FRONT PAGE CONTRIBUTOR
Obama’s deficit reduction – a measly $400 billion over ten years
President Obama offers deficit reductions of a woefully inadequate $400 billion over ten years as he continues his “trillion-dollar deficits for years to come.”
In this week’s edition of his, or rather “Your Weekly Address,” President Obama claims he is “proposing a new budget that will help us live within our means”:
My budget freezes annual domestic spending for the next five years – even on programs I care deeply about – which will reduce the deficit by more than $400 billion over the next decade.
That’s right, a lousy $400 billion over 10 years. And that as Obama proposes another new budget that would spend more than $3.5 trillion and add another $1.5 trillion deficit to the national debt.
The national debt was $10.6 trillion, when Obama became president. Today it is $14.1 trillion. The national debt has already increased 35.5 percent during the two years of the Obama presidency.
Obama’s freeze on “annual domestic spending” amounts to just about 10 cents of every dollar the federal government spends. Worse, the freeze maintains the Obamacrats irresponsible 24 percent increase in this spending over the past two years.
According to the Associated Press, Obama’s new budget is “unlikely to even meet the president’s own goal of getting the deficit down to 3 percent of the size of the economy by 2015.”
Obama is so out of touch with his proposed continued profligate spending. He actually claims his new budget “asks Washington to live within its means.” Really, forty cents of every dollar he proposes to spend will have to be borrowed, further increasing the national debt. How is that living within our means?
Finally, in closing his, I mean “Your Week Address,” Obama says this is “what families do in hard times.” Does Obama really believe that in such hard times families can continue to borrow 40 percent of what they spend every year? Really?
As Senator Orrin Hatch said in the Weekly Republican Address:
The president’s proposal for a freeze in government spending might give the White House a nice talking point. But it is a totally inadequate solution to our nation’s spending problems.