In 2006, President Obama – then a United States Senator, stood on the Senate floor and explained exactly why having a large national debt is a bad idea for the U.S.
Here are some excerpts from that address:
The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies.
Over the past 5 years, our federal debt has increased by $3.5 trillion to $8.6 trillion. That is ‘‘trillion’’ with a ‘‘T.’’ That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers.
And over the next 5 years, between now and 2011, the President’s budget will increase the debt by almost another $3.5 trillion.
The cost of our debt is one of the fastest growing expenses in the Federal budget. This rising debt is a hidden domestic enemy, robbing our cities and States of critical investments in infrastructure like bridges, ports, and levees; robbing our families and our children of critical investments in education and health care reform; robbing our seniors of the retirement and health security they have counted on.
Every dollar we pay in interest is a dollar that is not going to investment in America’s priorities. Instead, interest payments are a significant tax on all Americans—a debt tax that Washington doesn’t want to talk about. If Washington were serious about honest tax relief in this country, we would see an effort to reduce our national debt by returning to responsible fiscal policies.
But we are not doing that. Despite repeated efforts by Senators CONRAD and FEINGOLD, the Senate continues to reject a return to the commonsense Pay-go rules that used to apply. Previously, Pay-go rules applied both to increases in mandatory spending and to tax cuts. The Senate had to abide by the commonsense budgeting principle of balancing expenses and revenues.
Unfortunately, the principle was abandoned, and now the demands of budget discipline apply only to spending. As a result, tax breaks have not been paid for by reductions in Federal spending, and thus the only way to pay for them has been to increase our deficit to historically high levels and borrow more and more money. Now we have to pay for those tax breaks plus the cost of borrowing for them. Instead of reducing the deficit, as some people claimed, the fiscal policies of this administration and its allies in Congress will add more than $600 million in debt for each of the next 5 years. That is why I will once again cosponsor the Pay-go amendment and continue to hope that my colleagues will return to a smart rule that has worked in the past and can work again.
At the time, Senator Obama was arguing in favor of a “pay as you go” budget amendment, referred to as PAYGO, which would limit the federal government to using currently available funds for expenditures, rather than borrowing.
But in a recently-released interview with George Stephanopoulos, President Obama sang a much different tune:
[W]e don’t have an immediate crisis in terms of debt…In fact, for the next ten years, it’s gonna be in a sustainable place.”
The question is, can we do it smarter, can we do it better? And– you know, what I’m saying to them is I am prepared to do some tough stuff. Neither side’s gonna get 100%. That’s what the American people are lookin’ for. That’s what’s gonna be good for jobs. That’s what’s gonna be good for growth.
It is very important to note that in 2006, then-Senator Obama was talking about the dangers of of a national debt that was, then, at $8.6 trillion. And he was right about the dangers of that debt. But when President Obama took office, the national debt was right around $9.5 trillion. Today, pretty much the same amount of time has gone by as it had between the time when George W. Bush first took office, and when Senator Obama spoke out that day in 2006. According to Senator Obama, the national debt had increased by $3.5 trillion during Bush’s tenure in the White House.
Today, our national debt is over $16.6 trillion. Under President Obama’s own “leadership failure,” our national debt has gone up by $7.1 trillion – so under President Obama, our national debt has increased more than twice as fast as it did under President Bush – and over-spending was George W. Bush’s greatest shortcoming.
In 2006, a United States Senator warned America of the dangers of a ballooning national debt – and at that time, he was right. In 2013, that same man, now President of the United States, tells us that we shouldn’t worry, because “we don’t have an immediate crisis,” and that our debt, which is rising twice as fast now as it was when it presented a dire threat to America, will be “in a sustainable place” for the next decade.
Words cannot describe how dangerous Barrack Hussein Obama is to the future of the United States of America. To call this hypocrisy doesn’t even begin to cover it. Even calling it criminal negligence seems too kind. This is why it is more important now then ever before for conservatives, Libertarians, and Republicans to stand together and work to stop President Obama’s agenda whenever and wherever we can.