Now that we have raised the debt ceiling, we still haven't made any real serious reforms to reducing our budget because it still leaves the nation facing a projected $22 trillion debt ten years from now - an increase of more than $7 trillion from today.
Obama is in denial that entitlement programs are the main reason why our national debt continues to skyrocket despite overwhelming evidence showing that they are the largest driver of our debt. In fact, lets look at the current estimates for these programs:
According to the program's 2011 annual report, Social Security added $46 billion to this year's deficit and will add $9.1 trillion to the national debt over the long term. Medicare was also in the red by $66 billion this year and will add $24.6 trillion to the debt over the same period. Income tax rates for all Americans would have to double to cover this level of spending. No wonder Americans are turning against the welfare state.