More #FakeNews: CBS Suddenly Concerned About Deficits Under Trump But Ignored Obama’s Deficits That Were Three Times Larger
Guest post by Joe Hoft
After eight years of the Obama Administration’s largest deficits in US and world history, CBS News is suddenly concerned about deficits!
Under President Obama the amount of US Debt increased by nearly $10 trillion and doubled that of all prior Presidents combined, yet CBS said nothing. Crickets… Now the far left media firm is concerned about US Debt?
In a piece yesterday CBS reported –
The Treasury Department reported Monday that the October deficit was 37.9 percent higher than the $45.8 billion deficit recorded in October 2016.
Both government receipts and spending were up for the month, with receipts climbing 14.3 percent to $235.3 billion, a record for the month of October. The larger spending figure was up a sizable 11.6 percent to $298.6 billion.
The deficit for the 2017 budget year, which ended on Sept. 30, totaled $666 billion, up 13.7 percent from a 2016 deficit of $586 billion.
This is all politics. CBS could give a damn!
What CBS neglects to mention is that President Obama increased the US debt by nearly $10 trillion.
When President Trump was inaugurated on January 20, 2017 the amount of US Federal Debt owed both externally and internally was over $19 Trillion at $19,947,304,555,212. Today the amount of US Debt stands at over $20 Trillion. President Trump has increased the US Debt by $520 billion or 2.6%.
What the mainstream media (MSM) is not telling you is President Trump’s efforts to minimize the US Debt are hindered by the fact that the debt today is twice the size of the US debt when Obama took office, which results in twice the amount of interest on the debt payable each month. This amount is in the billions.
In addition, Obama benefited from lower interest rates. During the majority of Obama’s term the US Federal Reserve kept interest rates at near zero. Since President Trump was elected the ‘Fed’ has increased rates three times. These increased rates on an increased debt account for much of the debt increase since January.
Also, what the MSM will not tell you is that President Obama increased the US debt by $1.36 trillion at this time during his Presidency. When Obama was inaugurated the US Debt stood at $10.6 Trillion. By November 10th, 2009, Obama had increased the US Debt to nearly $12 trillion. This was an increase of $1.36 trillion or 12.8%.
The difference between Presidents Trump and Obama is that President Obama increased the US Debt by $840 billion or nearly $1 trillion more than President Trump during their respective first nine months in office.
President Trump’s debt increase is around one third that of Obama’s. Also, Obama increased the US debt by 10% more than President Trump during this same time period.