Obama has a penchant for understating and overstating always to his benefit. In this quote, Obama overstates steel manufacturing,
“This nostalgia about an era when everybody was working in manufacturing jobs, and you didn’t need a college degree, and you could go in and as long as you worked hard you could support a family and live a middle-class life — that has been undermined far more by automation than it has been by outsourcing or the shift of jobs to … low-wage countries,” Obama said. “I mean, the steel industry is producing as much steel in the United States as it ever was. It’s just (that) it needs one-tenth of the workers that it used to.”
Yet, according to Politifact,
Frank Giarratani, an economist at the University of Pittsburgh who specializes in the steel industry, provided us with numbers calculated by the U.S. Geological Survey for raw steel production. The data goes back to 1900.
The high point came in 1973, when the United States produced 137 million metric tons of raw steel. By 2013, the most recent year available, that had fallen to 87 million metric tons — a decline of more than one-third from 1973. That’s not even close to “as much” as the peak, which is what Obama said.
“We do produce a lot of steel, but current production is far below the post-WWII peak,” Giarratani said.
Obama also projected what the debt would be under his watch. According to the Obama’s 2009 budget, below would be the deficit, as well as the impact on the debt:
Year Deficit Projected Actual
2010: $1.293 trillion $1,294
2011: $1.645 trillion $1,295
2012: $1.101 trillion $1,087
2013: $768 billion $ 679
The $679 billion represents the famous phrase, “If I haven’t reduced the deficit by half in my first term…”
He certainly did reduce Bush’s war time deficit, something that anybody could have done. Bush was fiscally reckless, though some justify the increase spending due to the wars.
Year Deficit Projected Actual
2014: $645 billion $ 485
2015: $607 billion $ 438
2016: $649 billion $ 587
2017: $627 billion
2018: $619 billion
2019: $681 billion
2020: $735 billion
2021: $774 billion
Deficits each year, and you can see that the numbers began trending up after 2018. This likely takes into account the inability to hold down interest rates.
Regardless, with deficits every year for the next 10 — and no surpluses — the nation’s accumulated debt will rise every year for the next decade.
Year Public debt Actual
2010: $9.019 trillion
2011: $10.856 trillion
2012: $11.881 trillion
2013: $12,784 trillion
2014: $13,562 trillion
2015: $14.301 trillion
2016: $15.064 trillion $19.977 trillion
2017: $15.795 trillion
2018: $16.513 trillion
2019: $17.284 trillion
2020: $18.103 trillion
2021: $18.967 trillion
Current debt: $19.977 trillion.
Don’t worry. You didn’t miss it on Obama’s projections.
In fact, if we extrapolate Obama’s chart, we wouldn’t have hit $19.977 trillion until 2022 at the least. So he’s quite a few years off.
In short, Obama grossly missed the mark.