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This is what America looks like under President Hillary Clinton.
According to a recent analysis by the American Action Forum, Hillary Clinton will raise taxes to the tune of $1.3 trillion over the next ten years. She is proposing $2.8 trillion in new or increased spending over the same period, leaving a total budget deficit of $1.49 trillion.
Our economy has not seen a single year of growth above 3 percent while President Barack Obama has been in office. This is a failure of economic policy not achieved since Herbert Hoover. The reasons why our economy is still struggling are because our government already taxes and spends far too much, and in Clinton’s America, we can expect more of the same.
In Clinton’s America, the long-term fiscal challenges that face us, which are an even graver threat to our prosperity, likely go unaddressed. Despite collecting more revenue than any year since 2001, the budget deficit will rise higher than expected this year, to $590 billion, according to the Congressional Budget Office. After this year, the annual budget deficit will continue to rise, eventually eclipsing $1 trillion, and a larger share of gross domestic product (GDP). The share of debt held by the public will inch closer to 100 percent of the economy.
The further out the budget projections go, the worse the fiscal picture gets. Even absent Clinton’s spending proposals, Americans can expect their share of the national debt to reach 141 percent of the economy in just a few decades. Greece and other European socialist welfare states began experiencing severe economic crises when their debts exceeded 100 percent of their economies.