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IPFS News Link • Philosophy: Conservatism

The Tipping Point

03/30/10 • Uncommon Sense

The passage of the Healthcare Reform bill has accelerated the country down the road to financial disaster. By 2018 (if we don’t get there sooner) we will arrive at the tipping point. Here are the facts: The President’s 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years This is $1.2 trillion more than the administration projected. The White House Office of Management and Budget (OMB) originally projected a 10-year deficit total of $8.53 trillion. The federal public debt was $6.3 trillion ($56,000 per household) when Obama took office. Today it stands at $8.2 trillion ($72,000 per household). Based on the new projections it will reach $20.3 trillion (more than $170,000 per household) by 2020, according to the CBO

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Reported By Dave Johannes

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