Bob McDonnell on Budget & Economy



$100K debt per family is unsustainable: limit government

The amount of [national] debt is on pace to double in five years, and triple in ten. The federal debt is already over $100,000 per household. This is simply unsustainable.

The President's partial freeze on discretionary spending is a laudable step, but a small one. The circumstances demand that we reconsider and restore the proper, limited role of government at every level.

Without reform, the excessive growth of government threatens our very liberty and prosperity. In recent months, the American people have made clear that they want government leaders to listen and act on the issues most important to them. We want results, not rhetoric.

Source: 2010 State of the Union GOP response , Jan 27, 2010

FactCheck: No, Obama won't double debt; only 55% increase

McDonnell made incorrect claims about the expected growth of the national debt. McDonnell said, "The amount of this debt is on pace to double in five years, and triple in 10."

That's an outdated Republican talking point that failed to account for the most recent Congressional Budget Office report released a few days ago. CBO's latest figures show the public debt increasing from $7.5 trillion at the end of fiscal year 2009 (which ended Sept. 30) to $11.6 trillion in 2014 and $14.3 trillion in 2019. That's an increase of about 55% in five years and 91% in 10 years, far less than the doubling and tripling of which McDonnell spoke.

McDonnell is even further off the mark if counting what's called the "gross" debt, which includes money the government owes to itself, chiefly in IOUs held by the Social Security trust funds. CBO's latest report shows the gross debt at $11.9 trillion for 2009, and expected to rise to $16.7 trillion and $20.6 trillion. That figures out to be increases of 40% and 73%.

Source: FactCheck.org on 2010 State of the Union response , Jan 27, 2010

FactCheck: Yes, federal debt is over $100,000 per household

McDonnell claimed, "The federal debt is already over $100,000 per household." That's only true if one looks at gross debt. The Census Bureau estimates there are 117 million US households. Dividing that figure into the gross debt--also known as "total public debt outstanding"--does indeed yield a figure of $105,143. But using the figure that economists generally find more relevant--"debt held by the public"--the debt works out to be a less dramatic number--$66,531 per household.
Source: FactCheck.org on 2010 State of the Union response , Jan 27, 2010

Other governors on Budget & Economy: Bob McDonnell on other issues:
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