Independent Journal: 9 Holes Where Obama Made Bogey On Federal Debt


By:  Senator David Perdue

Last weekend, millions of Americans tuned into the Masters. Knowing his commitment to golf, I’m sure President Obama was one of them.

But President Obama has not mastered the course when it comes to reining in federal spending and getting the national debt under control. If his record of rapidly growing the debt was scored like golf, he would not be a contender for the green jacket.

Let’s tee off:

Hole 1: America’s national debt surpassed $19 trillion this year. It was $10 trillion when President Obama took office. Before he leaves office, he will have added nearly as much debt than all of the other presidents combined.

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Bogey

Hole 2: When all future unfunded liabilities, such as Social Security and Medicare, are factored in, our total burden of debt rises to over $100 trillion.

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Bogey

Hole 3: The Congressional Budget Office (CBO) now projects our federal debt will grow to nearly $30 trillion over the next ten years.

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Bogey

Hole 4: If interest rates rose to their fifty-year average of 5 percent, we would be paying $1 trillion annually on the interest servicing for our national debt. That’s more than twice what is currently spent on our military defending our country.

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Bogey

Hole 5: $1 million. That’s approximately each American family’s current share of our national debt and our future unfunded liabilities.

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Bogey

Hole 6: Every dollar the federal government is spending on our military today is borrowed.

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Bogey

Hole 7: Last year, the federal government collected $3.2 trillion in taxes. That is the largest amount collected in our country’s history.

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Bogey

Hole 8: Washington took in $3.2 trillion last year, but still spend more than it took in – $3.7 trillion.

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Bogey

Hole 9: The United States’ 35 percent corporate income tax rate has locked over $2.1 trillion American corporate earnings overseas.

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Bogey

If this were a round of golf for President Obama, those failures would only be the front nine. Given his foreign policy game he wouldn’t do any better on the back nine.

For the last seven years, he has exacerbated Washington’s out-of-control spending and refused to work on common-sense bipartisan measures that would grow the economy, like reforming our out of date tax code. Instead, higher taxes, onerous regulations, and more government spending have stunted our economy, pushing us past the tipping point when it comes to tackling our debt crisis.

Too bad the President can’t get a mulligan for the past seven years. We can, however, tee off on a new course by electing a president committed to common-sense solutions for dealing with the debt.