In an appearance on the Late Show with David Letterman, President Barack Obama suggested that most of the country’s debt was accumulated under George W. Bush, pretended that he has offered a solution to these problems, said that he does not know the total U.S. national debt, and claimed that the debt is not a short-term concern for the country.Read more
On Monday, the Romney campaign trumpeted a plan to change the campaign's direction and "reinforce more specifics" on policy. THE WEEKLY STANDARD has obtained a copy of a memo from GOP political veteran David Smick, addressed to the Romney campaign, with advice on how to "revamp" the television ad strategy. Read the memo below:Read more
Always looking "forward," President Obama has asked Bill Clinton—who was elected to the presidency 20 years ago—to speak tonight and suggest to the American people (whether explicitly or implicitly) that this is really a choice between Clinton and George W. Bush, rather than between Obama and Mitt Romney. If you're Obama, this beats running on your record.Read more
The United States Treasury reports that the total public outstanding debt is: $16,015,769,788,215.80. This is the first time in American history debt has eclipsed the $16 trillion mark.
The debt has increased approximately $5.4 trillion since President Obama took office on January 20, 2009.
Here's a chart, from the Republican side of the Senate Budget Committee detailing the increase in national debt over the last dozen years:Read more
President Obama's top strategist, David Axelrod, said today on Fox News Sunday that, under Obama, we've had "29 straight months of job growth." Yet, according to the federal government's own figures, 29 months ago, 58.5 percent of Americans were employed. Today, only 58.4 percent of Americans are employed. In other words, any job growth over the past 29 months hasn't even kept up with population growth.Read more
The Republican convention will highlight a debt clock, the party announced:
Republican National Committee Chairman Reince Priebus will unveil tomorrow a national debt clock mounted inside the convention hall of the Tampa Bay Times Forum – a compelling visual reinforcing the desperate need for new fiscal leadership in the White House.Read more
By the end of this year, the federal debt is expected to be $16.2 trillion, which is $6.2 trillion more than when President Obama first came into office four years ago. Moreover, new analysis by the Republican side of the Senate Budget Committee finds that, over the next 4 years, if Barack Obama remains president and his budget is enacted, $4.4 trillion will be added to the federal debt.Read more
The Washington Times reports:
President Obama and Congress are flirting with both a recession and a bigger jump in unemployment next year unless they head off looming tax increases and spending cuts — but doing so could mean a fifth straight year of trillion-dollar deficits, the government’s chief scorekeeper said Wednesday.Read more
Regardless of one's precise political peccadilloes, most of us agree this is one of the most important elections of our lifetime. However, one gets the feeling the Romney campaign, and even the RNC, either aren't aware of the stakes or, perhaps, just not sure of the best way to convey those stakes to the electorate. But there's a simple way to make sure the upcoming Republican convention in Tampa acts as a constant reminder of the stakes.Read more
In an interview on March 22, two weeks before Mitt Romney would win the Wisconsin primary and effectively end the race for the Republican nomination, Milwaukee talk radio host Charlie Sykes asked about his embrace of Paul Ryan’s budget.Read more
In a recent campaign television ad, President Barack Obama states, "I believe the only way to create an economy built to last is to strengthen the middle class. Asking the wealthy to pay a little more so we can pay down our debt in a balanced way." The last part--committing to pay down the national debt--is a promise Obama's reiterated throughout his presidency and campaign.Read more
Senator Mike Lee criticized President Obama's and the Democrats' plan to raise taxes, saying that "their proposal would leave 94% of this year's deficit intact, which makes it an inherently unserious proposal insofar as it relates to deficit reduction."Read more
A new chart, set to be released later today by the minority office of the Senate Budget Committee, finds that, in the next five years, "U.S. Per Person Debt To Increase 7 Times Faster Than Italian Debt."Read more
The House Financial Committee just concluded grilling banker Jamie Dimon on risky financial bets his firm, JPMorgan Chase, made that resulted in losses of at least $2 billion last month. Today’s hearing follows up on last week’s Senate Banking Committee grilling of Dimon on the same bad bets.Read more
According to figures provided by the International Monetary Fund, and compiled into this easy to read chart by the Republican side of the Senate Budget Committee, America will "spend 60 percent more per person than Spain over [the] next 5 years."Read more
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."Read more
New Jersey Republican governor Chris Christie blasted President Obama in a speech earlier today at a conservative conference in ChicagoRead more
A new chart produced by the Republican staff of the Senate Budget Committee shows that, according to Congressional Budget Office data released yesterday, debt per American is "on track to triple in a generation":
Currently, as the chart shows, debt per American is at (or around) $50,000. Just four years ago, in 2008, the year President Obama was first elected, debt per person was at $35,000.Read more
Debtors of the world, unite—you have nothing to lose but your IOUs!
That seems to be what the Greeks are discovering—that they have less to lose by default, with all of its consequences, than by trying to be Germans.Read more
On July 24, 2008, candidate Barack Obama toured Europe and drew 200,000 spectators to a rally in Berlin. On May 5, 2012, President Barack Obama officially launched his reelection campaign—which he unofficially launched over a year ago—but couldn’t fill a 19,000-seat basketball arena in Columbus, Ohio. While the level of enthusiasm has noticeably declined, the message is remarkably similar. Aside from a few stray sentences, Obama sounded no more like a president running on a four-year record of accomplishments when he spoke in Columbus than he had when he’d spoken in Berlin.Read more
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.Read more
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.Read more
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."Read more
Bill Kristol writes about the Obama campaign’s spiffy new, one-word campaign slogan—“Forward”—and jokingly suggests that the slogan may have been lifted from Mao’s “Great Leap Forward.” Or, on the other hand, maybe it was a steal from MSNBC’s “Lean Forward.” From the sublimely bloody to the bloody ridiculous, then.Read more
A report issued last week by the OECD (Organization for Economic Cooperation and Development) finds that the average tax burden on income in the United States has been declining in recent years, in sharp contrast to the trend in the other OECD countries.Read more
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