Letter: Deficit disorder
Many have heard the President state he has cut the deficit in half?
Deficits - outlays exceeding revenues. National debt - amount borrowed to finance deficits. Both better understood in graphs. CBS/Heritage have provided both, CBS noting that Obama added more debt in three years than Bush in eight. On a graph, it's stunning.
On Oct. 1 Obama said, "Although ... this shutdown isn't about deficits ... spending ... budgets ... our deficits are falling at the fastest pace in 50 years ... cut in half since I took office." (You Tube)
On Feb. 23, 2009, Obama said he inherited a $1.3 trillion deficit, the largest in history, and pledged cutting in half by the end of 2012. That would be $650 billion.
Actually, the $1.3 trillion deficit amount was incorrect - Usgovernmentdebt.us.com or usgovernmentrevenue.com and others report the following deficits: 2005 - $318 billion, 2006 - $248 billion, 2007 - $161 billion, 2008 - $458 billion, 2009 - $1,413 billion, 2010 - $1,294 billion, 2011 - $1,300 billion, 2012 - $1,087 billion, 2013 - $973 billion (could vary due to just ending Sept. 30), and 2014 estimated at $745 billion.
Candidate Obama, in 2008, said "... problem is, the way Bush has done it over eight years ... taken out a Bank of China credit card in the name of our children ... now a $9 trillion debt we'll have to pay back ... that's irresponsible, it's unpatriotic."
Then Obama took that "unpatriotic" debt amount and increased it 87 percent (Heritage) or to $16,963,977,602,096 as USdebtclock.org just told me.
And the deficit? Did he cut it in half per his promise? Not exactly. First he tripled it, then cut it in half, leaving it double what it was at the end of Bush's presidency, higher than any prior POTUS, higher than at the height of WWII in 1943 ($737 billion).
And the debt? CBS News reported - even with two trillion in tax hikes, Obama failed to solve the debt problem. Never mentioned is the $6.2 trillion Obamacare will add.