The Obama Record: The Debt

 

The second in my ongoing series on the Obama record as President, the first part of which may be read here,  leading up to the election in November.  Few things show more graphically the disaster of the Obama presidency than the debt he has piled on this nation.  This week the Obama Debt reached a grim milestone, as he surpassed the debt run up by his predecessor George W. Bush in eight years.  That right-wing news organization CBS News, gives us the forbidding numbers:

(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 latest posting from the Bureau of Public Debt at the Treasury Department shows the National Debt now stands at $15.566 trillion. It was $10.626 trillion on President Bush’s last day in office, which coincided with President Obama’s first day.

 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.

Of all the harm that Obama has done to the American Republic, I believe his acceleration of the process that will end ultimately in some form of national debt repudiation will be the one that future historians will point to as the most significant.

 

 

 

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