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President Obama Breaks Promise to Reduce Deficit


Posted by Rhett Brooks on Tuesday, October 16th, 2012, 9:06 AM PERMALINK


Despite President Obama’s promise that the deficit would be cut in half by the end of his first term, the CBO’s recent report of a $1.1 trillion deficit for FY 2012 will mark the fourth consecutive trillion dollar deficit year under this administration. As election-day nears, President Obama’s track record continues to be tarnished with his failure to keep his promises on taxes, healthcare, and now the deficit.

The economic statistics compiled by the CBO reflect the current administration’s incompetency in key areas:

 

 

 Before

 Now

 Change

 Long-Term Unemployed1

 2.7 Million

4.8 Million 

 +78%

 Price of Gas2

 $1.85

 $3.85

 +108%

 “High Unemployment” States3

 22

 40

 +82%

 Misery Index4

 7.83

 9.79

 +25%

 “Typical” Monthly Family Food Cost5

 $974

 $1,021

 +5%

 Median Value of Single-Family Home6

 $196,600

 $181,500

 -8%

 Rate of Mortgage Delinquencies7

 6.63%

 10.61%

 +60%

 U.S. National Debt8

 $10.6 Trillion

 $16.2 Trillion

 +53%

 Median Household Income9

 $54,983 

 $50,964 

 -7%

 

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