The ILLEGAL IMMIGRANT IN CHIEF has wracked up more debt in two and a half years than all our presidents COMBINED from George Washington to Ronald Reagan.
While Obama has done his fair share of spending you are wrong on the math...
When Obama was sworn in the national debt was $10.626 trillion... right now its at roughly $14.500 trillion. Now that's a lot in less than three years for sure. But come on, I wish folks would stop regurgitating that some old completely wrong chain email....
If Obama had racked up more debt than all past presidents combined as you assert the debt would be somewhere between $18 and $20 trillion...
posted on 07/15/2011 2:21:55 AM PDT
by The Magical Mischief Tour
(If you want a Socialist, vote Democrat. If you want a Democrat, vote Republican.)
To: The Magical Mischief Tour
“all our presidents COMBINED from George Washington to Ronald Reagan.”
That’s not all presidents.
posted on 07/15/2011 3:51:37 AM PDT
($1 meals: http://abuckaplate.blogspot.com/)
To: The Magical Mischief Tour
“If Obama had racked up more debt than all past presidents combined as you assert the debt would be somewhere between $18 and $20 trillion...”
Whereas I agree that decades of bad fiscal policy have contributed to where we are now, I think the statement comparing Obama’s contribution to the deficit to the contribution of past presidents is based more on the absolute increases in spending, rather than the cumulative effects of things like interest on the debt etc.
The interest alone on the national debt in 2008 was something like $450 billion, and is similar each of the past several years. Seems like accumulated interest contributes significantly to national debt increases, which is why it's so important to at the very least stop running annual budget deficits.
To: The Magical Mischief Tour
Care to back your claims up with maybe back them up with links to FACTS?
Well, try these facts
And then there this pesky fact.
Obama Added More to National Debt in First 19 Months
Than All Presidents from Washington Through Reagan Combined,
Says Govt Data
Wednesday, September 08, 2010 by Terence P. Jeffrey
(CNSNews.com) - In the first 19 months of the Obama administration,
the federal debt held by the public increased by $2.5260 trillion,
which is more than the cumulative total of the national debt held by the public
that was amassed by all U.S. presidents from George Washington through Ronald Reagan.
The U.S. Treasury Department divides the federal debt into two categories.
One is debt held by the public,
which includes U.S. government securities owned by individuals, corporations, state or local governments, foreign governments and other entities outside the federal government itself. The other is intragovernmental debt,
which includes I.O.U.s the federal government gives to itself when, for example,
the Treasury borrows money out of the Social Security trust fund to pay for expenses other than Social Security.
At the end of fiscal year 1989, which ended eight months after President Reagan left office,
the total federal debt held by the public was $2.1907 trillion, according to the Congressional Budget Office.
That means all U.S. presidents from George Washington through Ronald Reagan had accumulated only that much publicly held debt on behalf of American taxpayers.
That is $335.3 billion less than the $2.5260 trillion that was added
to the federal debt held by the public just between Jan. 20, 2009, when President Obama was inaugurated,
and Aug. 20, 2010, the 19-month anniversary of Obama's inauguration.
By contrast, President Reagan was sworn into office on Jan. 20, 1981 and left office eight years later on Jan. 20, 1989.
At the end of fiscal 1980, four months before Reagan was inaugurated, the federal debt held by the public was $711.9 billion, according to CBO.
At the end of fiscal 1989, eight months after Reagan left office, the federal debt held by the public was $2.1907 trillion.
That means that in the nine-fiscal-year period of 1980-89--which included all of Reagans eight years in office
--the federal debt held by the public increased $1.4788 trillion.
That is in excess of a trillion dollars less
than the $2.5260 increase in the debt held by the public during Obamas first 19 months.
When President Barack Obama took the oath of office on Jan. 20, 2009,
the total federal debt held by the public stood at 6.3073 trillion, according to the Bureau of the Public Debt, a division of the U.S. Treasury Department.
As of Aug. 20, 2010, after the first nineteen months of President Obamas 48-month term, the total federal debt held by the public had grown to a total of $8.8333 trillion, an increase of $2.5260 trillion.
In just the last four months (May 2010 through August 2010), according to the CBO,
the Obama administration has run cumulative deficits of $464 billion,
more than the $458 billion deficit the Bush administration ran through the entirety of fiscal 2008.
The CBO predicted this week that the annual budget deficit for fiscal 2010,
which ends on the last day of this month, will exceed $1.3 trillion.
The first two fiscal years in which Obama has served will see the two biggest federal deficits
as a percentage of Gross Domestic Product since the end of World War II.
CBO currently estimates that the deficit for 2010 will be about $70 billion below last years total but will still exceed $1.3 trillion, said the CBOs monthly budget review for September, which was released yesterday.
Relative to the size of the economy, this years deficit is expected to be the second-largest shortfall in the past 65 years:
At 9.1 percent of gross domestic product (GDP), that deficit will be exceeded
only by last years deficit of 9.9 percent of GDP.
Now .... what other lies do you want to say
to defend that piece of garbage defiling the White House,
that curse on our nation ...
posted on 07/15/2011 9:17:48 PM PDT
(It's simple, fight or die.)
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