There must be an honest conversation about the size, scope and impact of our government on the American dream. President Obama isn’t the first occupant of the White House to tax, borrow and spend, but he has taken it to a dangerous new level. Four years ago, Obama campaigned on a platform of reducing the budget deficit, reducing the national debt and lowering taxes. Today, Obama has the distinction of spending more of our money in less time than any other president in history. More spending means higher taxes – not just for the mega rich – but our businesses and middle class families as well. If we ran our homes and businesses like Obama runs the government, we’d be out of business and homeless. Here are the facts you should know about Obama’s spending spree; after all he’s footing us with the bill.
- Under President Obama, the U.S. Federal Budget has increased more than 27% in just the last three and a half years. Did your household or business budget increase 27% from 2009-2012?
- The Federal government now spends a staggering $4 billion per day. The Federal deficit is entering its third year of $1 trillion + deficits. Obama’s solution? Spend more.
- The National Debt is now more than $16 trillion. That’s more than a $5 trillion increase under Obama. We are now officially upside down on our obligations with the debt more than 100% of GDP.
- President Obama championed and signed the two largest single government expenditures in history – probably world history – his $835 billion so-called Stimulus Bill and $2 trillion for Obamacare.
- Obama gave billions of dollars to failed energy companies like Solyndra. Today, more than a dozen of them have gone bankrupt – but his campaign contributors made a fortune.
- At $2 trillion, Obamacare is now projected to cost double the President’s projections, increase taxes by $500 billion, and kill hundreds of thousands of jobs.
- In one year, Obama increased Federal spending as a percentage of GDP to a whopping 25.2% – the highest in US history except for WWII. At Obama’s current rate of spending, it would be more than 30% of GDP in 15 years.
- President Obama has pledged more than $45 trillion in additional spending over the next ten years should he win reelection.
The problem is not that President Obama ran as a moderate then governed as a left wing liberal. It’s that no matter what folks say, you can’t tax the American people enough to pay for Obama’s first-term spending spree – let alone what he proposes to spend in another four years. While the President would like people to think that taxing the so-called 1% will solve the problem, the math simply doesn’t work. All of us will pay. Our families can’t afford it. Our businesses can’t afford it. America can’t afford Barack Obama’s vision of the future.
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