National Debt Has Now Increased $4 Trillion Under Obama – He Blames Bush
Posted by Jim Hoft on Monday, August 22, 2011, 6:40 PM
The US national debt has now officially increased by $4 trillion under Barack Obama. He blames George W. Bush.
CBS reported:
The latest posting by the Treasury Department shows the national debt has now increased $4 trillion on President Obama’s watch.
The debt was $10.626 trillion on the day Mr. Obama took office. The latest calculation from Treasury shows the debt has now hit $14.639 trillion.
It’s the most rapid increase in the debt under any U.S. president.
The national debt increased $4.9 trillion during the eight-year presidency of George W. Bush. The debt now is rising at a pace to surpass that amount during Mr. Obama’s four-year term.
Mr. Obama blames policies inherited from his predecessor’s administration for the soaring debt. He singles out:
“two wars we didn’t pay for”
“a prescription drug program for seniors…we didn’t pay for.”
“tax cuts in 2001 and 2003 that were not paid for.”CBSNews.com special report: America’s debt battle
He goes on to blame the recession, and its resulting decrease in tax revenue on businesses, for making fewer sales, and more employees being laid off. He says the recession also resulted in more government spending due to increased unemployment insurance payments, subsidies to farms and funding of infrastructure programs that were part of his stimulus program.
Of course, the Bush tax cuts created record revenue for the government, but don’t tell Obama. It might ruin a good talking point.
ADVERTISEMENT
`
Luke Duke commented:
my dog ate my homework
Old Dude commented:
Don’t worry. Didn’t Greenspan say we can always print more money?
ocrick commented:
The President is correct. Both Wars and the Part D giveaway were OFF Budget.
The tax cuts for the top 2% created the greatest transfer of wealth to the Fewest people in History.
Not to mention the greatest Bank Robbery in the Universe, called Tarp, under bush/dick.
Did I mention the economy was moving towards Depression in 08? or did you forget?
mercador commented:
If he is still blaming Bush, then he has really not done a thing since he has been there. I believe that he has not done anything but spend our money thinking that he will bring people that will not work up. It is really insanity at its peak.
succotash commented:
We are expecting a hurricane in a few days,then he can blame Irene.
FurryGuy commented:
I remember the days when a debt increase of a few tens of billions was a HUGE deal to the new Dem majority in Congress after the 2006 midterms. Now even supposedly staunch conservative Republicans are only arguing about debt spending for their pet projects.
Ron commented:
Anyone suprized by this? Whom are he and the lefties going to blame for the @$$whippin’ coming in 2012. Word from the wise: Stock up on food, water and ammo. We pretty much know what’s going to happen on Nov.05, 2012.
FurryGuy commented:
Leftists love to bleat about how much “Bush’s Wars” supposedly fueled the deficits and debt we are currently experiencing, but wanna bet the Left never complains about how much Barry is paying for his Libyan playtime?
US Military Intervention in Libya Cost At Least $896 Million
If they say anything about the cost at all, it will be something akin to “a drop in the bucket….Bush spent more! Bush was worse! Bush is EEEEEEEEEEVILLLLLLL!”
Patty commented:
Seems we have a taste of the sour milk Obama will be using in his waiting with baited breathe speech, after his whirl wind vacation.
How did that recovery package work for you, Obama. And how’s that Obama care doing. The cost of this thing will be….wait for Billions if not trillions, especially without demand of us to buy the awful thing for the rest of our life.
Left loves to spin and spin the Bush thing. Well, the writing is on the wall and Obama has spent this nation into a spiraling DOWNGRADE.
The jig is up! Seriously, the man could have been as great as his so called pretty little campaign speeches had he tightened the belts in Washington and practiced what he has been saying to Americans…SACRIFICE.
Tell Americans the truth for once and he could have resisted in bad times Obama care. If he had just had experience in Economy and waited. But, my intuition was always right about the guy. Sure wish we had a better candidate in 08.
Can go back but this time around God Help Us we better because we cannot afford four more years of Obama.
Patty commented:
Can’t go back but pray that in 12 the lies, spending, vacations, golf, bowing, treating others like the are dog crap, spinning and never admitting you are wrong WILL STOP.
We don’t need another arrogant spending maniac ever again in our house.
Ladue Pundit commented:
Lies Obama told me:
“This economy will not come back until we pass healthcare.”
“Now is not the time for profits, there’ll be time for profits later.”
“Passing the Stimulus Package will prevent unemployment from rising above 8%”
“I do not want to be in the auto business.”
And who can forget his vow to keep the oceans from rising? Here’s my fav, from VP Bite Me:
“We have to spend money to keep from going broke.”
ocrick, why don’t you cram these up your a$$ with your herd of pet gerbils? I’m sure there’s room.
Patty commented:
http://www.pittsburghlive.com/x/pittsburghtrib/opinion/s_752446.html
Patty commented:
Obama likens his opposition to MARTIN LUTHER KING!!
Obama likens his suffering to ABRAHAM LINCOLN!
Obama said this. Wow!
Patty commented:
#11
rof!!
Patty commented:
So, with all these facts..WHO IS OBAMA, DOES HE EVEN KNOW, PHYSIO OF SORTS.
self serving, ego maniac, immature, never has been punished possible for anything as a kid.
And this is bad on our Physiques. Isn’t it! Not just the spending and the looking so un-presidential, he is scaring the daylights out of American and we all should be. I hope for the day of calm in the White House…COME ON 12!
Milt commented:
Ladue you didn’t mention Pelosi’s you have to pass it to see whats in it…
JoyO commented:
Obama took a bad economic situation and made it “unprecedentedly” worse. He could have vetoed the funding for the second half of FY 2009. He could have let GM go into bankruptcy. He could have stopped funding for TARP …if not the first portion that Bush had signed off, then the second half of the TARP. He could have ensured that the Stimulus money went to business endeavors that actually produced jobs instead of the state and local government employees. He could have tried to save Medicare and Social Security instead of pushing for Obamacare with all of its special deals for unions. He could have reduced the number of oppressive regulations issued by the EPA, DOE, and DOI that are costing businesses millions of dollars. He could have done a lot of other things to save our country. Instead, he has pushed for “redistribution of wealth” and “big government” as the solution for all of the USA’s problems…but we haven’t seen anything yet if he wins on November 6, 2012. He will really fundamentally transform America then!
lizzy84 commented:
@Ladue Pundit/#11
++funny.
the debt they left behind.
http://blog.heritage.org/2009/03/24/bush-deficit-vs-obama-deficit-in-pictures/
oBama’s budget deficits.
http://blog.heritage.org/2011/07/28/the-truth-about-obamas-budget-deficits-in-pictures/
Nanna1 commented:
This is getting REALLLY old, If he was talking about the paternity of his kids, maybe I could understand him blaming someone else. But CHEEEEZE how long can this crybaby keep this up?
He must have been a very unpleasant child to raise,I’m sure he blamed the neighbor’s kid, his grandpa, grandma and his teddybear for everything that ever went wrong in his life!!
What a MAROON!!
gus commented:
ocdick is a clown. Obama isn’t doing any of this by accident.
`