Obama delusional in explaining deficit cuts

Photo credit infiniteunknown.net

President Barack Obama’s remarks on Tuesday clearly little connection with reality, which leads me to wonder if he actually goes over thew content of his speeches beforehand, or does he just recite whatever pops up on the teleprompter.

Since assuming office four years ago, the president has added $5.9 trillion to the national debt. In order to achieve this dubious honor, we had to acquire an average annual deficit of $1.475 trillion. Yet the president made the following statement:

“Over the last few years both parties have worked together to reduce our deficits by more than $2.5 trillion,” he said Tuesday according to CNSNews.

“More than two thirds of that was through some pretty tough spending cuts,” Obama said.

Spending cuts? What spending cuts?

“The rest of it was through raising taxes, tax rates, on the wealthiest one percent of Americans. And together, when you take the spending cuts and the increased tax rates on the top one percent, it puts us more than half way to the goal of $4 trillion in deficit reduction that economists say we need to stabilize our finances.”

CNSNews’ Terence Jeffrey observed:

When Obama was inaugurated on Jan. 20, 2009, the federal government’s debt was $10,626,877,048,913.08. As of the close of business on Feb. 14, 2013, the federal government’s debt was $16,540,800,290,147.46. Thus, since Obama has been president, the federal debt has increased $5,913,923,241,234.38. That is more than all the debt accumulated by all the presidents from George Washington through Bill Clinton.

* * *

Federal spending and federal deficits have both increased sharply under President Obama. In fiscal 2008, the last full fiscal year before Obama took office, the federal government spent $2.9716 trillion. In fiscal 2012, the federal government spent $3.538 trillion.

2008’s deficit was $459 billion. The deficit for 2009 was $1.413 trillion. This huge jump was due mainly to outgoing President Bush’s TARP legislation, and incoming President Obama’s stimulus legislation. Nonetheless, the president now claims that the deficit has been reduced by some $2.5 trillion which is clearly at odds with our average annual deficit of $1.475 trillion.

Read more at CNS News

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