A Vote for Obama is a Vote for $20T in Debt
Just Wednesday morning, the headlines were abuzz with a dire warning from Doug Elmendorf and the CBO: “if nothing changes, we’re in for another recession. ”
Today, there is another headline making the rounds: in 4 years, Obama’s budget would add $4.4 trillion to the federal debt if he is reelected. We’re already pushing $16 trillion in debt (in context, the debt was $10 trillion when Obama took office), which means that by 2016, the United States would be over $20 trillion in debt. That number would reach $25 trillion under the President’s policies by 2022. Both are simply unsustainable numbers. See the chart below to see the increase that would be from even today’s unconscionably high debt.
As the CBO said, something has to give. Romney and Ryan have a plan to rein in spending, unleash economic growth in the private sector, close the deficit and begin to pay down the debt. Barack Obama has a plan to make it worse and unsustainable. The choice is obvious.