Contribute
CONNECT:

research

State Of Obama’s Union: Debt

- January 22, 2014

After Five State Of The Union Addresses, Obama Says One Thing And Does The Opposite On Debt

 

 

Obama's 2009 Address To A Joint Session Of Congress: "There Is, Of Course, Another Responsibility We Have To Our Children. And That Is The Responsibility To Ensure That We Do Not Pass On To Them A Debt They Cannot Pay." (President Barack Obama, Address To Joint Session Of Congress , Washington, D.C., 2/24/09)

DESPITE FIVE YEARS OF PROMISES FROM OBAMA TO DO SOMETHING, THE DEBT HAS GROWN LARGER, MORE COSTLY, AND HAS NO END IN SIGHT

Obama Warned In His 2013 State Of The Union Address That The U.S.'s Debt Will Prevent Investment In Children And A Secure Retirement For Seniors. OBAMA: "Yes, the biggest driver of our long-term debt is the rising cost of health care for an aging population. And those of us who care deeply about programs like Medicare must embrace the need for modest reforms -- otherwise, our retirement programs will crowd out the investments we need for our children, and jeopardize the promise of a secure retirement for future generations." (President Barack Obama, Remarks By The President In The State Of The Union Address , Washington, D.C., 2/12/13)

In His 2012 State Of The Union Address, Obama Called For A Tax And Spending Plan That Shows "We're Serious About Paying Down Our Debt." OBAMA: "Do we want to keep these tax cuts for the wealthiest Americans? Or do we want to keep our investments in everything else -- like education and medical research; a strong military and care for our veterans? Because if we're serious about paying down our debt, we can't do both … As I told the Speaker this summer, I'm prepared to make more reforms that rein in the long-term costs of Medicare and Medicaid, and strengthen Social Security… But in return, we need to change our tax code so that people like me, and an awful lot of members of Congress, pay our fair share of taxes." (President Barack Obama, Remarks By The President In State Of The Union Address , Washington, D.C., 1/24/12)

Obama In His 2011 State Of The Union Address: "The Final Critical Step In Winning The Future Is To Make Sure We Aren't Buried Under A Mountain Of Debt." (President Barack Obama, Remarks By The President In State Of Union Address , Washington, D.C., 1/25/11)

Obama's 2010 State Of The Union Address: If We Don't "Rein In Our Debt, It Could Damage Our Markets, Increase The Cost Of Borrowing And Jeopardize Our Recovery." OBAMA: "But understand -- understand if we don't take meaningful steps to rein in our debt, it could damage our markets, increase the cost of borrowing, and jeopardize our recovery -- all of which would have an even worse effect on our job growth and family incomes." (President Barack Obama, Remarks by The President In State Of The Union Address, Washington, D.C., 1/27/10)

Obama, In His 2009 Joint Session To Congress: Confronting "Mountain Of Debt" Is "Our Responsibility." OBAMA: "The only way this century will be another American century is if we confront at last the price of our dependence on oil and the high cost of health care; the schools that aren't preparing our children and the mountain of debt they stand to inherit. That is our responsibility." (President Barack Obama, Address To Joint Session Of Congress , Washington, D.C., 2/24/09)

After Calling $4 Trillion In New Debt Unpatriotic, Obama Added $6.6 Trillion

FLASHBACK: 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)

$6.6 Trillion Has Been Added To The Debt Since Obama Was Inaugurated. (U.S. Department of the Treasury, Accessed 1/20/14)

"Less Than Two Months Into President Obama's Second Term, New Numbers Show The National Debt Increased By More Than $6 Trillion Since He Took Office. It's The Largest Increase To Date Under Any U.S. President." (Mark Knoller, "National Debt Up $6 Trillion Since Obama Took Office," CBS News, 3/1/13)

On Average $3.6 Billion A Day Has Been Added To The National Debt Since Obama Became President. (U.S. Department of the Treasury, Accessed 1/20/14)

Debt Per Person Increased By $19,661 Under Obama, From $34,769 To $54,430. (U.S. Department Of The Treasury, Accessed 1/20/14; U.S. Census Bureau, Accessed 1/20/14)

The Washington Post : "[Obama's] Record On The Growth Of National Debt Is The Worst Of Recent Presidents." "But the fact remains that under basic economic measures, not phony ones, his record on the growth of the national debt is the worst of recent presidents." (Glenn Kessler, "A Bogus Chart On Obama And The Debt Gets A New Lease On Life," The Washington Post's "The Fact Checker" , 9/29/11)

Under Obama, The Cost Of Debt Continues To Increase

Publicly Held Debt Has Risen To 73 Percent Of GDP, The Highest Point In U.S. History Except For A Brief Period Around World War II. "Federal debt held by the public is now about 73 percent of the economy's annual output, or gross domestic product (GDP). That percentage is higher than at any point in U.S. history except a brief period around World War II, and it is twice the percentage at the end of 2007." ( Congressional Budget Office, 6/21/13)

Since Obama's First Year As President The Cost Of Servicing The Nation's Debt Has Increased $35.5 Billion. (U.S. Department Of The Treasury, Accessed 1/20/14)

  • Under Obama's Proposed Budget, Interest Payments Would Cost $5.1 Trillion From FY 2014 To 2023. (Congressional Budget Office, 6/21/13)

Interest Payments On The Debt Are Expected To Reach 5 Percent Of GDP By 2038 After Averaging 2 Percent For The Past 40 Years. (Congressional Budget Office, 6/21/13)

Obama Lacks A Strategy For Dealing With The Debt As It Is Set To Explode In The Future

The Washington Post Editorial Board: Obama's Speeches Lack "A Serious Proposal For Straightening Out The Federal Government's Long-Term Fiscal Situation." (Editorial Board, "Mr. Obama Should Not Ignore Entitlements," The Washington Post , 7/27/13)

"The Nonpartisan Congressional Budget Office (CBO) Warned Tuesday That The Long-Term Outlook For The National Debt Remains Dire." "The nonpartisan Congressional Budget Office (CBO) warned Tuesday that the long-term outlook for the national debt remains dire, despite a near-term drop in the deficit that has been lauded by the Obama administration. Federal debt held by the public is slated to rise from 73 percent of the economy in 2013 to 100 percent of gross domestic product by 2038, the CBO said." (Erik Wasson, "CBO Projects Dire Debt Level," The Hill's On The Money, 9/17/13)

  • On The Current Fiscal Path, The U.S. National Debt Would Reach 100 Percent Of GDP By 2038, "More Than In Any Year Except 1945 And 1946." "The gap between federal spending and revenues would widen steadily after 2015 under the assumptions of the extended baseline, CBO projects. By 2038, the deficit would be 6½ percent of GDP, larger than in any year between 1947 and 2008, and federal debt held by the public would reach 100 percent of GDP, more than in any year except 1945 and 1946. With such large deficits, federal debt would be growing faster than GDP, a path that would ultimately be unsustainable." ("The 2013 Long-Term Budget Outlook," Congressional Budget Office, 9/17/13)

Multiple Officials Have Warned That The U.S.'s Debt Is Unsustainable And Dangerous

CBO Director Douglas Elmendorf: "The Federal Budget Is On A Course That Cannot Be Sustained Indefinitely." (Jeanne Sahadi, "Deficits: Better Now, Worse Later," CNN's Money, 9/17/13)

Elmendorf: Growing Debt Increases Risk Of "Sudden Fiscal Crisis." "Growing debt also would increase the probability of a sudden fiscal crisis, during which investors would lose confidence in the government's ability to manage its budget and the government would thereby lose its ability to borrow at affordable rates." (Douglas Elmendorf, "CBO's 2011 Long-Term Budget Outlook," Congressional Budget Office "Director's Blog", 6/22/11)

Then-Chairman Of The Joint Chiefs Of Staff Admiral Michael Mullen In 2010: "The Single-Biggest Threat To Our National Security Is Our Debt." "And then thirdly, we're going through -- and I've said publicly. I'll restate it now. I think the single-biggest threat to our national security is our debt. We are going to pay interest on the debt -- I think it's in 2012 -- of close to $600 billion. That's one year's worth of Defense budget." (Admiral Mike Mullen, Remarks At A Detroit Economic Club Luncheon, Detroit, MI, 8/26/10)

DESPITE CLAIMING HE IS SERIOUS ABOUT THE DEFICIT, OBAMA IS STILL RESPONSIBLE FOR THE FIVE HIGHEST DEFICITS IN U.S. HISTORY

Obama Promised In 2013 To Reduce The Deficit By Cutting Spending And Increasing Revenue. OBAMA: "They know that broad-based economic growth requires a balanced approach to deficit reduction, with spending cuts and revenue, and with everybody doing their fair share. And that's the approach I offer tonight." (President Barack Obama, Remarks By The President In The State Of The Union Address , Washington, D.C., 2/12/13)

Obama In 2012: "We Need To Do More" On Tackling The Deficit. OBAMA: "When it comes to the deficit, we've already agreed to more than $2 trillion in cuts and savings. But we need to do more, and that means making choices." (President Barack Obama, Remarks By The President In State Of The Union Address , Washington, D.C., 1/24/12)

Obama In His 2011 State Of The Union: "If We Make The Hard Choices Now To Rein In Our Deficits, We Can Make The Investments We Need To Win The Future." (President Barack Obama, Remarks By The President In State Of Union Address , Washington, D.C., 1/25/11)

Obama's Annual Deficits Have Been The Largest In U.S. History

Obama Has Presided Over The Five Highest Deficits In U.S. History. (Office Of Management And Budget, Accessed 1/20/14)

"All The Trillion-Dollar Deficits Have Taken Place Under President Obama." "The federal government ran up a $293 billion deficit in the first quarter of fiscal 2013, which ended Dec. 31, the nonpartisan Congressional Budget Office estimated Tuesday. The government's fiscal year starts on Oct. 1st. At this pace, the deficit would be on pace to top $1 trillion for the fifth-straight year in 2013. All the trillion-dollar deficits have taken place under President Obama." (Eric Wasson, "First-Quarter Deficit Was $293 Billion, CBO Says," The Hill, 1/8/13)

CBO: "Between 2009 And 2012, The Federal Government Recorded The Largest Budget Deficits Relative To The Size Of The Economy Since 1946." (Congressional Budget Office, 6/21/13)


Previous post

State Of Obama’s Union: Energy

Next post

Grimes Is Failing On Coal
Republican National Committee

Connect With Us

Republican National Committee
Chairwoman Ronna McDaniel
News & Videos
  • 310 First Street SE, Washington, DC 20003
  • 202-863-8500

By providing your phone number, you are consenting to receive calls and SMS/MMS msgs, including autodialed and automated calls and texts, to that number from the Republican National Committee. Msg&data rates may apply. Terms & conditions/privacy policy apply 80810-info.com.

Paid for by the Republican National Committee. Not Authorized By Any Candidate Or Candidate's Committee. www.gop.com

By providing your phone number, you are consenting to receive calls and SMS/MMS msgs, including autodialed and automated calls and texts, to that number from the Republican National Committee. Msg&data rates may apply. Terms & conditions/privacy policy apply 80810-info.com.

Paid for by the Republican National Committee.
Not Authorized By Any Candidate Or Candidate's Committee. www.gop.com