ALG - Obama budget reveals economy never gets back to normal growth

April 11, 2013, Fairfax, VA—Americans for Limited Government President Bill Wilson today issued the following statement on the Obama budget's economic expectations:

"The economic assumptions in the 2014 Obama budget are simply devastating. If true, nominal economic growth will never again reach its postwar historical 6.5 percent average rate of increase. Instead, it will only grow an average 4.8 percent a year this decade. This will have negative implications on the nation's financial picture for a generation.

"The Obama economic team has already been proven wrong about everything. In 2009, it overestimated GDP by a whopping $1.046 trillion in its first term. It overstated revenues by $1.1 trillion. But for sequestration and the Federal Reserve's quantitative easing and low interest rate bailouts, the debt would be much larger today.

"Yet, despite those bailouts, in 2013, the national debt will grow by 7.5 percent — above its 7 percent historical growth rate. If sequestration over the coming decade is cancelled and/or if inflation strikes, forcing interest rates to spike, and if the low growth assumptions going forward prove correct, by 2042, debt to GDP could rise to be as high as 189 percent, if not higher.

"Until the economy starts growing faster than the debt, we are skidding down a slippery slope to certain insolvency."

To view online: http://getliberty.org/obama-budget-reveals-economy-never-gets-back-to-normal-growth/

Attachments:

"Obama's amateur budget," By Robert Romano, Senior Editor, Americans for Limited Government, April 11, 2013 at http://netrightdaily.com/2013/04/obamas-amateur-budget/

"What will the debt be in 2042?" By Robert Romano, Senior Editor, Americans for Limited Government, March 15, 2013 at http://netrightdaily.com/2013/03/what-will-the-debt-be-in-2042/

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Americans for Limited Government is a non-partisan, nationwide network committed to advancing free market reforms, private property rights and core American liberties. For more information on ALG please call us at 703-383-0880 or visit our website at www.GetLiberty.org.

NHGOP STATEMENT ON PRESIDENT OBAMA'S DISASTEROUS BUDGET

Concord – New Hampshire Republican Party Chairman Jennifer Horn released the following statement today on President Obama’s budget:

“President Obama’s budget is a fiscal disaster that is radically out of step with the traditional New Hampshire principles of limited government, lower taxes and less spending. The Obama budget raises taxes on working families, adds more debt to pay for the president’s bloated spending proposals and never balances. It also fails to address the long-term fiscal challenges facing our country and does nothing to reform and preserve programs like Social Security, Medicare and Medicaid for future generations.

“Senator Shaheen, Congresswoman Shea-Porter and Congresswoman Kuster need to stand up for New Hampshire by opposing the president’s disastrous budget. If they fail to denounce this irresponsible proposal, it will serve as another indication that they are completely out of touch with the Granite State’s fiscally conservative values.”

Rep. William O'Brien's Comments on President Obama's FY 2014 Budget Proposal

Rep. William O’Brien’s Comments on President Obama’s FY 2014 Budget Proposal

“President Obama has once again failed the American people,” said Rep. William O’Brien (R-Mont Vernon).  “We need leadership in Washington that recognizes that, when we have just learned that the number of Americans forced out of the work force is at an historical high, now is not the time to propose another round of economically destructive tax increases, cuts on Medicare providers to our senior citizens, and deficits that never end and will grow by $5.3 trillion over the next 10 years.”

“What is particularly disappointing to New Hampshire citizens in the Second Congressional District is to hear of the immediate support given by our member of Congress, Ann Kuster, to the President’s reckless lack of leadership,” O’Brien added.  “She called a lifetime of permanent deficits adding up to $5.3 trillion in more borrowing against our children’s future over the next 10 years ‘a balanced approach.’  With a budget that never balances and nearly $600 billion in new taxes, one has to wonder what a liberal approach would look like.”

 “Ann Kuster has once again shown that her years as a lobbyist in Concord looking to grow government on behalf of her paid special interest clients did not give her the traditional New Hampshire value of fiscal responsibility, for it is clear she does not even know what a balanced budget would be,” O’Brien continued.  “Permanent deficits are not a balanced approach.  Neither is borrowing an additional $5 trillion a balanced approach.  New Hampshire needs Congressional representation in Washington that knows what it is to make spending choices and that the fiscal irresponsibility of Barack Obama and Nancy Pelosi are not New Hampshire choices.”

William O’Brien is a state representative from Mont Vernon, serving his fourth term in the New Hampshire House.

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