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#NotBetterOff: The Next Generation

- March 16, 2012

Obama’s Out Of Control Spending And Disregard For The Nation’s Debt Is Leaving A Burden To Be Shouldered By America’s Next Generation

OBAMA BROKE HIS PROMISE TO CUT THE DEFICIT IN HALF, INSTEAD HE RACKED UP A TRILLION DOLLAR DEFICIT EACH YEAR

PROMISE: Obama Pledged To Cut The Deficit In Half By The End Of His First Term. OBAMA: “And that's why today I'm pledging to cut the deficit we inherited by half by the end of my first term in office.” (President Barack Obama, Remarks At The Fiscal Responsibility Summit, Washington, D.C., 2/23/09)

  • One White House Official Told Politico “We’ll Cut It At Least In Half.” “Under White House projections, this year’s inherited budget deficit of $1.3 trillion will be cut to $533 billion by fiscal year 2013, the end of the first term. ‘So we’ll cut it at least in half,’ the official said.” (Mike Allen, “Obama Vows To Cut Huge Deficit In Half,”Politico, 2/22/09)
  • In 2011, President Barack Obama Reaffirmed His Pledge To Halve The Deficit. OBAMA: “And that’s what we’ve done with this year’s budget.  When I took office, I pledged to cut the deficit in half by the end of my first term.  Our budget meets that pledge and puts us on a path to pay for what we spend by the middle of the decade.” (President Barack Obama, Press Conference, Washington, D.C., 2/15/11)

FAIL: President Obama Has Racked Up The Three Largest Deficits In U.S. History. “The U.S budget deficit for fiscal year 2011 is $1.299 trillion, the second largest shortfall in history. The nation only ran a larger deficit for the 2009 fiscal year, which included the dramatic collapse of financial markets and a huge bailout effort by the government.”(Erik Wasson, “Treasury Announces 2011 Deficit Is Second Highest In History,” The Hill’s On The Money, 10/14/11)

  • Politifact: “Obama Made A Pledge To Cut The Deficit In Half By The End Of His First Term. And He’s Falling Short So Far.” (Gregory Trotter, “Tim Pawlenty Says President Obama Is Going To Break Promise On Deficit And Will Double It,” Politifact, 6/10/11)
  • The Deficit “Remains Very Large By Historical Standards.” “‘The fundamental story about the federal budget has not changed: Although the deficit is starting to shrink, it remains very large by historical standards,’ it says.” (Erik Wasson, “CBO: Deficit Is 493 Billion Larger,” The Hill’s “On The Money,” 3/13/12)

Obama Will Fall “Far Short Of His Goal To Halve The Deficit In Four Years.” “President Obama's proposed 2013 budget will forecast a $901 billion deficit for next year, falling far short of his goal to halve the deficit in four years.” (Richard Wolf, “Obama Budget To Miss Deficit Goal,” USA Today’s “The Oval,” 2/10/12)

President Obama Has Racked Up The Three Largest Deficits In U.S. History. “The U.S budget deficit for fiscal year 2011 is $1.299 trillion, the second largest shortfall in history. The nation only ran a larger deficit for the 2009 fiscal year, which included the dramatic collapse of financial markets and a huge bailout effort by the government.”(Erik Wasson, “Treasury Announces 2011 Deficit Is Second Highest In History,” The Hill’s On The Money, 10/14/11)

  • FY2009: The Federal Budget Deficit Was $1.413 Trillion, The Highest In U.S. History. (“Monthly Budget Review: November 2011,” Congressional Budget Office, 11/7/11)
  • FY2010: The Federal Budget Deficit Was $1.294 Trillion, The Third Highest In U.S. History. (“Monthly Budget Review: November 2011,” Congressional Budget Office, 11/7/11)
  • FY2011: The Federal Budget Deficit Was $1.299 Trillion, The Second Highest In U.S. History. (“Monthly Budget Review: November 2011,” Congressional Budget Office, 11/7/11)
  • FY2012: CBO Estimates The Federal Budget Deficit Will Be $1.2 Trillion. “The non-partisan Congressional Budget Office said Tuesday that the deficit for 2012 is $93 billion larger than it had estimated in January. The deficit is now estimated to be $1.2 trillion this year, now that CBO has factored in new policies like the extension of the payroll tax holiday.” (Erik Wasson, “CBO: Deficit Is 493 Billion Larger,” The Hill’s “On The Money,” 3/13/12)

The Government Ran A Deficit Of $229 Billion In February, The 41st Straight Month Of Deficits. “The nonpartisan agency projected the government will run a deficit of $229 billion in February, the highest monthly figure ever. The previous high was $223 billion a year ago, in February 2011. It is the 41st straight month the government has run a deficit — itself a record streak that dates back to the final months of President George W. Bush’s tenure. Before now, the longest streak on record was 11 months.” (Stephen Dinan, “Govt. Sets Record Deficit In February,” The Washington Times, 3/8/12)

  • And The Worst Deficit In History. “The federal government recorded its worst monthly deficit in history in February, according to a preliminary report Wednesday from the Congressional Budget Office that said the deficit in fiscal year 2012 is already more than half a trillion dollars.” (Stephen Dinan, “Govt. Sets Record Deficit In February,” The Washington Times, 3/8/12)
  • “The CBO’s Figures Show That Despite Repeated Efforts To Trim Spending, The Government Has Borrowed 42 Cents Of Every Dollar It Spent During The First Five Months Of This Fiscal Year.” (Stephen Dinan, “Govt. Sets Record Deficit In February,” The Washington Times, 3/8/12)

OBAMA’S RECKLESS SPENDING HAS MADE HIM THE “UNDISPUTED DEBT KING”

THEN: In 2008, Obama Said Adding $4 Trillion To The National Debt Was “Irresponsible. It’s Unpatriotic.” OBAMA: “The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents - #43 added $4 trillion by his lonesome, so that we now have over $9 trillion of debt that we are going to have to pay back -- $30,000 for every man, woman and child. That's irresponsible. It's unpatriotic.” (Sen. Barack Obama, Remarks At A Campaign Event, Fargo, ND, 7/3/08)

NOW: Politifact: “Obama Is The Undisputed Debt King Of The Last Five Presidents.” “So by this measurement -- potentially a more important one -- Obama is the undisputed debt king of the last five presidents, rather than the guy who added a piddling amount to the debt, as Pelosi’s chart suggested.” (“Nancy Pelosi Posts Questionable Chart On Debt Accumulation By Barack Obama, Predecessors,” Politifact, 5/19/11)

The Current National Debt Is $15.5 Trillion, A $4.9 Trillion Increase Under Obama.  (Department Of The Treasury, “Debt To The Penny And Who Holds It,” Treasury Direct, Accessed 3/15/12)

  • Obama Is Responsible For “The Most Rapid Increase In The Debt Under Any U.S. President.” “The latest posting by the Treasury Department shows the national debt has now increased $4 trillion on President Obama's watch. The debt was $10.626 trillion on the day Mr. Obama took office. The latest calculation from Treasury shows the debt has now hit $14.639 trillion. It's the most rapid increase in the debt under any U.S. president.” (Mark Knoller, “National Debt Has Increased $4 Trillion Under Obama,” CBS News, 8/22/11)
  • Congressional Budget Office: “The Amount Of Federal Debt Held By The Public Has Skyrocketed In The Past Few Years …” “The amount of federal debt held by the public has skyrocketed in the past few years, rising from 40 percent of GDP at the end of 2008 to reach an estimated 67 percent by the end of this year.” (“The Budget And Economic Outlook: An Update,” Congressional Budget Office, 8/24/11)

Each Citizen’s Share Of The National Debt Is $50,281, A $15,862 Increase Under Obama.  (Department Of The Treasury, “Debt To The Penny And Who Holds It,” Treasury Direct, Accessed 3/15/12)

Obama’s Budget Would Increase The Total Federal Debt To $25.9 Trillion By The End of 2022. (“Budget For Fiscal Year 2013,” Office Of Management And Budget, 2/13/12)

“By The Time The Next Election Rolls Around, The Government Will Have Taken On Almost $7 Trillion In Debt Under Obama. It’s Hard To Explain Away A Number So Big.” “For that reason alone, it is unimaginable that debt doesn’t become an even bigger issue in the presidential election. The size-of-government spat is a hard one for the president to win. By the time the next election rolls around, the government will have taken on almost $7 trillion in debt under Obama. It’s hard to explain away a number so big.” (Jim VandeHei and Mike Allen, “President Obama’s Big Drags,” Politico, 8/4/11)

OBAMA HAS KICKED THE CAN DOWN THE ROAD AND FAILED TO LEAD ON ENTITLEMENT REFORM

PROMISE: Obama: “What We Have Done Is Kicked This Can Down The Road. We Are Now At The End Of The Road And Are Not In A Position To Kick It Any Further.” (Michael D. Shear, “Obama Pledges Entitlement Reform,” The Washington Post1/16/09)

  • Obama Said He Would Solve The Insolvency Of Our Entitlement Programs On His Watch. OBAMA: “We have to signal seriousness in this by making sure some of the hard decisions are made under my watch, not someone else's.” (Michael D. Shear, “Obama Pledges Entitlement Reform,” The Washington Post, 1/16/09)
  • Obama Said A “Discussion Around Entitlements” Would Be “A Central Part” Of Plans To Approach The Deficit. “‘We are beginning consultations with members of Congress around how we expect to approach the deficit,’ Obama said. ‘We expect that discussion around entitlements will be a part, a central part, of those plans.’” (Lori Montgomery, “Congress Urges Spending Restraint,” The Washington Post1/8/09)

FAIL: Obama Ignored His Own Fiscal Commission’s Proposals To Rein In Entitlement Programs. “With the budget he is to unveil Monday, President Obama has not opted for the bold, comprehensive approach to reining in the fast-growing federal debt that his own fiscal commission has said is needed, now.” (Jackie Calmes, "A Cautious Approach Seeking Bipartisan Appeal," The New York Times2/13/11)

  • President Obama’s FY2012 Budget “Declined To Propose Major Changes To Social Security, Medicare Or Medicaid.” “Even as the administration said it wants to reduce the deficit by more than $1 trillion over the next 10 years, it declined to propose major changes to Social Security, Medicare or Medicaid, which combined account for more than 40 percent of federal spending.” (Perry Bacon Jr., “In Third Year, Obama Proposes A More Modest Course,” The Washington Post, 2/14/11)

By 2016, Social Security’s Disability Trust Fund Will Be Bankrupt. (“Combined OASDI Trust Funds: March 2012 Baseline,” Congressional Budget Office, 3/13/12)

  • The Cumulative Shortfall In The Disability Trust Fund Will Total $260 Billion By 2022. (“Combined OASDI Trust Funds: March 2012 Baseline,” Congressional Budget Office, 3/13/12)
  • Social Security Will Run A Primary Deficit Indefinitely, Reaching $113 Billion A Year By 2022. (“Combined OASDI Trust Funds: March 2012 Baseline,” Congressional Budget Office, 3/13/12)

DOUBLE FAIL: Obama Is Avoiding Social Security Reform Because His Political Team Says The Debate Could Be “Disastrous To His 2012 Reelection Hopes.” “But Obama's political team, led by David Axelrod, David Plouffe and Jim Messina, are urging the president to understand that backing benefit cuts could prove disastrous to his 2012 reelection hopes, sources say.” (Alexander Bolton, "Social Security Reform Splits White House Political, Economic Teams," The Hill3/15/11)

  • Obama Avoided Changes To Entitlement Programs In His Supercommittee Proposal In Favor Of “A Blueprint For Shoring Up His Restless Democratic Base.” “Suffering an erosion of support from the broad coalition that elected him, Obama has crafted a plan that reads more like a blueprint for shoring up his restless Democratic base than a vehicle for reaching across the aisle in search of bipartisan compromise.” (Carrie Budoff Brown and Jennifer Epstein, “Obama To Unveil $3T Deficit Plan,” Politico, 9/18/11)
  • Former Clinton Budget Director Alice Rivlin And Former Senator Pete Domenici: In Ten Years, “Entitlement Costs Spiral Out Of Control And Revenues Are Inadequate To Deal With A Wave Of Retiring Baby Boomers.” “‘While his budget stabilizes debt over the next decade, the real problem arrives thereafter, as entitlement costs spiral out of control and revenues are inadequate to deal with a wave of retiring baby boomers,’ former White House budget office director Alice Rivlin and former Senate Budget chairman Pete Domenici said in a statement.” (Jeanne Sahadi, “Obama Budget Fails To Tackle Entitlements,” CNN Money,2/14/12)

Social Security & Medicare Trustees: Medicare’s Trust Fund Will Be Exhausted In 2024, Five Years Earlier That Predicted Last Year. “Medicare's trust fund will run dry in 2024, five years earlier than forecast just last year, and Social Security's will be exhausted by 2036, adding fuel to the debate over cutting one or both programs to reduce annual budget deficits.” (Richard Wolf, “Medicare, Social Security Running Out Of Money Faster,” USA Today, 5/13/11)

  • And Will Continue To Run Deficits Indefinitely. “Both programs are running in the red and will continue to do so, the trustees said. Medicare is paying out more in benefits each year than it takes in in taxes. Last year, its trust fund wasn't expected to run dry until 2029.” (Richard Wolf, “Medicare, Social Security Running Out Of Money Faster,” USA Today, 5/13/11)

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