President Obama ran against Bush’s big spending policies calling them “unpatriotic” and “profoundly irresponsible.” He promised to change the deficit spending ways of Washington and he ended up changing them for the worse. When President Obama was elected, the national debt stood at $9.9 trillion. It now hovers over $15 trillion. He is projected to add more debt than all 43 President’s combined including President George W. Bush. No matter how much you dislike Bush and like President Obama, this debt will crush our economy.
When President Obama was inaugurated on January 20th, 2009, the public held debt stood at $6,307,310,739,681.66. Let’s shave off $310,739,681.66 to keep it short and say the public held debt was $6.307 trillion. So, all 43 President’s combined (including George W. Bush), left President Obama with $6.307 trillion in public held debt. Obama called this big spending “unpatriotic.”
According to the Congressional Budget Office (CBO), the publicly held debt will reach $12.784 trillion at the end of fiscal year 2013, which marks the end of Obama’s last budget from his first term. Obama will have added $6.477 trillion in one term as President. What all of our past Presidents did in 220 years, Obama will do in four.
The government borrows 42 cents of every dollar it spends and about half of that comes from countries like China.
Source: Politifact Florida
President Obama promised to cut the deficit in half by the end of his first term. Fiscal 2009 budget deficit (technically the last year under Bush) was $1.41 trillion. The 2010 budget deficit was $1.3 trillion. The 2011 budget deficit was $1.6 trillion. The 2012 budget deficit projection: $1.3 trillion.
Source: USA Today
The government borrows $5 billion everyday to run the government. It seems like a drop in the bucket when you consider that if you took 100% of every millionaire’s income, it would run the government for four months.
Source: Rep Paul Ryan (D-WI)
President Obama has failed to produce a budget that will reduce our deficit.