Tuesday, July 24, 2012

"Change" we can't afford

Barack Obama, the promise:

“That’s why today, I’m pledging to cut the deficit we inherited by half by the end of my first term in office.” - January 23, 2009

 Barack Obama, the result:

"By the end of the third quarter of fiscal 2012, the new debt accumulated in this fiscal year by the federal government had already exceeded $1 trillion, making this fiscal year the fifth straight in which the federal government has increased its debt by more than a trillion dollars, according to official debt numbers published by the U.S. Treasury."

Not only has the deficit not been cut by one single dime, under Obama's watch it has increased by close to 4 trillion dollars even as the rate of spending has been greatly accelerated.

Another empty campaign promise tossed right into the wastebasket once the country's attention is elsewhere.

Remember when former President George W. Bush was (rightly) being castigated for his profligate spending?  Well, where is the wall-to-wall coverage now?

EDIT:  In an unrelated note, we just noticed this is our 2000th post at the Muckraker.  We wish to extend a heartfelt thank you to the loyal readers who make this effort enjoyable and worthwhile.  You are all greatly appreciated.

1 comment:

Bike Bubba said...

OK, economics guy talking:

Deficit: annual red ink

Debt: overall red ink

Obama promised, apparently, to cut the deficit in half--that would place it around half a trillion dollars or so. If he'd succeeded, he'd have reduced the increase in debt by about two trillion dollars--but still would have increased it by about three trillion bucks.

(everybody confuses these!)