Obama Adds To Budget Deficit Four Times Faster Than Bush
The CBO estimated that the 2012 budget deficit will top $1 trillion for the fourth consecutive year under the Obama administration. The CBO estimated that the 2012 budget deficit will be approximately $1.1 trillion in a year that President Obama will be making the case to the American people that he deserves four more years in office.
President Obama is adding to the budget deficit nearly four times faster than President Bush. During the first four years of the Bush administration, just over $1.4 trillion was added to the national debt. With the 2012 budget deficit estimate from the CBO, President Obama is on track to have added over $5 trillion to the national debt. At that level of deficit spending, President Obama is adding to the national debt just over 3.6 times the debt added during Bush’s first term in office.
The Obama administration likes to consider the 2009 $1.4 trillion deficit as part of the Bush years. However, that argument forgets the inconvenient fact that Obama signed the $800 billion stimulus bill in 2009 adding to the deficit. Democrats also like to say that President Clinton handed Bush a surplus, but that argument would have Bush responsible for the budget during his first year in office and have Bush responsible for the budget in the first year of Obama’s presidency.
The CBO estimate also contained more bad news for President Obama as the CBO predicted lower GDP growth in 2012 due in part to higher taxes and reduced spending. The CBO also predicted unemployment to head back toward 8.9% in 2012, over 9% in 2013, and stay above 7% until 2015.
Look for President Obama to indicate how much worse it would have been had he not been in office and how much worse it will be if the American people send him to the unemployment line this year. I think we should take the chance.