“If you could buy stock in the National Debt, do it. It’s headed for the moon,” wrote CBS News’ Mark Knoller earlier this week. His sarcastic financial advice was based on a new estimate from the Obama Administration’s own Office of Management of Budget showing the national debt “doubling between now and 2020 when it’s forecast to hit over $26 trillion.”
And we thought $13 trillion was unprecedented!
The predicted acceleration of federal government spending sprees will result in total debt equaling 100 percent of GDP come 2012. As Knoller points out, it will then “stay there for the remainder of the decade.”
In the same report, the OMB “raised its forecast…for the fiscal 2011 budget deficit to $1.4 trillion…” and lowered rhetorical expectations of an economy in rebound by announcing unemployment is expected to average 9 percent in 2011 and 8.1 percent in 2011. Wasn’t the stimulus bill supported by Congressman Ellsworth supposed to prevent unemployment from ever topping 8 percent?
Of course, these projections only remain relevant if the Obama-Pelosi agenda continues to be rubberstamped by members of Congress, including incumbent Congressman Brad Ellsworth. When Hoosiers elect Dan Coats to carry their voice to the United States Senate, we can put a stop to these disastrous policies and get America back on track and Hoosiers back to work.
Health Care Flow Chart
Speaking of disastrous policies – the minority caucus on the Joint Economic Committee released an updated – and very detailed – version of their health care flow chart highlighting the new mandates, taxes and government expansion enabled by incumbent Congressman Brad Ellsworth’s support of the Obama-Pelosi health spending bill.
Take a look at the flow chart yourself here then check out Dan Coats’ Hoosier Health Care Plan for a set of ten common-sense, cost-effective ways to increase coverage, reduce costs, retain our personal liberties and not break the bank.
[Full disclosure: Pete Seat is the press secretary for the Coats for Senate campaign.]