Barack Obama On His Budgetary Apocalypse: “We’re Not Going To Spend Any More Money Than We’re Taking In”

by John Hawkins | February 17, 2011 1:40 pm

Barack Obama habitually lies so much about what he’s doing that I’m surprised he doesn’t introduce himself as Rumplestilskin just to keep in practice. Well, Jake Tapper is calling Obama out on a particularly egregious lie[1] about deficit spending,

In an interview with ABC News’ Cincinnati affiliate WCPO-TV Wednesday. In an , President Obama said that his “budget freezes spending for five years, and what that does is it solves the short-term problem by saying, we’re not going to spend any more money than we’re taking in.”

That is factually incorrect. Even after the president’s proposed budget — with its optimistic prediction of 3.9% growth — achieves a point, in 2017, when spending is roughly equivalent to taxes coming into the government, the U.S. government will continue to borrow hundreds of billions of dollars a year to pay for interest on the national debt accrued until that point — including debt racked up during the Obama presidency.

Indeed, the U.S., according to Obama’s own budget projections, would borrow $627 billion in 2017 to pay the interest on past debt; $618 billion in 2018; $681 billion in 2019; $735 billion in 2020; and $774 billion in 2021.

Or: $3.435 trillion.

That’s a great piece of reporting, but Tapper is still being too generous. The interest on the deficit is money we’re going to have to spend. So, it’s money going out — and it’s likely to climb to even higher levels as we’re forced to pay ever higher interest rates to get anyone to loan us money. Barack Obama is doing ABSOLUTELY NOTHING OF SIGNIFICANCE to deal with the single biggest problem this country is facing today. So, if Barack Obama gets his way, the only question is whether the resulting economic apocalypse in this country will look more like what happened in the post-WW1 Weimar Republic or what happened more recently, in Greece.

  1. Jake Tapper is calling Obama out on a particularly egregious lie:

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