Post by jobs1stb4polarbear on Feb 16, 2012 10:57:12 GMT -5
Where is the U.S. headed if Pres. Obama is adding an estimated $5 trillion to the national debt in his first term?
caffertyfile.blogs.cnn.com/2012/02/15/where-is-the-u-s-headed-if-pres-obama-is-adding-an-estimated-5-trillion-to-the-national-debt-in-his-first-term/
FROM CNN's Jack Cafferty:
President Obama has broken a promise to the American people to cut the deficit in half.
His latest budget forecasts a $901 billion budget deficit for 2013.
If you add in the $1 trillion-plus deficits he has run for his first three years in office, along with an estimated $200 billion in economic stimulus, that's about $5 trillion in the red in his first term.
George W. Bush set the previous record of $3.4 trillion of deficits in eight years. President Obama is on track to add $5 trillion in deficits in just four years. This is part of the reason why our national debt is now a whopping $15 trillion.
The Weekly Standard crunches the numbers to find that deficit spending just under President Obama equals more than $17,000 per person or about $70,000 for a family of four.
In February 2009, shortly after President Obama took office, he pledged to cut the $1.3 trillion deficit he inherited from President Bush in half by the end of his first term.
"I refuse to leave our children with a debt that they cannot repay – and that means taking responsibility right now, in this administration, for getting our spending under control."
Meanwhile, a quick look at what's happening around the world could provide a glimpse of our own future.
Greece saw more violent riots this week after the government's approval of austerity measures.
The credit rating agency Moody's also downgraded six European countries, including Italy and Spain, amid concerns over the continent's debt crisis and sluggish economy.
Here’s my question to you: Where is the U.S. headed if Pres. Obama is adding an estimated $5 trillion to the national debt in his first term?
...good Question!
caffertyfile.blogs.cnn.com/2012/02/15/where-is-the-u-s-headed-if-pres-obama-is-adding-an-estimated-5-trillion-to-the-national-debt-in-his-first-term/
FROM CNN's Jack Cafferty:
President Obama has broken a promise to the American people to cut the deficit in half.
His latest budget forecasts a $901 billion budget deficit for 2013.
If you add in the $1 trillion-plus deficits he has run for his first three years in office, along with an estimated $200 billion in economic stimulus, that's about $5 trillion in the red in his first term.
George W. Bush set the previous record of $3.4 trillion of deficits in eight years. President Obama is on track to add $5 trillion in deficits in just four years. This is part of the reason why our national debt is now a whopping $15 trillion.
The Weekly Standard crunches the numbers to find that deficit spending just under President Obama equals more than $17,000 per person or about $70,000 for a family of four.
In February 2009, shortly after President Obama took office, he pledged to cut the $1.3 trillion deficit he inherited from President Bush in half by the end of his first term.
"I refuse to leave our children with a debt that they cannot repay – and that means taking responsibility right now, in this administration, for getting our spending under control."
Meanwhile, a quick look at what's happening around the world could provide a glimpse of our own future.
Greece saw more violent riots this week after the government's approval of austerity measures.
The credit rating agency Moody's also downgraded six European countries, including Italy and Spain, amid concerns over the continent's debt crisis and sluggish economy.
Here’s my question to you: Where is the U.S. headed if Pres. Obama is adding an estimated $5 trillion to the national debt in his first term?
...good Question!
