Manufactures Say Obama’s Real Budget Will Destroy Jobs: Last week, the president released a vague new “framework” for business tax reform and claimed the plan would “strengthen America’s manufacturing sector.” While the president tries to portray himself as an advocate for manufacturing, the National Association of Manufacturers (NAM) said just two weeks ago that the president’s budget would destroy manufacturing jobs. “For example, raising taxes on energy producers, small businesses and other job creators will have a negative ripple effect across our economy,” NAM said.
U.S. Debt Has Grown by 45% Since Obama’s Inauguration: Since President Obama took office on January 20, 2009, the national debt has increased by $4.7 trillion or 45 percent in just three years, from $10.6 trillion to $15.4 trillion. During his time in office, President Obama has increased the deficit by 180 percent from 2008 to 2011, presided over the three largest deficits in history, and piled up more debt than every president from George Washington to Bill Clinton combined.
Medicare and Unsupportable Debt: In recent testimony to the House Budget Committee, CBO director Douglas Elmendorf states “under both CBO’s baseline and its alternative fiscal scenario, the aging of the population and rising costs for health care will push spending for Social Security, Medicare, Medicaid, and other federal health care programs considerably higher as a percentage of GDP. If that rising level of spending is coupled with revenues that are held close to the average share of GDP that they have represented for the past 40 years…the resulting deficits will increase federal debt to unsupportable levels.”