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March 20, 2012

As of the Ides of March, Obama's addition to our national debt in 1,150 days now surpasses 8 yrs of the Bush administration

Topics: Political News and commentaries

As Jim Geraghty predicted back in August 2011, the Treasury Department's Debt to the Penny web app lists our national debt as of the Ides of March as:

  • Debt Held by the Public: $10,114,556,380.32
  • Intragovernmental Holdings: $4,744,695,335,387.67
  • Total Public Debt Outstanding: $15,564,809,891,767.99

And as Steve Eggleston points out, the $4,937,931,842,854.91 in new total debt added under Obama's watch, in a mere 1,150 days, is more than the $4,899,100,310,608.44 in new total debt added under Bush's watch in 2,922 days:

If you prefer to just look at publicly-held debt, Obama broke the Bush record of $2.889 trillion in new publicly-held debt ... back on the Ides of November 2010, and barely slowed down since. That total is now $4.512 trillion.

So, how did Obama celebrate? It probably would have been better had he gone to Disney World, but instead, he set another personal record of six fundraisers in a day, ignoring a whole host of indicators of hard times to gather cash for himself.

As bad as all this sounds, Ed Morrissey notes that our debt is only going to get worse ... much worse:
Obama has proposed a new budget for FY2013 that will add another $900 billion to the national debt under the most cheery, best-case scenarios imaginable, and likely will exceed the trillion-dollar mark for the fifth time in his presidency.
Ed goes on to remind us that owing to the fact that this President consistently refuses to take responsibility for it, the solution for out-of-control deficit spending will have to come from Congress, and points to Guy Benson's in-depth rundown of Rep. Paul Ryan's new budget, which at least takes a large step in the right direction:
On Spending - The Path to Prosperity spends $3.53 Trillion in FY 2013, a number that grows to $4.88 Trillion by the end of the decade. It restores full military funding to pre-Budget Control Act sequestration levels, off-setting those dollars elsewhere and preventing a harmful gutting of our national defense. It reduces spending by $5 Trillion over the next ten years, compared to Obama's budget. It restores federal spending to the historical norm of 20 percent of GDP by 2015.

On Deficits - Ryan's blueprint reduces budget deficits by $3 Trillion over the coming decade, relative to Obama's budget. Although it doesn't happen immediately, and unlike Obama's plan, this budget balances. Within the current decade window, it comes closest to primary balance by achieving a $166 Billion annual deficit in 2018 (to put that into perspective, 2010's deficit under this president was $1.6 Trillion). The closest Obama's budget comes to primary balance is a $617 Billion shortfall in 2017, which is still roughly double the size of President Bush's average deficit.

On Debt - Unlike President Obama's unflinching debt express, the GOP's budget lowers spending and enacts crucial reforms to chart a more sustainable debt course, allowing the United States to gradually begin paying down the national debt. The plan would retire the publicly-held debt by the 2050's. Gross debt reached 100 percent of US GDP this year, an alarming tipping point -- yet President Obama's new budget offers ever higher debt in perpetuity[.]

Take the time to read the whole thing. As Morrissey also notes, Ryan's plan offers the right approach and is a good step in the right direction, but doesn't go far enough. It's no longer sufficient to just slow the rate at which we add to the already too large national debt; we have to start subtracting from it. Now that we have reached the Greece threshold of debt at 100% of our GDP, we can't afford to keep adding to it.
Unfortunately for Ryan -- who certainly understands the problem -- he doesn't have enough people in Washington that will show the necessary leadership to get that kind of approached passed and signed into law. Until voters get serious and toss Obama and other unserious spenders out of office, Ryan can't do any better than incremental improvements, which I'll take over the alternatives offered at the moment.
Meanwhile, the delusional and consistently loony Joe Biden has the chutzpah to say that the economic theories of the GOP Candidates will lead America to bankruptcy. His statement is strongly indicative of the incredible lack of economic savvy, socialist ideology, and financial ineptitude of the Obama administration.

And while we're on the topic of Obama's spending and increasing our national debt, it seems appropriate to ask just how many taxpayer dollars are going into 13-year-old Malia Obama's spring break vacation in Oaxaca, Mexico. My guess is that reimbursement to taxpayers for transportation, security, and housing (for all the security, Malia, etc.) is minimal, if at all.

Posted by Hyscience at March 20, 2012 10:39 AM

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