Obama’s New Debt Record: Why We Can’t Afford a Second Term
As of today, the president who promised to cut the deficit in half has now racked up more new debt than any of his predecessors—and in less time.
In 2008, Obama said “I don’t want to wake up four years from now and find out that our children’s future was mortgaged by another mountain of debt.” But four years later, that’s exactly what’s he’s waking up to.
Instead of cutting the deficit in half, as promised, the president did the opposite. He created four record budget deficits—$1.4 trillion in 2009, $1.3 trillion in 2010, $1.3 trillion in 2011, and it is projected to reach $1.3 trillion in 2012.
What have we gotten in return? A weak economy. A bloated government. A failed $831 billion stimulus. A job-killing healthcare bill. Loans to failed companies like Solyndra. An embarrassing credit downgrade.
Today, the debt sits at $15.5 trillion and is greater than the U.S. GDP. Under Obama’s budget, by the end of 2022, the total federal debt will reach $25.9 trillion.
The size of the debt is shocking. But it still pales in comparison to the magnitude of President Obama’s hypocrisy on the issue.
During the 2008 campaign, President Obama called adding $4 trillion to the debt “irresponsible.” More memorably, he added, “It’s unpatriotic.”
If $4 trillion in eight years is “unpatriotic,” what is $4.9 trillion in three years?
This hypocrisy undermines the president’s credibility. It makes his campaign promises completely unbelievable. After breaking a major vow with such dramatic consequences, voters simply cannot believe him.
Worse still, from what we know, a second term would be no different. The president would continue to pursue policies that would add to the debt and imperil our economy.
In his Fiscal Year 2013 budget, the president has no comprehensive plan to cut the deficit. It called for more spending on top of more taxes. He has no plan to save Social Security, Medicare, or Medicaid—the major drivers of the debt.
That means the debt ceiling will once again have to be raised. It also means that we are likely to see yet another credit downgrade. Last year, Standard and Poors revoked America’s AAA credit rating for the first time in history. Now, the credit rating agency Fitch may do the same.
Fitch has warned that if the United States does not produce a “credible plan” for cutting the deficit and debt, they too could downgrade our credit in 2013. In an already weak economy, we cannot afford that.
We have seen Barack Obama’s record. We know he will never produce a “credible plan” for deficit reduction. He ignored the recommendations from his own deficit reduction commission. He did not listen to his own advisors, and he does not listen to the American people who are demanding a responsible, efficient government.
That was the message they sent to Washington in the 2010 midterm elections. Republicans have been fighting for that cause, for the Ryan Plan, and for the Balanced Budget Amendment. But Democrats block those efforts and continue to say “spend more.”
We can’t afford to “spend more,” and we cannot afford a second term of Barack Obama. The first term has already been too expensive—$4.9 trillion too expensive, to be precise.
If you agree, be sure to watch and share the RNC’s new video, “Mountain of Debt.”