The debates showed Obama has not got a clue about economics - The 7-Eleven Presidency

Spends and borrows over a third of the revenue that is extracted. It is not a revenue problem, it is a spending problem! Obama is not alone, the Dems in the Senate and, perhaps worse, the Republican House, under Old Boy John Boehner, are all complicit in this 'drunken sailor' spending.

The 7-Eleven Presidency | The Weekly Standard
OCT 18, 2012 • BY JEFFREY H. ANDERSON

Add a Trillion Dollars, this is only $15 Trillion and growing.

 .. 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....

Let’s take a look at the scorecard, based on official government figures.  In fiscal year 2012 (which ended on September 30), the federal government acquired $2.449 trillion in tax revenue and other receipts.  It spent $3.538 trillion — 44 percent more than it had available to spend.  The resulting deficit was $1.089 trillion.

In fiscal year 2011 (see table S-1), the federal government acquired $2.303 trillion in tax revenues and other receipts.  It spent $3.603 trillion — 56 percent more than it had available to spend.  The resulting deficit was $1.3 trillion. 

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