By Todd StrandbergRapture Ready
The folks at the Office of Management and Budget have released an update of the budget deficit. The latest estimate shows the budget deficit reaching a record $1.47 trillion this year. The government is now borrowing 41 cents of every dollar it spends.
The forecast for the U.S. is incredibly dire. The gap for 2011 is only seen narrowing to $1.42 trillion. Projections show the U.S. national debt doubling between now and 2020, when it's forecast to hit over $26 trillion. These latest figures show the debt will top 100 percent of the nation's Gross Domestic Product in 2012.
The outlook for jobs is equally grim. The estimate for unemployment has the economy experiencing a relatively jobless recovery. The unemployment rate, presently averaging 9.5 percent, would average 9 percent next year under the new estimates. By 2012, the unemployment rate will still be above 8.1 percent.
What is truly scary about these numbers is that they come from the federal government. The Office of Management and Budget has always painted the most rosy vision for future budgets. This current forecast is criticized for being overly optimistic for economic growth. The projects call for 3.2 percent this year, 3.6 percent in 2011, and 4.2 percent in 2012. The vast majority of the Wall Street economists see us as being lucky to stay at about zero growth.
The real problem with our national debt rests with entitlement programs. There are simply too many people living off government handouts.
Historian Alexander Tyler said, "A democracy can only exist until the voters discover that they can vote themselves money from the public treasury. From that moment on, the majority always votes for the candidates promising the most money from the public treasury." More: http://www.bible-prophecy-today.com/2010/07/forecast-of-economic-doom.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+BibleProphecyToday+%28Bible+Prophecy+Today%29#axzz0ussM454C