Tag Archives: Barack Obama
When President Obama took office on January 20th, 2009, the total federal debt was over $10 trillion. As of July 2014, it has rise to over $17 trillion. That means that so far during President Obama’s term, our debt has increased more than $7 trillion, far more than any previous president. This is seriously bad news for American citizens since this means higher taxes and more debt.
The United States is facing economic disaster on a scale few nations have ever experienced. Most people are unaware of the easily observable signs of this crisis, where it came from and how to stop it. While we persist in our superpower mentality, we have quietly become a second-class country in many respects.
For forty years now, our trade deficit has resulted in job losses, stagnant wages, massive foreign debt, and a decimated manufacturing industry. We are left with a weak middle class and an ear full of lies and false promises made by President Obama. He promised 1 million jobs and to this day he has not met his goal. America doesn’t make anything anymore because all of our manufacturing jobs have been shipped overseas. One by one we saw our factories disappear, leaving us with a trade deficit with other countries as we import more than we export.
America’s tax system is in desperate need of reform. American companies – and only Americans companies – are double taxed when selling overseas. Foreign countries have reduced tariffs but replaced them with consumption taxes on imports. China, Mexico and other countries’ manufacturers receive generous consumption tax rebates when exporting. As a result of these tax subsidies, American companies are often priced out of export markets. Our corporate tax rate is one of the highest in the world, making us less competitive in the global marketplace. Overall we have placed the burden on the American people and our own companies. Tax reform is something both parties agree should happen, however neither has a plan that could unburden our economy.