Saturday, April 9, 2011

Flashback: Obama pledges to cut the deficit in half by the end of his first term

I have waited to this point to bring this article back from the archives. Obama has served for over 2 years in office and I am still waiting to see the $1.3 trillion national deficit to be cut in half by the end of his first term. It was on February 2009 when Obama made that very bold and idiotic statement. With the recent cuts to avert a government shutdown, Obama is still running a trillion dollar yearly deficit. In addition, Obama promise transparency which he reneged. Obama promised to end accounting tricks to make the numbers look good, which he reneged. Obama also pledged to end no-bid contracts in Iraq, end waste in entitlement programs such as Medicare and Medicaid, and reinstate "pay as you go" rule, which were all lies. Obama boast that the estimated $1.3 trillion deficit inherited from the Bush administration will be halved to $533 billion by 2013, or from 9.2% of the gross domestic product. In reality, Obama's math is extremely fuzzy and his optimism foolish.

(CNN) WASHINGTON -- President Barack Obama pledged Monday to cut the nation's $1.3 trillion deficit in half by the end of his first term.

He identified exploding health-care costs as the chief culprit behind rising federal deficits during a bipartisan "fiscal responsibility summit" convened to discuss ways to restore fiscal stability without deepening the recession.

Meeting with the congressional leadership of both parties, as well as a range of business, academic, financial and labor leaders, Obama warned that the country cannot continue its current rate of deficit spending without facing dire economic consequences.