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January 25, 2011
A jaw-dropping perspective on the debt ...
Topics: Political News and commentariesFor a jaw-dropping perspective on staggering amount of debt that Barack Obama has burdened our nation with in only two short years, take a look at Jeffrey H. Anderson's comparison of the debt during Obama vs. Bush (emphasis mine):
In his State of the Union address tonight, President Obama will reportedly issue a call for "responsible" efforts to reduce deficits (while simultaneously calling for new federal spending). In light of the President's expected rhetorical nod to fiscal responsibility, it's worth keeping in mind his record on deficits to date. When President Obama took office two years ago, the national debt stood at $10.626 trillion. It now stands at $14.071 trillion -- a staggering increase of $3.445 trillion in just 735 days (about $5 billion a day).Read it all ...[...] To put that into perspective, when President George W. Bush took office, our national debt was $5.768 trillion. By the time Bush left office, it had nearly doubled, to $10.626 trillion. So Bush's record on deficit spending was not good at all: During his presidency, the national debt rose by an average of $607 billion a year. How does that compare to Obama? During Obama's presidency to date, the national debt has risen by an average of $1.723 trillion a year -- or by a jaw-dropping $1.116 trillion more, per year, than it rose even under Bush.
Clearly, Bush was a big spender and terrible on controlling the debt. However, there's no comparison of Obama to Bush whatsoever ... Obama makes Bush look like responsible.
As Anderson goes on to point out, it's not often that one gets to hear a call for "responsible" fiscal stewardship from someone whose deficit spending is outpacing President Bush's by more than $1 trillion a year -- yet that's apparently what we'll get to hear tonight. Yet President Obama's actions tell another, far clearer, story about his commitment to deficit reduction.
Posted by Richard at January 25, 2011 8:35 AM
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