He promised to cut our deficit in half. Instead, President Obama has doubled it. The Congressional Budget Office estimates the 2012 deficit will surpass $1.2 trillion. Obama has added almost as much debt as the previous 43 presidents combined.
“We’ve now had four years in a row with a president that’s built trillion dollar deficits. It’s bad economics,” GOP challenger Mitt Romney said during a rally in Bettendorf on Wednesday. “It’s the wrong course for America, and I believe it’s immoral for us to pass on our burdens to the next generation.”
Romney was speaking to a crowd of more than 1200 at LeClaire Industries. Behind him on the stage were factory employees wearing shirts that said, “Government didn’t build my business, I did.” The shirts were a swipe at Obama’s infamous “You didn’t build that” comments. LeClaire Industries owner Bob Zimmerman took exception with the president’s statement.
“Mr. President, it isn’t the government that creates jobs. It’s the people. It’s businessmen and businesswomen. And if you really want to help small business, stop the regulations and get out of our way and let us go to work,” Zimmerman said to a standing ovation from the crowd.
Romney warned that if the country continues on its current path, the United States faces a financial collapse, similar to the problems European countries are facing.
“25% unemployment in Spain. 25 percent. Think of that,” Romney said. “These are the kinds of circumstances that can arrive here if we stay on the path we’re on. And that’s why it’s so critical in this election to decide whether we’re going to have an America like Europe or we’re going to have an America that lives upon the principles which we were founded.”
The CBO predicts another recession in the first half 2013 if drastic changes are not made, including the extension of the Bush tax cuts. Unemployment would rise from 8.2 percent to 9.1, according to projections.
The Obama campaign has decided to attack Romney on education policy, saying the former Massachusetts governor wants to cut education funding to extend tax cuts for millionaires. Meanwhile, Obama promises more federal funding to hire more teachers.
“Let me tell you, you’ve got to beware of a government bearing gifts because you’re paying for those gifts,” Romney said. “I hear the president say he wants to invest in young people. If you want to invest in young people, let me tell you want you need to do Mr. President. First of all, you need to make sure that our K-12 schools are getting better. Number two, you need to make sure that we create jobs in this country so people coming out of school can get a good job. Number three, you don’t max out their credit card, if you will, by giving them something they’ll have to pay for down the road plus interest.”