For Every $7 of Your Taxpayer Dollars, Democrats Spent $11

October 20, 2012

For Every $7 of Your Taxpayer Dollars, Democrats Spent $11

New Treasury Report Shows the Extent of Dems’ Spending Addiction—But Democrats Want New Tax Hikes So They Can Keep Going

A recent report from the Department of the Treasury on fiscal year 2012 shows that for every $7 in government revenue, Democrats spent $11.
The report is just the latest indictment of Democrats’ profligate spending habits that have increased the national debt by $5.5 trillion and run four straight years of trillion dollar deficits.
Instead of learning from their mistakes, Democrats’ plan for the future is more borrowing from countries like China and more job-destroying tax hikes on families to pay for their spending addiction.

A recent report from the Department of the Treasury on fiscal year 2012 shows that for every $7 in government revenue, Democrats spent $11:

NEW TREASURY REPORT: “FOR EVERY $7 WE’VE HAD, WE’VE SPENT NEARLY $11”: “In the wake of the Treasury Department’s newly released summary of federal spending for 2012, it’s now possible to detail just how profligate the Obama years have been. Here’s the upshot: Under Obama, for every $7 we’ve had, we’ve spent nearly $11 (or, to be more exact, $10.95). That’s like a family that makes $70,000 a year — and is already knee-deep in debt — blowing nearly $110,000 a year.” (Jeffrey H. Anderson, “The 7-Eleven Presidency,” The Weekly Standard, 10/18/2012)

FISCAL YEAR 2012: FEDERAL GOVERNMENT TOOK IN $2.449 TRILLION, SPENT $3.538 TRILLION: (“Final Monthly Treasury Statement,” U.S. Department of the Treasury, Accessed 10/19/2012)

DEFICIT WAS $1.089 TRILLION: (“Final Monthly Treasury Statement,” U.S. Department of the Treasury, Accessed 10/19/2012)

The report is just the latest indictment of Democrats’ profligate spending habits that have increased the national debt by $5.5 trillion and run four straight years of trillion dollar deficits:

$5.57 TRILLION INCREASE IN NATIONAL DEBT SINCE OBAMA TOOK OFFICE: (“The Daily History of the Debt Results,” Bureau of the Public Debt, Accessed 10/18/2012)

NATIONAL DEBT CURRENTLY STANDS AT $16.20 TRILLION; SIZE OF NATION’S ECONOMY AT $15.59 TRILLION: (“The Daily History of the Debt Results,” Bureau of the Public Debt, Accessed 10/19/2012; Bureau of Economic Analysis, 9/27/2012)

OBAMA AND DEMOCRATS HAVE RUN FOUR STRAIGHT YEARS OF TRILLION-DOLLAR DEFICITS: (Andrew Taylor, “CBO Tallies 2012 Deficit at $1.1T,” Associated Press, 10/5/2012)

PROMISE BROKEN:OBAMA PLEDGED TO “CUT THE DEFICIT WE INHERITED IN HALF BY THE ENTIRE OF MY FIRST TERM IN OFFICE”: “Today I am pledging to cut the deficit we inherited in half by the end of my first term in office. Now, this will not be easy. It will require us to make difficult decisions and face challenges we’ve long neglected. But I refuse to leave our children with a debt that they cannot repay, and that means taking responsibility right now, in this administration, for getting our spending under control.” (Molly Moorhead, “Romney Says Obama Promised to Cut the Deficit in Half,” Politifact, 10/3/2012)

STUDY: ANNUAL COST OF OBAMA’S DEBT AMOUNTS TO $4,000 A YEAR IN HIGHER TAXES ON THE MIDDLE CLASS: “In a new paper, AEI’s Aspen Gorry and Matt Jensen look at the real annual cost of servicing the debt for households at various levels of income — including a potentially higher tax burden. As the table below illustrates, a household making between $100,000 and $200,000 a year could find its tax liability higher by roughly $2,400 every year. Over ten years, that works out to $24,000. And when you add in the debt already accrued the past four years under President Obama (the second table), that’s another $1,600 a year. So now we are now talking about $4,000 a year, $40,000 over ten years.” (James Pethokoukis, “Study: Obama’s Big Budget Deficits Could Mean A $4,000 A Year Middle-Class Tax Hike,” American Enterprise Institute, 10/2/12)

POLITIFACT SAID LAST YEAR THAT OBAMA WAS THE “UNDISPUTED DEBT KING OF THE LAST FIVE PRESIDENTS”: “Obama is the undisputed debt king of the last five presidents, rather than the guy who added a piddling mount to the debt.” (Louis Jacobson, “Nancy Pelosi Posts Questionable Chart on Debt Accumulation by Barack Obama, Predecessors,” Politifact, 5/19/2011)

THREE YEARS AND TWO MONTHS OF OBAMA WAS MORE DEBT THAN EIGHT YEARS OF PREDECESSOR: “The National Debt has now increased more during President Obama’s three years and two months in office than it did during 8 years of the George W. Bush presidency. The Debt rose $4.899 trillion during the two terms of the Bush presidency. It has now gone up $4.939 trillion since President Obama took office.” (Mark Knoller, “National Debt Has Increased More Under Obama than Under Bush,” CBS News, 3/19/2012)

OBAMA RECORD “THE MOST RAPID INCREASE IN THE DEBT UNDER ANY U.S. PRESIDENT”: (Mark Knoller, “National debt has increased $4 trillion under Obama,” CBS News’ Political Hotsheet Blog, 8/22/2011)

CHINA OWNS $1.15 TRILLION IN U.S. DEBT: (“Major Foreign Holders of Treasury Securities,” U.S. Department of the Treasury, 10/16/2012)

Instead of learning from their mistakes, Democrats’ plan for the future is more borrowing from countries like China and more job-destroying tax hikes on families to pay for their spending addiction:

THE NEW YORK TIMES’ TOM FRIEDMAN: OBAMA’S WEAKNESS IS ANSWERING “HOW WILL THE NEXT FOUR YEARS REALLY BE DIFFERENT?”: TOM FRIEDMAN: “I continue to believe Obama has a weakness when it comes to the question of will the next four years really be different? Do you have a plan that excites you and me to get out of my chair and say that’s the guy, that’s it, that’s the person I want to follow now. He has not closed that deal.” (MSNBC’s “Morning Joe,” 10/17/2012)

TAX HIKE WOULD BE A $201 BILLION HIT TO THE ECONOMY: (Robert Carroll and Gerald Prante, “Long-Run Macroeconomic Impact of Increasing Tax Rates on High-Income Taxpayers in 2013,” Ernst & Young, July 2012, Appendix C)

710,000 JOBS COULD BE DESTROYED BY DEMOCRATS’ TAX HIKE PLAN: (Robert Carroll and Gerald Prante, “Long-Run Macroeconomic Impact of Increasing Tax Rates on High-Income Taxpayers in 2013,” Ernst & Young, July 2012, Appendix C)

1.8% DROP IN WAGES: “Real after-tax wages would fall by 1.8%, reflecting a decline in workers’ living standards relative to what would have occurred otherwise.” (Robert Carroll and Gerald Prante, “Long-Run Macroeconomic Impact of Increasing Tax Rates on High-Income Taxpayers in 2013,” Ernst & Young, July 2012)

JOINT COMMITTEE ON TAXATION: 940,000 SMALL BUSINESSES TO GET HIT BY DEMOCRATS’ LATEST TAX HIKE: “Congress’s Joint Tax Committee—not a conservative outfit—estimates that in 2013 about 940,000 taxpayers will have enough business income to meet Mr. Obama’s tax increase threshold.” (Editorial, “Off the Tax Cliff He Goes,” The Wall Street Journal, 7/10/2012)

MORE THAN HALF OF NET BUSINESS INCOME WILL BE HIT BY HIGHER TAX RATES UNDER OBAMA PROPOSAL: “And of the roughly $1.3 trillion in net business income, about 53% will get hit with the higher tax rates. This is because millions of businesses report their income as sole proprietors and subchapter S corporations that file under the individual tax code.” (Editorial, “Off the Tax Cliff He Goes,” The Wall Street Journal, 7/10/2012)

OBAMA’S NEW TAX HIKE WOULD HAVE SOME SMALL BUSINESSES PAYING HIGHER TAX RATES THAN GENERAL ELECTRIC AND J.P. MORGAN: “So Mr. Obama wants these businesses to pay higher tax rates than the giant likes of General Electric or J.P. Morgan. Does that qualify as ‘tax fairness’?” (Editorial, “Off the Tax Cliff He Goes,” The Wall Street Journal, 7/10/2012)

TAXMAGEDDON WILL COST AVERAGE FAMILY $4,138 IN 2013: (“Taxmageddon Costs Average Family $4,138 Next year,” The Heritage Foundation, 6/14/2012)

For Every $7 of Your Taxpayer Dollars, Democrats Spent $11 http://ow.ly/eCBZi