Federal Debt Increases More Under Obama Than Bush
March 20, 2012 27 Comments
In Obama’s three years and two months in office the Federal debt has increased more than it did under eight years of President Bush. In eight years the debt went up just under $4.9 trillion, in Obama’s term so far the debt has increased by just over $4.9 trillion. It’s scheduled to rise another $700 billion or so before the end of the year. This is a major issue but you wouldn’t know it listening to the mainstream press. They’re to busy following Obama’s NCAA Tournament brackets and writing stories, then mysteriously deleting them, about the President’s 13 year old daughter going on a spring break trip to Mexico. (who sends their 13 year old on a spring break trip, much less a spring break trip to a foreign country?)
There are three major issues heading into the 2012 election. Obamacare is potentially one of them, although this could be partially eliminated by a Supreme Court ruling against it. If Obamacare goes down, health care generally will replace it as a major issue. Jobs and the economy generally is going to be a major issue. We have millions of unemployed, far more than the government unemployment rate indicates and we have inflation that’s hurting middle class families. The third and largely forgotten issue is the Federal debt.
The Republican debates and the endless stump speeches have focused on Obamacare and jobs. What they haven’t done much of is focus on the Federal debt. The numbers are simply staggering. Obama in just four years in office will have raised the debt by over $5.5 trillion. It will be an increase of over 30% in just 4 years. Obama’s debt creation will only get worse with a second term. Not only will he be able to push for even more spending but Obamacare will kick in beginning in 2014. The CBO recently doubled the estimate of Obamacare’s cost, which will only add to the Federal debt. Obama’s budget estimates, even if they’re accurate, would see the Federal debt rise by over $9.3 trillion in eight years should he be re-elected.
Our debt is over 100% of GDP. And yet Obama wants to spend more money. The administration has never offered any serious cuts to the Federal budget. Unfortunately our weak Speaker of the House refuses to hold Obama’s feet to the fire. The end result is that we’re going to have an over $1 trillion budget deficit again this year. That is unacceptable with Republicans controlling the House. Unfortunately we have weak leadership, the sort of leadership that will ensure Nancy Pelosi will return as Speaker next year.
Mitt Romney needs to start hitting the debt hard. He needs to come up with a solid plan to reduce Federal expenditures. So far, he doesn’t seem to have a plan at all. He talks about going through each Federal program one by one but that’s a lot of nonsense talk and no one buys he’s going to do that. What Romney needs to do is offer a plan that actually reduces government spending. He needs to cut from all areas of the Federal government, including modest cuts in the military. He needs to push for welfare reform, we have far to many people on food stamps and other benefit programs who don’t need to be. Eligibility should be stricter. We have far to many bureaucrats in DC, Romney should propose an across the board cut in government employees and a hiring freeze on non-political jobs.
The only way Romney can win is if he has a solid plan and vision for the future. He doesn’t seem to have this year. The GOP has only unseated one sitting President in the last century. That was Ronald Reagan, we all know the vision he had in 1980. The Federal debt is astronomical, it’s gone up so much under Obama that it ought to be easy to come up with a simply plan to reduce Federal spending. Romney’s lack of a simple, serious plan ought to trouble fiscal conservatives. If Romney has no vision, Obama is destined for re-election. If Obama is re-elected we’re going to see a Federal debt above $20 trillion by the time he leaves in 2016.