($5,035 trillion) than in fiscal year 2016 ($3.376 trillion), government spending will be over 63 percent more in fiscal year 2016 ($6,401 trillion) than in fiscal year 2016 ($3,919 trillion).<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>AMERICA\u2019S NATIONAL DEBT BOMB CAUSED BY THE WELFARE STATE The news is filled with the everyday zigzags of those competing against each other for the Democrat and Republican Party nominations to run for the presidency of the United States. But one of the most important issues receiving little or no attention in this circus of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1653,7380,1654,195,7346,201,549,827,2525],"class_list":["post-17641","post","type-post","status-publish","format-standard","hentry","category-economics","tag-cbo","tag-cobden-centre","tag-congressional-budget-office","tag-debt","tag-debt-bomb","tag-deficit","tag-national-debt","tag-united-states","tag-welfare-state"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17641","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17641"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17641\/revisions"}],"predecessor-version":[{"id":17642,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/17641\/revisions\/17642"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17641"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17641"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17641"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}