"The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies.
Over the past 5 years, our federal debt has increased by $3.5 trillion to $8.6 trillion.That is “trillion” with a “T.” That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers … Increasing America's debt weakens us domestically and internationally. Leadership means that 'the buck stops here.' Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better."
Senator Barack Obama - Floor Speech 2006
Are Americans Better Off Today, Than When Obama Took Office?
- Jan 2, 2009 Public Debt 10.6 Trillion - Jan 25, 2012 Public Debt $15,243,626,741,722 Trillion
- Largest wealth destruction in American history: Net Wealth Lost 2009-2011 --$8.7 Trillion.
- Average Cost of Health Care for Families - 2008 $12,860 - 2011 $15,073 (18.8% increase)
- Highest sustained Unemployment in decades: 8.5%
- Drop in Number of Americans Working -1,309,000 (.92% decrease) after $1.5 Trillion of government stimulus
- Brutal Unemployment for minorities: Black Americans : 16.7%
- Unprecedented Unemployment: Black Teenage Americans :46.5%
- Historic loss in American credit: U.S. Credit Rating drops to: AA-plus
- Historic jump in Number of people in U.S. on Foodstamps : 45.8 Million - the highest in American History.
- Quixotic investment in mythic Green Jobs : $80 billionSupposed Number of Green Jobs Created : 255,000 Approximate Cost of each Green Job: $313,725.50
- Stimulus Program: TARP : $475 Billion
- Stimulus Program: Shovel Ready projects : $787 Billion
- Stimulus Programs: Cash for Clunkers : $3 billion
- Stimulus Programs: Cash for Caulkers : $10 Billion
- Averaged cost of a gallon of gas $1.81 when Obama took office: $3.349 Today +85.03% increase
- New Regulations 2009-2011 : 75 Major New Regulations, 1,827 Rules Amended
- Executive Orders signed by Obama : 96
- Cost of New Regulations : + $1.75 Trillion annually
- 2012 Federal Budget Proposed by Obama : $3.73 Trillion
- Percentage of Americans that pay no taxes: 51%
- Percentage of Federal Spending required from borrowing: 40%
- Percentage of Government Spending on Entitlements: 60%
- Number of Obama proposals to limit entitlement spending: ZERO
January 24, 2011
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