This week the Congressional Budget Office estimated that the deficit for this fiscal year will be $1.1 trillion. That's another first for Barack Obama -- the first time in our nation's history we have ever run deficits in excess of $1 trillion four years in a row.
This is absolutely staggering, friends. Obama added more to the national debt than every U.S. president from Washington to Reagan combined -- just in his first 19 months in office! And what do we have to show for it?
Today it was reported that claims for jobless benefits rose once again. And, once again, the figures for the previous week were also revised upward. Obama and his socialist allies insist we need to spend more to stimulate the economy.
But they promised us that spending all this money would lower the unemployment rate to 5.6%. Instead, it's now 8.3% and higher today than when Obama took office. Yet another broken promise.
And please, friends, don't fall for Obama's class warfare rhetoric that if only we taxed the rich a little more we could pay down the deficit. As we have noted repeatedly, Obama's tax increases on the rich amount to a drop in the bucket. If you are a visual learner, check out this video.
The New York Times recently reported that economists estimate raising taxes on those making $250,000 or more would raise about $85 billion a year. Well if the deficit is $1,100 billion, that leaves Obama $1,015 billion short. Where will he get the rest? From you!
Can you afford four more years of Barack Obama?
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Gary Bauer is is a conservative family values advocate and serves as president of American Values and chairman of the Campaign for Working Families.
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