Another Broken Promise: Obama’s Pledge to Cut the Deficit in Half
After being sworn in as president three years ago, President Obama vowed to cut the budget deficit in half by the end of his first term. However, the deficit has instead ballooned out of control, with trillion dollar deficits for the pass three years. This is an example of just another broken promise made by the President.
When President Obama took office in 2009, the projected budget deficit for 2010 was approximately $1.2 trillion. By the end of the year, the actual deficit was close to $1.3 trillion. For 2011, the projected budget deficit was even lower, at $912 billion. However, the deficit was even higher than 2010 by $5 billion. This trend of promising lower deficits year-by-year but ending each year with a higher than anticipated deficit has continued.
The President hasn’t made good on his word of cutting the deficit in half. He’s not even close. A CBO estimate released at the beginning of February put the budget deficit at approximately $1.1 trillion for 2012. Log Cabin Republicans realize that in order to have an environment favorable to the interests of the LGBT community, economic matters must be dealt with carefully to ensure fiscal stability. President Obama doesn’t understand this though.
The President and congressional Democrats have proposed and passed a variety of new taxes. Still, the deficit is above $1 trillion and the economy sluggish. President Obama should take note of one of President Ronald Reagan’s statements on budget deficits:
Governments don’t reduce deficits by raising taxes on the people; governments reduce deficits by controlling spending and stimulating new wealth.
If the President and Democrats want to actually reduce the budget deficit, then perhaps cutting the out-of-control spending they have have perpetuated over the past three years is in order. Only then can we have a realistic chance of reducing the federal government’s overarching, trillion dollar budget deficit.
Posted: February 22nd, 2012 under Democrats, Elections, In Focus.
