The Obama Economy Isn’t Working
Sep 04 2012
- The president promised to cut the deficit in half by the end of his first term. However, he has now presided over four straight years of deficits over $1 trillion.
- The president’s big-spending policies are costing jobs and economic growth and saddling future generations with crushing debt.
President Obama’s big-spending policies have added trillions to the national debt:
- President Obama’s failed stimulus bill added nearly $1 trillion to the federal debt.
- ObamaCare is expected to add over a half trillion to the federal debt over its first 10 years.
- President Obama’s tax-and-spend budgets have been unanimously rejected by both sides of the aisle three separate times.
- Senate Democrats haven’t passed a budget in almost three-and-a-half years.
The president’s policies are costing jobs and economic growth, and saddling future generations with crushing debt:
- Total federal debt has increased by more than 50 percent since the president took office.
- Debt per person has increased from $34,731 to $50,876 since the president took office, and is now greater than that of Portugal, Italy, Spain, and Greece.
- Our federal debt now exceeds the entire annual economic output of the United States. This level of debt is projected to reduce economic growth by 1 percent, which would result in one million fewer jobs according to the president’s former top economic adviser.