In 2007, the federal deficit was $160 billion. Today, America is borrowing nearly that much each month.
That level of spending is worse than unsustainable - it's delusional. But rather than identifying programs that can be cut, Obama is busy creating costly new entitlements like his signature socialized medicine plan.
DEFIANT DERELICTION OF DUTY
Obama promised to "change Washington," but when presented with a rare opportunity to do just that - he chose to support the failed status quo. Even though 66 percent of Americans supported "Cut, Cap and Balance," Obama dismissed this plan as a "symbolic gesture" and pledged to veto it before he had even seen it.
Worst of all, Obama never offered his own plan - nor did he submit even a single penny of savings in exchange for the largest debt increase in American history.
That failure of leadership is inexcusable under any circumstances. It's particularly galling coming from a president who only four years earlier chided Washington for "shifting the burden of bad choices today onto the backs of our children and grandchildren."
A DISASTROUS DOWNGRADE
Rather than accept responsibility for his failure to lead, Obama's administration lashed out at Standard and Poor's for its historic downgrade of America's credit rating. Obama also blasted the Tea Party for creating "gridlock" in Washington, while once again calling for massive tax hikes on America's job creators.
That's the last thing our struggling economy needs right now.
The results of Obama's failed economic policies are painfully clear. Unemployment remains chronically high, economic growth has ground to a halt and over the last four months alone the U.S. stock market has shed more than $3.3 trillion of its value.
That's Obama's record - even if he refuses to take responsibility for it.
Delusion Defiance Downgrade - Moneybomb
