you hear Barack Obama say he has cut the deficit in half during his
time in office, just remember that the first 43 presidents of the United States
incurred $10.6 trillion in debt collectively and Obama has presided over
$6.1 trillion in over-spending in 4 years alone.
important to get some terminology straight. The deficit refers to an
annual number....how much outlays exceed revenues in a given year. The
national debt refers to the total amount a nation has borrowed, over
time, to finance these deficits.
The actual deficit in fiscal
year 2009 was $1.41 trillion and the CBO deficit projection for 2013 is
$642 billion...so Obama would be correct in regards to those numbers
about cutting the deficit in half. But it doesn't take away from the
fact that Obama has over-spent $6 trillion more than we have collected
in taxes in his first four years.
It took 224 years of
overspending to accumulate $10 trillion in debt and it took Obama four
years to accumulate $6 trillion....and what do we have to show for it?
The slowest 'recovery' in modern history, record numbers of Americans on
welfare, record numbers of Americans collecting disability payments,
9.5 million less people in the work force under Obama and the Fed
continues to pump (QE) almost $60 billion a month into the market in an
effort to prop-up an ailing economy.
My point is...should we
extend the debt limit by another trillion dollars without forcing the
President to cut wasteful spending? Obama doesn't want to cut spending
and Nancy Pelosi has said there isn't anything left to cut. Bovine
If the spendoholics in Washington want to increase
the debt limit, they must be forced to cut the size of government
because our current path is unsustainable. Our country faces $61.6
trillion in unfunded liabilities in coming years, but that's another
story for another time.
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