The Congressional Budget Office analysis of the 2011 budget predicts a massive escalation in government debt the could change our way of life forever. Paul Ryan, the ranking Republican on the House Budget Committee, says the 2011 budget will literally crash the U.S. economy.
According to the CBO's new report, President Obama and a Democrat-controlled Congress are running up a $1.5 trillion deficit for 2010. That equals 10.3 percent of the Gross Domestic Product, making this the first year since World War II that the federal government has run a double-digit deficit. Over the next 10 years, according to CBO, the government's annual net interest payments will triple as a percent of Gross National Product.
A letter, two weeks ago to President Obama and members of Congress signed by 130 economists, predicted the legislation would discourage companies from hiring more workers and would cause reduced hours and wages for those already employed.
Caterpillar, Inc., the world's largest construction machinery manufacturer, said the "health care bill would increase the company's health care cost by $100 million in the first year alone. AT&T said it would take one billion dollar charge in the first quarter of 2010 to cover changes in U.S. health care law. AT&T and other firms have pointed out the impact of the reform, which includes the elimination of a tax break to companies providing medication coverage to their retired employees.
There appears a certain dichotomy of facts here about public opinion. The American public according to all polls was against this health care bill and yet Obama's approval polls went up after passage of the bill. Talk about the fickleness of the American electorate.