Government officials want to keep growing the size and power of government indefinitely — and are not likely to point out the difficulties which may pop up along the way. In fact, they are likely to lie about the whole thing, repeatedly.
In the first three years of Barack Obama’s presidency, the US national debt rose more than in George W. Bush’s entire eight year tenure. But that was back when they were still keeping close track of that sort of thing. These days, words and numbers don’t always mean what you think they mean, when they come from the US government.
Consider President Obama’s projections for US national debt as a percentage of US GDP, from 2013 through 2024.
Notice that Obama’s projections display an overly rosy outlook, as always. Despite repeated failures to meet his projections, Obama is unfazed, continuing to spout clownish promises to chumps.
Obama is once again promising to remake the economy of the US by taxing the rich. And who knows? There may be a few idiots left who actually believe him.
US GDP is only $17 trillion. If Obama’s policies push national debt over $25 trillion, Obama’s fantasy promises to bring US government debt below 70% of GDP looks more than a little loopy.
Sure, I understand that Obama thinks he can tax the country into prosperity, boosting the GDP into the stratosphere. But no one with even an intelligent toddler’s concept of economics actually believes that, no matter what they may say publicly.
Some people like PIMCO’s Bill Gross even say the US debt is approaching $100 trillion. But that is counting unfunded mandates for entitlements.
Unfortunately, if Obama’s debt growing policies continue to expand, while business opportunities continue to be smothered by Obama’s policies — and interest rates on debt are forced to rise by reluctant investors in US debt instruments — Bill Gross’ estimate might approach the truth without even considering unfunded mandates in the equation.
Without a significant economic expansion, the US is accumulating precarious levels of debt. And under Obama, a significant US economic expansion seems as likely as everyone finding 100 pounds of pure gold coins buried in their front yards. That is because Obama is best friends with trial lawyers, labour unions, big-money environmental activist lobbies, anti-business community activist groups, and every other organised group that preys on both business and taxpayers. All of this while Obama’s government policies consistently expand the regulations and penalties that make it more expensive and risky to start businesses and employ more workers.
What were we expecting from Obama, back in November 2008? Exactly this. Destructive ideology-based incompetence.
As I have said before, if not for the surprise fracking shale oil & gas revolution, the US economy would be hurting far more under Obama than it is currently. Obama was able to kill US coal, suppress US nuclear, and stop or slow most US offshore oil. But the onshore shale revolution caught the man and his cronies flatfooted. Lucky for US.
But Obama and his EPA have a plan to deal with that inconvenient boom, once the 2016 elections are over. More on that here.
HFTB-PFTW. Be competent. Be resilient. Be dangerous. Take advantage of any opportunities that slip past government censors.
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