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How Optimistic Are You About Your Children’s Future?

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In August 2014, the Congressional Budget Office (CBO - a non-partisan agency of the Federal Government) released its projections for the state of Federal Government spending for this fiscal year. The news was not good:

  • The projected 2014 deficit will come in around $506 Billion, 74.4% of the US Gross Domestic Product (GDP)
  • In 2014, the US debt held by the public will exceed $12.8 Trillion with a projected public debt of over $26.6Trillion by 2024
  • The estimated GDP growth will come in around 1.5% (White House forecasted 2.6%)
  • US economy growing at a exceedingly slower rate, even assuming optimistic projection, yet the Federal Government continues to escalate spending
  • The public debt at the aforementioned 74.4% of GDP is TWICE what it was at the onset of the Great Recession (December 2007-June 2009)

How does this information impact the average American? Well, just in percentage rates on borrowing (for home purchase, car loans, small business loans), the cost of borrowing money (as the Federal Reserve eventually moves away from quantitative easing, that is, unsupported printing of money) is expected to TRIPLE! Social Security spending is up 5%. Medicare spending is up 2%. Medicaid spending by government is up 15.6% just in this year alone (most people who applied for ObamaCare were entered into the Medicaid program). Entitlement spending is up an average of 4% for 2014. And your projected healthcare spending over the next decade (insurance companies are already raising rates in response to the massive drain ObamaCare is placing on our economic system)?

Your costs are projected to increase a whopping 85% over the next ten years!!
But, wait a minute, wasn’t ObamaCare supposed to fix that problem?!! So as you are considering your choices this coming election season? Remember this--in a recent poll by the Wall Street Journal gauged American sentiment about the economy, asking this question “How confident are you that life for your children’s generation will be better than yours?”

21% Feel confident
76% Do not feel confident
  3% Not sure

And in a poll rating the American people’s approval of President Obama’s job on the economy? Only 43% approve while 51% disapprove. That has been a downward trending approval rating. Remember that when you vote this November!! Elections do have consequences!!

Malcolm C. Lunn
President
United Small Business of America
Phone 877-791-7705
Fax 630-475-3844
www.unitedsmallbusiness.com

Download a printable version of this document (In PDF Format) (In MS Word Format)

United Small Business
Proclaiming Liberty to America's Small Business
P O Box 3132 St. Charles, IL 60174 - unitedsmallbus1@comcast.net
Phone 877-791-7705 Fax 630-475-3844

 
 
 

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