Throughout this debate over the debt ceiling, Barack Obama loves to throw out the following line: We've cut the deficit in half. On the surface, this seems like something to brag about for those of us who support limited government and recognize that our spending is out of control. What Obama DOESN'T tell you is that he is basing this on record high spending, deficit and debt levels. It's like a chain smoker bragging that they've cut their daily amount of cigarettes: If you were smoking two packs a day, now you are only smoking one pack a day … but you are still smoking one pack a day! The bottom line is that you haven't quit the bad habit.
The fact is that we've added nearly $7 trillion to our national debt under Barack Obama thus far, which represents a 57% increase. To put that into perspective, the Washington Times notes: “In the same time frame under President George W. Bush, total federal debt rose 38 percent. Under President Clinton, it rose 32 percent.” How does one accumulate such astounding levels of debt? By running outrageous deficits year after year! Even with annual deficits projected to be about $600-$800 billion in the coming fiscal years, “At that rate, the debt owed to the public will more than double during the Obama presidency,” according to FactCheck.org's quarterly statistical report.
Obama boasting about cutting deficits in half also doesn't point to the fact that we've had record amounts of tax revenue paid to the federal government this year. The real problem is that even with this record revenue, we are running record deficits and continue to borrow almost $11 billion a week, according to the Congressional Budget Office. In other words, who does he think he's kidding? He's using this line to pander to people who don't know any better … as some would call them, low information voters.
It's misleading to try and convince Americans that we are on a path toward fiscal responsibility and economic prosperity. Reality is quite the opposite.