OBAMA AND FELLOW DEMOCRATS “THREATEN TO GO OVER ‘FISCAL CLIFF’ IF GOP FAILS TO RAISE TAXES” TO LET THEM KEEP SPENDING: (Lori Montgomery, “Democrats Threaten to Go Over ‘Fiscal Cliff’ if GOP Fails to Raise Taxes,” The Washington Post, ) DEBT: (“Major Foreign Holders of Treasury Securities,” U.S.
PRESIDENT”: (Mark Knoller, “National debt has increased $4 trillion under Obama,” CBS News’ Political Hotsheet Blog, )ĬHINA OWNS $1.15 TRILLION IN U.S. OBAMA RECORD “THE MOST RAPID INCREASE IN THE DEBT UNDER ANY U.S. It has now gone up $4.939 trillion since President Obama took office.” (Mark Knoller, “National Debt Has Increased More Under Obama than Under Bush,” CBS News, ) The Debt rose $4.899 trillion during the two terms of the Bush presidency. THREE YEARS AND TWO MONTHS OF OBAMA WAS MORE DEBT THAN EIGHT YEARS OF PREDECESSOR: “The National Debt has now increased more during President Obama’s three years and two months in office than it did during 8 years of the George W. POLITIFACT SAID LAST YEAR THAT OBAMA WAS THE “UNDISPUTED DEBT KING OF THE LAST FIVE PRESIDENTS”: “Obama is the undisputed debt king of the last five presidents, rather than the guy who added a piddling mount to the debt.” (Louis Jacobson, “Nancy Pelosi Posts Questionable Chart on Debt Accumulation by Barack Obama, Predecessors,” Politifact, ) So now we are now talking about $4,000 a year, $40,000 over ten years.” (James Pethokoukis, “Study: Obama’s Big Budget Deficits Could Mean A $4,000 A Year Middle-Class Tax Hike,” American Enterprise Institute, 10/2/12) And when you add in the debt already accrued the past four years under President Obama (the second table), that’s another $1,600 a year. Over ten years, that works out to $24,000.
As the table below illustrates, a household making between $100,000 and $200,000 a year could find its tax liability higher by roughly $2,400 every year. STUDY: ANNUAL COST OF OBAMA’S DEBT AMOUNTS TO $4,000 A YEAR IN HIGHER TAXES ON THE MIDDLE CLASS: “In a new paper, AEI’s Aspen Gorry and Matt Jensen look at the real annual cost of servicing the debt for households at various levels of income - including a potentially higher tax burden. NATIONAL DEBT CURRENTLY STANDS AT $16.20 TRILLION SIZE OF NATION’S ECONOMY AT $15.59 TRILLION: (“The Daily History of the Debt Results,” Bureau of the Public Debt, Accessed Bureau of Economic Analysis, ) NOW OBAMA PROMISES TO CUT DEFICIT BY $4 TRILLION IN A 2 nd TERM: (“A Plan for Jobs and Middle Class Security,” Obama for America, )īUT $5.58 TRILLION INCREASE IN NATIONAL DEBT SINCE OBAMA TOOK OFFICE: (“The Daily History of the Debt Results,” Bureau of the Public Debt, Accessed ) Indeed, the national debt is now $5.5 trillion bigger than it was when Obama took office, and President Obama wants to keep spending: But I refuse to leave our children with a debt that they cannot repay, and that means taking responsibility right now, in this administration, for getting our spending under control.” (Molly Moorhead, “Romney Says Obama Promised to Cut the Deficit in Half,” Politifact, ) It will require us to make difficult decisions and face challenges we’ve long neglected. PROMISE BROKEN: OBAMA PLEDGED TO “CUT THE DEFICIT WE INHERITED IN HALF BY THE ENTIRE OF MY FIRST TERM IN OFFICE”: “Today I am pledging to cut the deficit we inherited in half by the end of my first term in office. NO KIDDING: FOUR STRAIGHT YEARS OF SPENDING A TRILLION MORE THAN MORE THAN WE TAKE IN: (Andrew Taylor, “CBO Tallies 2012 Deficit at $1.1T,” Associated Press, )
OBAMA SIMPLE MATH FREE
OBAMA: I STRUGGLE WITH “THE MATH STUFF”: (“Obama Struggles with the Math Stuff,” The Washington Free Beacon, ) Obama and Democrats have run four straight years of trillion dollar deficits after promising to cut the deficit in half: President Obama joked Wednesday that he has trouble with “the math stuff”-and it shows. We can’t afford four more years of Democrat math.
The Democrats’ calculation-that spending more money we don’t have will somehow fix the economy-just hasn’t worked for middle class families who are now making less than they were when Obama took office. Indeed, the national debt is now $5.5 trillion bigger than it was when Obama took office, and President Obama wants to keep spending. Obama and Democrats have run four straight years of trillion dollar deficits after promising to cut the deficit in half. Obama Admits He Struggles with “the Math Stuff”-The $5.6 Trillion He’s Added to the National Debt Makes that Abundantly Clear
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