Sunday, August 5, 2012

Obama Economic Plan Would Explode Debt to $25.4 Trillion!

Big Government ^ | August 4, 2012 | Wynton Hall

In presidential campaign ads, President Barack Obama claims that his economic plan includes “$4 trillion in deficit reduction.” For a president who has increased the national debt more than all U.S. presidents from George Washington to George H.W. Bush combined, the claim seems incredible. Indeed, it is.

A new analysis of Mr. Obama’s budget reveals the president’s plan would add $10.6 trillion in debt accumulation over the next decade, bringing the U.S. federal debt to a jaw-dropping $25.4 trillion.


Still, the president and his surrogates continue to claim the Obama plan would cut spending. “The President’s proposals… include a balanced deficit reduction plan that would reduce our deficits by $4 trillion over 10 years,” said White House Press Secretary Jay Carney in June.
In addition, the Obama budget contains $1.8 trillion in tax increases over the next decade. Specifically, the top marginal tax rate would jump to 39.6 percent, taxes on dividends would skyrocket to 43.4 percent (from 15 percent), and the death tax would leap to 45 percent.

(Excerpt) Read more at breitbart.com ...



We can't possibly be broke ... cause we still got checks in the checkbook!

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