One of President Obama’s proposed solutions for the debt and deficit is something he calls the Buffett Rule, or Buffett tax. The President said that if you enact the principles of the Buffett rule, "not only do we pay for our jobs bill, but we also stabilize our debt and deficits for the next decade."
Here are some basic facts: During President Bush’s first term he ran deficits that totaled $0.8 trillion. During his second term his total deficits equaled $1.2 trillion. Now President Obama has been somewhat of an overachiever when it comes to deficit spending. During President Obama's four years his deficits totaled about $5.3 trillion. How much would the Buffett tax raise? The answer is $20 billion.
Now $20 billion does not stabilize deficits totaling of $5300 billion. I think the President of the United States has a duty not to mislead the American public. With his Buffett Rule comment, President Obama was misleading the American public. He continues to ...
On September 30, 1987 – near the end of the Reagan Administration – total federal debt stood at $2.3 trillion. Our federal government took 200 years to incur $2.3 trillion dollars worth of debt. In the 2011 debt ceiling increase, Congress gave the President approval to increase the debt ceiling by $2.1 trillion. I voted against that measure, but the federal government will use up that $2.1 trillion increase around Christmas of 2012. We will have gone through $2.1 trillion worth of debt in less than two years. It took 200 years to incur $2.3 trillion of debt, and we will incur $2.1 trillion dollars more in less than two years.
When President Obama came into office the national debt stood at $10.6 trillion. It recently surpassed $16 trillion, which is larger than the size of our economy - an extremely dangerous metric.
Here’s one way to think about this: If a family’s debt exceeds total income on an annual basis, and the family doesn’t hav...
On September 30, 1987 – near the end of the Reagan Administration – total federal debt stood at $2.3 trillion. Our federal government took 200 years to incur $2.3 trillion dollars worth of debt. In the 2011 debt ceiling increase, Congress gave the President approval to increase the debt ceiling by $2.1 trillion. I voted against that measure, but the federal government will use up that $2.1 trillion increase around Christmas of 2012. We will have gone through $2.1 trillion worth of debt in less than two years. It took 200 years to incur $2.3 trillion of debt, and we will incur $2.1 trillion dollars more in less than two years.
When President Obama came into office the national debt stood at $10.6 trillion. It recently surpassed $16 trillion, which is larger than the size of our economy - an extremely dangerous metric.
Here’s one way to think about this: If a family’s debt exceeds total income on an annual basis, and the family doesn’t hav...
On September 30, 1987 – near the end of the Reagan Administration – total federal debt stood at $2.3 trillion. Our federal government took 200 years to incur $2.3 trillion dollars worth of debt. In the 2011 debt ceiling increase, Congress gave the President approval to increase the debt ceiling by $2.1 trillion. I voted against that measure, but the federal government will use up that $2.1 trillion increase around Christmas of 2012. We will have gone through $2.1 trillion worth of debt in less than two years. It took 200 years to incur $2.3 trillion of debt, and we will incur $2.1 trillion dollars more in less than two years.
When President Obama came into office the national debt stood at $10.6 trillion. It recently surpassed $16 trillion, which is larger than the size of our economy - an extremely dangerous metric.
Here’s one way to think about this: If a family’s debt exceeds total income on an annual basis, and the family doesn’t hav...
One of President Obama’s proposed solutions for the debt and deficit is something he calls the Buffett Rule, or Buffett tax. The President said that if you enact the principles of the Buffett rule, "not only do we pay for our jobs bill, but we also stabilize our debt and deficits for the next decade."
Here are some basic facts: During President Bush’s first term he ran deficits that totaled $0.8 trillion. During his second term his total deficits equaled $1.2 trillion. Now President Obama has been somewhat of an overachiever when it comes to deficit spending. During President Obama's four years his deficits totaled about $5.3 trillion. How much would the Buffett tax raise? The answer is $20 billion.
Now $20 billion does not stabilize deficits totaling of $5300 billion. I think the President of the United States has a duty not to mislead the American public. With his Buffett Rule comment, President Obama was misleading the American public. He continues to ...
On September 30, 1987 – near the end of the Reagan Administration – total federal debt stood at $2.3 trillion. Our federal government took 200 years to incur $2.3 trillion dollars worth of debt. In the 2011 debt ceiling increase, Congress gave the President approval to increase the debt ceiling by $2.1 trillion. I voted against that measure, but the federal government will use up that $2.1 trillion increase around Christmas of 2012. We will have gone through $2.1 trillion worth of debt in less than two years. It took 200 years to incur $2.3 trillion of debt, and we will incur $2.1 trillion dollars more in less than two years.
When President Obama came into office the national debt stood at $10.6 trillion. It recently surpassed $16 trillion, which is larger than the size of our economy - an extremely dangerous metric.
Here’s one way to think about this: If a family’s debt exceeds total income on an annual basis, and the family doesn’t hav...
On September 30, 1987 – near the end of the Reagan Administration – total federal debt stood at $2.3 trillion. Our federal government took 200 years to incur $2.3 trillion dollars worth of debt. In the 2011 debt ceiling increase, Congress gave the President approval to increase the debt ceiling by $2.1 trillion. I voted against that measure, but the federal government will use up that $2.1 trillion increase around Christmas of 2012. We will have gone through $2.1 trillion worth of debt in less than two years. It took 200 years to incur $2.3 trillion of debt, and we will incur $2.1 trillion dollars more in less than two years.
When President Obama came into office the national debt stood at $10.6 trillion. It recently surpassed $16 trillion, which is larger than the size of our economy - an extremely dangerous metric.
Here’s one way to think about this: If a family’s debt exceeds total income on an annual basis, and the family doesn’t hav...