Three Years of Debt and Delay

Sunday, April 29, 2012, marks the three-year anniversary of the last budget passed by the Democrat-controlled Senate.  On Sunday, 1,096 days will have passed since the Senate Democrats upheld their legal obligation to pass an annual budget in April of each year.

Since the Senate Democrats last passed a budget:

  • The United States has lost its perfect credit rating.
  • Federal debt has increased nearly 50 percent to a staggering $15.6 trillion.
  • America has assumed the unenviable position of having the highest business tax in the world.
  • At $49,824 per person, America’s debt per capita has increased and is now higher than many European countries including Greece.
  • The Social Security board of trustees has projected that Social Security trust fund will be exhausted in 2033 – three years sooner than last year’s projection.
  • CBO has projected that GDP will drop by up to 2.2 percentbecause of out of control deficits under President Obama’s most recent budget proposal.
    • According to projections used by President Obama’s former top economic advisor, a GDP loss of 2.2% would destroy 2.2 million jobs.
    • Unemployment has remained above 8 percent.
    • One out of every two recent graduates remain unemployed or underemployed.