The Truth About Obama’s Economy
by Jason Peirce
Just ahead of the 2014pinochio elections, Obama has been touting his economic record: “There’s almost no economic measure by which we are not better off than when I took office.”
Surely Obama knows the devastating truth behind his distorted economic measurements.
Let’s examine them more closely.
Obama asserts deficits are down. Down from what? Obama is responsible for the largest deficits in U.S. history. Obama’s deficit for FY 2009 was $1.4 trillion; 2010 $1.3 trillion; 2011 $1.3 trillion; and 2012 $1.1 trillion.
And interestingly, though the U.S. Treasury pegs the FY 2014 deficit at some $500 billion, sifting through the same site shows the national debt was $16.8 trillion in September, 2013 and some $17.8 trillion today. So, Obama may say “deficits, down” but he still added $1 trillion to the debt over the past year. When Obama took office the national debt was $10.6 trillion.
It will soon be $18 trillion, and he’s not done yet. Obama’s deficits and debt display the stunning audacity of his cynicism and hypocrisy, as he once characterized Bush’s debt as “irresponsible” and “unpatriotic,” accusing Bush of abusing a “credit card from the Bank of China in the name of our children.”
Obama was right about Bush’s debt. But then he proceeded to nearly double Bush’s debt. Young people take note: by his own logic, Obama has waged war on your future...