Recently, Congressman Steve Peace, representing the Second District of New Mexico, held an open forum at the Roswell Adult Center. Not having been in attendance at the forum, I am limited to responding to a letter to the editor from one who was present.
In his letter, a Mr. Osborne accused Congressman Pearce of misleading his constituents by using “fantasy” numbers and not real numbers. He took issue with Congressman Pearce’s assessment that President Obama’s budget, by the White House’s own projections, will accumulate more debt by 2020 than every president – from George Washington to George Bush combined.
According to Wikipedia, when Obama took office, the national debt was $10.413 trillion, and according to CNN has already increased by $4 trillion during Obama’s first term. Also, in an article carried by the National Crisis Debt group, the Obama Administration’s own projection has estimated the national debt will increase by approximately $6.5 trillion by the end of the president’s first term.
If Obama is elected for a second term, and the rate of spending remains the same, by the end of his second term, the national debt will have increased by more than $12 trillion. So using “real” numbers, the debt incurred during Obama’s tenure will exceed the debt of all other administrations combined.
Mr. Osborne apparently was using “fantasy” numbers when he made the claim that the president offered a $4 trillion debt reduction plan that was rejected by the tea party caucus. That plan, titled “Moment of Truth,” prepared by the 18 member debt-reduction committee, identified $3.89 trillion of cuts in the deficit. However, the plan was never presented to the Congress by the president, because his own party vociferously opposed the debt reduction plan since it included projected cuts to Social Security and Medicare.
The only plan pertaining to the debt crisis presented to Congress by the president was a bogus budget bill that added $10 trillion in new debt which was unceremoniously rejected in the Senate by a 97-0 vote.
To be sure, there is plenty of blame to go around for the uncontrolled growth in our national debt. To reverse this trend, we need to hold our elected officials accountable and demand that they balance the budget and significantly reduce the national debt.