(Editor’s note: This is Part 1 of a three-part series by Chuck Norris on why American voters should not re-elect President Obama.)
On Feb. 2, 2009, President Barack Obama explained his chances to fix the economy to host Matt Lauer on NBC’s “Today” show: “I will be held accountable. I’ve got four years. … If I don’t have this done in three years, then there’s going to be a one-term proposition.”
10) Obama’s economic actions have failed to lower the U.S. unemployment rate below 8 percent for last 42 record months
Four years into his presidency, Reuters has reported on Obama’s economic progress: “Details of the household survey, from which the unemployment rate is drawn, gave a downbeat assessment of the labor market, with the share of the population that has a job falling to near cycle lows. In addition, the labor force participation rate, or the percentage of Americans who either have a job or are looking for one, fell to 63.7 percent last month from 63.8 percent. That is a sign of low confidence in the labor market. Data last week showed the economy grew at an annual pace of 1.5 percent in the second quarter, also far short of the 2.5 percent rate needed to keep the unemployment rate stable.”
9) The Obama administration’s out-of-control spending has led America to the economic brink and destroyed our country’s credit rating
In 2010, President Obama spoke out of one side of his mouth when giving financial advice to the people in New Hampshire: “When times are tough, you tighten your belts. You don’t go buying a boat when you can barely pay your mortgage. You don’t blow a bunch of cash in Vegas when you’re trying to save for college.”
But he then spoke out the other side of his mouth when he informed the American public that he was proposing a record-breaking $3.8 trillion budget for 2011, which equates to spending $7.3 million a minute. (The federal budget was only $1.9 trillion in 2001.)
Tragically, the president expects Americans to live financially one way (fiscally prudent) and the federal government to live another (extravagantly wild). Not surprisingly, Moody’s credit rating agency announced the next day after the president’s 2011 budget proposal release that his fiscal policies “test [America's] AAA boundaries” and now push the U.S. government credit ratings below those of Canada, Germany and even France.
Even the liberal media predicted that Obama’s spending would “leave a string of deficits dwarfing any in the nation’s history.” And they were right.
8) Obama’s reckless spending and fiscal policies have added more to the national debt than most U.S. presidents combined: Roughly $6 trillion during his first term in office (making the total debt nearly $16 trillion) and, by White House projections alone, $21.3 trillion by the end of fiscal 2017, $25 trillion in 2021 and $25.9 trillion in 2022.
In 2007 when I began writing my New York Times best-seller, “Black Belt Patriotism,” unemployment was less than 5 percent, the annual federal budget was about $2.9 trillion, the federal deficit was $161 billion and the national debt was $9 trillion.
Today, unemployment is stuck at 8.3 percent, the federal budget at $3.8 trillion, the federal deficit at $1.3 trillion and the national debt is quickly approaching a staggering $16 trillion.
And to add insult to injury, our vassalage to other countries deepens as they bankroll increasing amounts of U.S. debt, with more than one-half of the public debt alone held by private investors in foreign lands.
A few weeks ago, the International Business Times reported, “China overtook Japan as the largest holder of U.S. national debt in 2009. As of December (the most recent data available), it held about 23.1 percent, or $1.15 trillion, of all foreign investment in U.S. privately held federal debt, according to a newly released report by the Congressional Budget Office, or CBO. … Without monetary policy change, the CBO warned in its 2012 Long-Term Budget Outlook on June 5, the U.S. federal debt could be twice the size of the U.S. gross domestic product by 2037.”
Even PolitiFact confessed, “U.S. total debt is now about 101 percent of GDP. … The president’s current spending proposal projects the debt will grow to $21.3 trillion by the end of fiscal 2017 – the last year for which a two-term Obama would submit a budget. … The White House projected [its] plan would lead to gross national debts of $25 trillion in 2021 and $25.9 trillion in 2022.”
America, is that really the burden you want to place upon yourselves and your children?
7) Obama has not only detrimentally increased the costs of entitlements but the dependency of citizens upon government subsidies, rather than empowering the people’s autonomy, responsibility and freedom.
President Obama has been called the “food stamp president” because more federal grocery subsidies have been given out under his presidency than most others combined. A record 44.7 million people – or one in seven Americans – were on food stamps last year, up 33 percent from fiscal 2009. But far more than that, this president has radically increased government entitlement expansions.
The Heritage Foundation documented that President Obama’s 2011 budget increased total welfare spending to $953 billion, a 42 percent increase over welfare spending in 2008. And over the next decade, welfare spending is projected to cost taxpayers $10.3 trillion.
The Heritage Foundation reported that not only has the president greatly expanded welfare, “but he has also eliminated a program that aims to reduce the prevalence of single motherhood, one of the greatest contributors to poverty in the United States.”
And the Congressional Budget Office recently released updated figures that reveal how Obamacare will cost twice as much as the original price tag first soft-lobbed at the American public, from $900 billion then to $1.76 trillion between now and 2022.
And who is going to have to pay for all those entitlements? That’s right: you and your posterity. Trust me. That’s a fact you can take all the way to yours and your loved ones’ bank accounts.
6) Obama demeans private enterprise and the entrepreneurial spirit – the very heart of America – and, instead, believes “only” government is our savior.
In 2009, right after taking office, President Obama emphatically stated “only government” is our savior, and then he supported his socialistic platform through multiple company and corporate bailouts.
Recently, Obama reiterated his anti-individual and anti-capitalistic beliefs when he defined the “somebody” who’s responsible for the success of your business as being the federal government: “If you’ve got a business, you didn’t build that. Somebody else made that happen. The Internet didn’t get invented on its own. Government research created the Internet so that all the companies could make money off the Internet.”(Underline added)
The Wall Street Journal even confessed that the president is “subordinating to government the individual enterprise and risk-taking that underlies prosperity.”
(In Part 2 next week, I will continue my Top 10 reasons not to re-elect President Obama.)