Tuesday, March 20, 2012

It's Official: In Three Years Obama Added More Debt Than 8 Years Under Bush

Remember that Obama called Bush's debt run up "irresponsible...unpatriotic!"

Oh, what a great advertisement this will make for the fall presidential campaign:

Obama, July 3, 2008: The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents - #43 added $4 trillion by his lonesome, so that we now have over $9 trillion of debt that we are going to have to pay back -- $30,000 for every man, woman and child. That's irresponsible. It's unpatriotic.
Well, if Bush's debt increase for eight years was unpatriotic and irresponsible then what about this?

(CBS News) The National Debt has now increased more during President Obama's three years and two months in office than it did during 8 years of the George W. Bush presidency.

The Debt rose $4.899 trillion during the two terms of the Bush presidency. It has now gone up $4.939 trillion since President Obama took office.
The National Debt also now exceeds 100% of the nation's Gross Domestic Product, the total value of goods and services.

Mr. Obama has been quick to blame his predecessor for the soaring Debt, saying Mr. Bush paid for two wars and a Medicare prescription drug program with borrowed funds.

The federal budget sent to Congress last month by Mr. Obama, projects the National Debt will continue to rise as far as the eye can see. The budget shows the Debt hitting $16.3 trillion in 2012, $17.5 trillion in 2013 and $25.9 trillion in 2022.
Mr. Obama doesn't mention the National Debt much, though he does want to be seen trying to reduce the annual budget deficit, though it's topped a trillion dollars for four years now.

As part of his "Win the Future" program, Mr. Obama called for "taking responsibility for our deficits, by cutting wasteful, excessive spending wherever we find it."

If Mr. Obama wins re-election, and his budget projections prove accurate, the National Debt will top $20 trillion in 2016, the final year of his second term. That would mean the Debt increased by 87 percent, or $9.34 trillion, during his two terms.
There is no question that Obama is the biggest big spender of all time. And what did we get for it? Billions spent on a stimulus that didn't stimulate. Billions for "green jobs" where the firms went bankrupt. Billions to prop up Big Labor and Obama's campaign contributors.

All the while unemployment remains at record levels along with gas prices and the average American gets squeezed even more.

We're living in Obama's epic fail and there is only one cure and it's coming this November!

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