08.25.2012
Obama Deficit ALREADY Exceeds 8 Years of Bush in Half the Time
original article written by Net Advisor™
In January 2011, I discussed how President Obama’s deficit would not only exceed President Bush’s deficit, but Obama would run a larger deficit in just half-the time.
When doing research for another article, I came across a report that said President Obama’s debt now exceeds Bush’s 8 years of debt, in less than 4 years.
“The National Debt has now increased more during President Obama’s three years and two months in office than it did during 8 years of the George W. Bush presidency.”
Up to $2 Trillion in New Taxes Coming in 2013
Under Obama’s plan, government does not reduce the deficit at all. The approximately $2 Trillion in new tax increases in 2013 go to expanding the government, not reducing it (Source: NetAdvisor.org Report. Please see points [13] and [14]).
Pulling $2 Trillion out of the People’s hands and into the government’s pocket to spend as they see fit, pulls money out of the economy that could be invested in private business to grow or expand jobs, or create new business.
Instead of policies that support business for job creation, the Obama Administration has invested taxpayer and borrowed money into its government welfare creation, where some 46.5 Million people can’t afford to eat under this Administration.
More Debt Racking Up
The trend of government has been to use “stop-gap” measures to temporary allow a short-term increase in the deficit. All this does is pass a law allowing the deficit to go up without a formal budget, then say, we will address this problem later. The problem is, the deficit is never adequately addressed. It is just “talk”.
The Obama Administration had complete power with a Democratic House and Democratic Senate for two years under Senate Majority Leader Harry Reid (D-NV) and then House Speaker Nancy Pelosi’s (D-CA) ‘leadership’. The results were bigger government, government control over health care, more government spending, and record government deficits. Voters responded to this with the biggest sweep of the House since 1928.
It is not likely that the Obama Administration or Congress will take any action toward the deficit or government spending until (MAYBE) after the November 2012 election.
Our view is that an Obama second term will send the economy into a deeper recession in 2013 and eventually into a depression if – if – if – government spending and entitlement reform is NOT put under permanent controls.
Raising taxes (especially in this fragile economy) will not create jobs, nor solve the nation’s problems. Government must reduce its size, and voters need to send a message to force government to rein in spending. A Line Item Veto and a Balanced Budget Amendment should be passed asap. I will elaborate more on the economic risks ahead that few in Washington DC want to discuss in our upcoming report.
In the mean time, the non-partisan CBO estimates that the Obama Administration will add $1.1 Trillion to the deficit in 2012. (Source: Congressional Budget Office, PDF).
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