Failure Of Leadership

The Growing National Debt Is ‘Now As Big As The Entire U.S. Economy’ Despite President Obama’s Promises That He Would Stop Adding To It

Debt ‘Now Tops $15.23 Trillion,’ More Than ‘The Value Of All Goods And Services The U.S. Economy Produces In One Year’
“The soaring national debt has reached a symbolic tipping point: It's now as big as the entire U.S. economy.” (“U.S. Debt Is Now Equal To Economy,” USA Today, 1/9/12)

·    “The amount of money the federal government owes to its creditors, combined with IOUs to government retirement and other programs, now tops $15.23 trillion. That's roughly equal to the value of all goods and services the U.S. economy produces in one year: $15.17 trillion as of September, the latest estimate.” (“U.S. Debt Is Now Equal To Economy,” USA Today, 1/9/12)

The ‘Buck Stops’ With President Obama, Who Promised ‘To Stop Adding To Our Deficit’
THEN-SEN. BARACK OBAMA (D-IL): “Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here.’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership.” (Sen. Obama, Congressional Record, S.2237-8, 3/16/06)

·    “The first thing you do when you're in a hole is what? … you stop digging. So the first thing that we're going to have to do is to stop adding to our deficit.” OBAMA: “Keep in mind, the first 42 presidents, they amassed $5 trillion worth of debt, the first 42 of them. The first couple of hundred years-plus of American history, we accumulated $5 trillion. Now we're at $9 trillion. That's just bad -- that's not being fiscally conservative. And so we're going to have to change our policies. Now, it's going to be -- let me say this. It's not going to be completely easy, because we're in a hole. And the first thing you do when you're in a hole is what?” (UNKNOWN): “Stop digging.” OBAMA: “Stop digging. Who got that right? There you go. You stop digging. So the first thing that we're going to have to do is to stop adding to our deficit.” (Sen. Obama, Remarks To Campaign Event, Watertown, SD, 5/16/08)

JACK LEW: “The problem is that, for years, we have just put it on the national credit card. And we have built up the debt… we say it’s time to stop.” (PBS, 2/14/11)

$4.61 Trillion Added To Debt Since January ‘09 (“The Debt To The Penny And Who Holds It,” U.S. Treasury Department, Accessed 1/9/12)

Having a national debt larger than our economy basically means two things. The debt is too big, and our economy is too small. - Rep. Jim Jordan R-OH)

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