The Congressional Budget Office gave us a forecast Tuesday of a frightening fiscal catastrophe that threatens to engulf the government in a sea of debt.
The CBO report by Congress‘ nonpartisan budgeteers reads like one of those disaster movies in which America is under attack by an alien enemy that destroys everything in its path.
But this isn’t science fiction. It’s happening now, and it is going to make Europe’s financial crisis look like nothing more than an empty piggy bank.
CBO said that under President Obama’s out-of-control spending policies, we are running up another $1-trillion-plus budget deficit. Our monster $15.2 trillion national debt will become a $21.6 trillion debt in 10 years. Medicare’s hospital insurance trust fund will be virtually emptied by 2022, two years earlier than Mr. Obama predicted last year.
Social Security’s disability trust fund will run out of cash in five years, and the Medicaid health care program for the poor will explode under a crush of applicants as a result of a massive expansion under Obamacare.
Medicaid enrollment is expected to skyrocket from 67 million people in 2011 to about 95 million in 2022.
CBO’s economic forecasts, which to a large degree will determine whether Mr. Obama is re-elected to a second term, are even gloomier.
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