Yes, President Obama will forever be known for doubling the public debt and so will Congress. The current Budget Deal may seem like, as the President says, “…how Congress should work” however, the truth is far more devastating.
Yes indeed, the current Budget Deal provides Federal Funding and it does so by eviscerating the Debt Ceiling mandate providing the U.S. Treasury unlimited borrowing capacity thru March of 2017. Considering the planned spending increases of nearly $160 Billion, not including Off-Book spending ventures and projected Budget Shortfalls, the simple math indicates debt increases for the advancing spending term to be in the 1.5-1.7 Trillion dollar range.
Suspending the Debt Ceiling has become The Great Deception, a tool (a.k.a, Temporary Debt Limit Extension Act) first introduced in 2013 by New Hampshire Democrat Jeanne Shaheen. It is now used with regularity as a tool for bypassing the roll of fiscal responsibility (and the Constitution) and is nothing more than an ever-tightening noose around the economic neck of the national economy and the Public Trust.
True, Obama’s a participant and a truly accomplished source of vice however, it is Congress that provides the playing field for his seed of abuse to take hold. The next question is what, if anything, will the next President and the 115th Congress do to address it?
Considering the exponential growth in government spending and projected economic decay it is not unreasonable to expect that within the next 5 years a 25 Trillion Dollar Man/Woman will be crowned! There are only three choices out of the mess:
(1) Vaporize the Debt (similar to however more conspicuous than what the FED & Congress did post 2007 collapse).
(2) Retire a to-be-bundle portion of the Intra-governmental Federal Debt and swap the remainder with a hyper-inflated FED Buyout which is then (also) retired.
(3) the monumental task of re-growing the U.S. Economy to such a feverish pitch that the to-be-generated Tax Revenues are then used to pay it down (this would require an annual growth rate, year-to-year over no less than a 12 year period of over 12 percent (net of government spending) to accomplish the task.
The possibilities of a near-impossible task is quite intriguing.
Curtis C. Greco, Founder