Skip to comments.CBS: National Debt has increased more under Obama than under Bush
Posted on 03/20/2012 7:46:55 AM PDT by tcrlaf
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.
(Excerpt) Read more at cbsnews.com ...
"I'll cut the deficit IN HALF, by the end of my first term! - Barack Obama, 2008
I’d prefer to see that same graph in terms of a percentage of our national debt than in dollars. Because of things like inflation, a raw dollar amount doesn’t mean much and can easily be excused away by the libs. Let’s get some real data in that can’t be ignored.
I think the real news here is that CBS dared to admit this, let alone run with it.
*** “I’ll cut the deficit IN HALF, by the end of my first term! - Barack Obama, 2008 ***
Good gosh, that’s just too funny. Is there a website that has Obama promises and actual results? That would be more than interesting.
“I refuse to leave our children with a debt they cannot repay,” “We cannot and will not sustain deficits like these without end. ... We cannot simply spend as we please.” - Barack Hussein Obama 2/23/2009
That is amazing and add to that ole Jeff Imelt of of GE turning on Obamanomics.
CBS is finally kicking the Heroin habit.Their finally seeing reality.
Don't get all excited. It's part of the grand strategy to pressure Congress to raise taxes when the next debt limit crisis occurs (this coming Sept or October).
“CBS is...finally seeing reality.”
You can hope can’t you?
Hope and Change... Tragic.
America is under threat by the hour Obama's abusing his office and power. We all stand and watch in dismay As our nation sinks into decay. November is the nation's zero hour.
A lefty sent me a long email about how when you look at the spending as a function of GDP Obama is still less than Reagan and other presidents. I haven’t had the time to research and debunk it, but if anyone has seen this and can help me slam this lib down, I would appreciate it......
I think the devil might be wearing a down parka.
Now I understand what is happening with math skills in public schools in this country. The President thinks cutting something in half means doubling it!
This is the usual refuge of Billbot. I am sure this is the common bar graph showing the total national debt adjusted for inflation, or simply shown as a % of GDP.
None of this means that mean Clinton had a surplus...he didn’t.
It’s a deflection, as nflation was increasing faster than the national debt, or GDP was expanding faster than the debt.
That does not change the fact that Clinton never had a surplus.
Past results are indicative of future performance
Forecast under Obama: more spending!
Either I'm in an alternate universe, or the libs, perversely, think this is good news. Are libs really that stupid? (probably.....)
LOL, Old Sarge. Nice Post and right on point!!
“A lefty sent me a long email about how when you look at the spending as a function of GDP Obama is still less than Reagan and other presidents. I havent had the time to research and debunk it, but if anyone has seen this and can help me slam this lib down, I would appreciate it......”
Here you go.http://visualeconomics.creditloan.com/presidential-spending-expenditures-by-year/
Your lefty friend is in liar mode big time. Under Obama, it has been the highest since WW2.
And it took cBS over three years to admit this...
MSNBO won’t admit it, even if you put the numbers right in front of them.
Thanks, that helps.
When I got home I did a search. I started with Walmart.
According to Wikipedia: Walmarts CEO makes $35 million.
Walmart has 2.1 million employees.
Doing the math, thats about $17 per person.
According to Forbes, the top 500 CEO's made $4.5 billion.
Just for arguments sake, divide the top 500 CEO's pay, not by TOTAL employees of all 500 companies, but by JUST Walmarts employees.
$4.5 Billion ÷ 2.1 Million = $2 142.86
In other words, just over $1 an hour.
Never trust a liberals "facts"
Shaa-Zamm!-Gomer Pyle. Having mastered the obvisous CBS even moved on to the relevant: It’s a spending problem.
I believe historically the national debt hasn’t gone down since 1957. http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo4.htm
The editors must have been on vacation./
It’s just Bush’s policies catching up with us. After all, he did SO much while in office, that it was overwhelming for Obama to tackle it all and he’s still taking his time to fix all the many problems that were left in Bush’s wake.
First, total sovereign debt to GDP ratio. We are at the Tipping Point, also known as the Minsky Moment.
Second, we are running a ZIRP just to pay for the interest on the debt.
Third, we are in a long-wave contraction. It's not going to get better any time soon and additional deficit spending will only make it worse.
But, they probably don't follow Ray Dalio, Bill Gross, or Kyle Bass. No doubt they are taking their talking points from that clown, Paul Krugman.
Good summary on what we face: Dangers of Additional Deficit Spending
Good stuff. thanks!
A year ago everyone was talking about the debt hitting $13 trillion. Now it’s already up to $15 trillion.