The projected U.S. deficit and the truth behind the numbers
President Obama is being blamed for increasing the nation’s deficit to anywhere from 7 – 9 trillion dollars through 2019. But an analysis from the independent Congressional Budget Office and the administration’s Office of Management concluded that almost 90% of the projected deficit is inherited. Policies such as extending the Bush tax cuts, adjusting the alternative tax for inflation and blocking cuts mandated for doctors’ medicare reimbursement add hundreds of billions more. They concluded that President Obama’s policies probably added 2 trillion but so would any president, republican or democrat, since the amount reflects policy adjustments that have bipartisan support.
As for President Obama’s new policies such as healthcare and energy, they probably do not add to the projected deficit since they have proposed saving and tax increases to offset costs.
It seems that the same people telling us about the cause of our deficit may be the same people screaming about “death panels.”