The eurozone might be cracking up, but as far as debt goes, America appears to be in worse shape than the entire eurozone in the long run. According to a new chart set to be released later today by the Republican side of the Senate Budget Committee, America is on track "to add three times more debt than [the] eurozone over [the next] 5 years."
I have been reading A Time for Choosing, the wonderful new e-book from RCP’s Carl Cannon and Tom Bevan about the 2012 campaign, and was really struck by this passage about the Democratic counter-punch to Team Romney. Cannon and Bevan note how Democrats decided to attack Romney as:
When dealing with budgets, a spending cut is routinely defined as a reduction from previously planned spending, i.e. if we planned for spending to increase by 4% and it only increases by 3% there's been a spending cut.
The tide sweeping from Greece across Europe and into the United States is washing away support for austerity, in some cases reinforcing opposition to it, largely from the left. President Obama is delighted at this support for his refusal to cut spending in the face of mounting deficits, and the Republicans are feeling beleaguered at what they see as the disinterment of the body of works of John Maynard Keynes.
If you ever find yourself engaged in a debate over why our national debt — now $15.7 trillion —has risen $5.9 trillion over the past four years and $15.4 trillion over the past fifty years, NPR has released a useful chart (based on figures provided by the White House Office of Management and Budget) that helps to answer the question.
The Republican Senate Budget Committee will release this new chart later today, showing that the "U.S. Spends More Per Person Than Portugal, Italy, Greece, Or Spain."
This business with Greece goes on and on, and one begins to think, automatically, of Sisyphus and his rock. Only in this case, you start pulling for the rock.
President Obama likes to say that a strong America abroad rests on a strong America at home. What he and his administration continue to ignore, however, is that a prosperous America at home has in no small way rested for decades on America’s global military preeminence.
Charles Blahous, a senior research fellow at the Mercatus Center, published a study last week about the disastrous effect of Obamacare on the budget deficit--in direct contrast to claims by the Obama administration (supported by the Congressional Budget Office) that the law would reduce the deficit. Blahous estimates that over 10 years, Obamacare will add a net $1.15 trillion to the federal deficit.
The cost of President Obama is $5,027,761,476,484.56 (so far!), according to CNS News:
In the 39 months since Barack Obama took the oath of office as president of the United States, the federal government’s debt has increased by $5,027,761,476,484.56.
Although he has served less than a term, Obama is now the first American president to see the federal government's debt increase by more than $5 trillion during his time in office.
The Republican side of the Senate Budget Committee will release this chart later today, clearly showing that America's debt is greater than the combined debt of the entire Eurozone and the U.K.:
Over the next ten years, Obamacare will add more than $340 billion to the federal deficit, according to a new study reported on by the Washington Post:
Facebook
Twitter
