The Senate Budget Office notes that during Obama’s first term, the nation has run four consecutive trillion-dollar deficits, and under his budget, we would see another trillion-dollar deficit for FY 2013. The SBC writes in a statement:
The U.S.’ per-person government debt is now worse than that of Greece. Using the Administration’s own numbers:
In just four years, President Obama’s policies will have added $6.4 trillion in new gross debt, for a total debt of $16.4 trillion by the end of this year.
Per-household debt will have risen from $85,500 at the end of 2008 to $135,100 by the end of 2012.
Average spending under the Obama Administration will be 33 percent higher than the four years preceding his term.
Spending in 2012 will be $800 billion higher than 2008.
Per-household spending in 2012 will be $7,000 greater than 2008—a 23 percent increase.
Per-household spending in 2022 under the president’s budget will be $44,000, nearly $20,000 higher than in 2008.
Per-household debt in 2022 under the president’s budget will be $195,000, more than double what it was in 2008.
In critiquing Republican Paul Ryan’s budget proposal, Obama characterized the House Budget Committee Chairman’s cost-cutting measures as “thinly veiled social Darwinism” that is “antithetical to our entire history.”
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