Last week President Barack Obama asserted that the United States does not face spending or deficit problems, only an ideological divide caused by Republicans that want to slash government programs for health and children’s services.
“We don’t have an urgent deficit crisis,” Obama said Friday at a town hall meeting on the campus of Binghamton University in Binghamton, N.Y. “The only crisis we have is the one that is manufactured in Washington and it’s ideological and the basic notion is that we shouldn’t be helping people get health care and we shouldn’t be helping kids who can’t help themselves and whose parents are under resourced, we shouldn’t be helping them get a leg up.”
Now either this president is lying or he has yet to read his own government’s reports.
• The Government Accountability Office said earlier this year that “…absent policy changes…the federal government continues to face an unsustainable fiscal path.”
• The non-partisan Congressional Budget Office warns that we have less than a decade to rectify the federal spending addiciton: “[a] growing imbalance between revenues and noninterest spending, combined with the spiraling cost of net interest, would swiftly push debt upward in an unsustainable way… The explosive path of federal debt … underscores the need for major changes in current policies to put the nation on a sustainable fiscal course…”
• The public trustees of Medicare and Social Security continue to sound the alarm that the massive entitlement programs are headed for collapse: “Under current law, both of these vitally important programs are on unsustainable paths.”
• Furthermore, government economists in the several states warn that the federal debt “circumstances are dire enough after four consecutive years of trillion-dollar deficits that politicians on each side of the aisle are beginning to realize serious budget repairs are necessary.”