Skip to comments.Obama's Epic Deficit Failure
Posted on 08/23/2012 5:29:25 AM PDT by IBD editorial writer
Spending: Remember when President Obama promised he'd cut the deficit in half in his first term? Well, the results are in, and red ink will once again top $1 trillion. Calling this an epic failure isn't enough.
In his first budget message to the country, Obama promised to make the "tough choices necessary to restore fiscal discipline, cut the deficit in half by the end of my first term in office, and put our nation on sound fiscal footing." His plan projected a deficit of $557 billion this year, and $512 billion next year.
On Wednesday, the Congressional Budget Office showed how far Obama has missed that target.
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Depends on what the goal was, doesn’t it?
I wonder if in the election it matters what the valuations are.
Most Americans can not evaluate the difference between hundreds of millions and hundreds of billions and trillions. The numbers are so large they are incomprehensible. Most Americans cannot distinguish between federal debt and federal deficit. To attach incomprehensible values to incomprehensible concepts is , well, incomprehensible.
What is real, what is understandable, is no job, fear of losing a job, the price of gasoline, of hamburger, of cereal, of ice cream. What is real is the effect the incomprehensible facts have on the daily struggle. It is the increasing intensity of the struggle that will decide the issue.
There are probably people that believe that Obama lowered the deficit from $500 billion to $1 Trillion. After all, 1 is less than 500, right?
Obama figures that he did cut the deficit in half -
It was only half of what he originally intended.
This is another big-time winning issue for Romney/Ryan, but they need to hit it from an emotional angle. Constantly remind voters that this debt will crush their children and grandchildren, and any hopes they have for a better America.
And his budget proposal called for more trillions of deficit spending in his next term...
There are still people out there who believe obama intended to do what he promised in the 08 campaign. He’s doing what he planned, not what he promised.