…or just the beginning of the end?
From a 2011 article about deficit-spending under Obama:
So much for the past. Looking forward, America’s fiscal woes aren’t due to wars, recessions, or tax cuts. As Brian Riedl explained, the root of America’s fiscal woes is entitlement spending:
Entitlements and other obligations are driving the deficits. Specifically, Social Security, Medicare, Medicaid and net interest costs are projected to rise by 5.4% of GDP between 2008 and 2020. The Bush tax cuts are a convenient scapegoat for past and future budget woes. But it is the dramatic upward arc of federal spending that is the root of the problem.
To be fair, President Obama did inherit these programs. So, has he proposed remedial action? No, he’s acted to make the entitlement excesses worse by pushing through his Obamacare health care reform, which created a whole new entitlement.