March 20, 2012
By Sara Noble
The Independent Sentinel
President Obama can blame George Bush all he wants but he is the one who said we need to keep spending. He came out with three years of trillion dollar plus deficit budgets. Obama had a Democratic Congress for two years and they refused to pass Obama’s budgets – that would not have been a vote getter at election time.
The National Debt has increased more during Obama’s three years and two months in office than it did during 8 years of Bush’s presidency –
…The Debt rose $4.899 trillion during the two terms of the Bush presidency. It has now gone up $4.939 trillion since President Obama took office.
The latest posting from the Bureau of Public Debt at the Treasury Department shows the National Debt now stands at $15.566 trillion. It was $10.626 trillion on President Bush’s last day in office, which coincided with President Obama’s first day.
The National Debt also now exceeds 100% of the nation’s Gross Domestic Product, the total value of goods and services.
Mr. Obama has been quick to blame his predecessor for the soaring Debt, saying Mr. Bush paid for two wars and a Medicare prescription drug program with borrowed funds.
The federal budget sent to Congress last month by Mr. Obama, projects the National Debt will continue to rise as far as the eye can see. The budget shows the Debt hitting $16.3 trillion in 2012, $17.5 trillion in 2013 and $25.9 trillion in 2022….CBS News
CNBC reports that the EU, with its disastrous debt burden, pales when compared to the United States. They only owe 6 trillion combined. The U.S. debt-to-GDP hit 100 percent in 2011 and under its current trajectory would exceed 115 percent of GDP by 2016, according to the International Monetary Fund figures.
Sen. Jeff Sessions, R-Ala., ranking member on the Senate Budget Committee, said that the United States has a higher per capita debt burden than any European country, including riot-ridden Greece.
The Senate Budget Committee also notes that our debt per capita would rise to $75,000 by 2020 under President Obama’s budget proposal should it become law.
Zerohedge looked at Paul Ryan’s budget for 2013 – the budget proposes slashing corporate and individual tax rates, collapsing the current six tax bracket system into just two tiers (10% and 25%), lowering top corporate tax rate to 25% and scrapping the anachronism that is the AMT, or Alternative Minimum Tax. The WSJ online leaked some of the details of the budget.
Ryan has courage putting a budget forward, especially one that cuts spending.
Ryan deals with Medicare in his budget and has added an option of allowing people to choose traditional Medicare or a privatized plan.
Democrats will likely have Paul Ryan pushing a senior off a cliff, but the fact is that Obamacare will put everyone into one system, eliminating Medicare. Obamacare is Medicaid for all.
The Democrats don’t want to save Medicare, they want it to be swallowed up by Obamacare.