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National Debt

Only Obama to Blame for Mounting Debt

  • March 27, 2012

    President Obama hasbeen credited with achieving a number of things, but this time he has really outdone himself. He has accumulated more federal debt in 3 years, thanPresident Bush had in all 8 years in office. The federal debt rose $4.899trillion during the two terms of George W. Bush’s tenure. It has now gone up$4.939 trillion since President Obama took office. The latest posting from theBureau of Public Debt at the U.S. Treasury Department shows the debt now standsat $15.566 trillion. It was $10.626 trillion on President Bush's last day inoffice, which coincided with President Obama's first day. As president, Mr.Obama has been responsible for his own budgets, taxing, and spending policies.This is something which is a credit to him and him only.

     

    Furthermore, the debtour federal government owes also now exceeds 100% of the nation's GrossDomestic Product (GDP), which is the total value of goods and services acrossour economy. If you go back and look at the most recent time our budget recordsshow the debt topping 100%, it was at the end of World War II with 121% of GDP.The debt that year, 1946, was in today’s dollars a mere $270 billion dollars –hardly a third of Mr. Obama’s annual federal budget deficit which has topped atrillion dollars each of his years in office.

     

    The future isn’tlooking bright for ending the sea of red created by the president during histime in office. The budget he sent to Congress last month, projects that the debtwill continue to rise. The debt would hit $16.3 trillion in 2012, $17.5trillion in 2013, and ultimately would top $20 trillion in 2016, the final yearof his second term. That would mean the debt had increased by 87%, or $9.34trillion, during his two terms.

     

    American’s havevoiced their concerns repeatedly over the past two years about this out ofcontrol spending binge by Mr. Obama and his enablers in Congress. America hasbeen a leader for years, but having the largest amount of debt is not an issueto lead on. Foreign nations have grown increasingly wary of buying our debt,and are facing crises of their own. We have to look no further than the recklesspath Greece took in regards to their finances. CapitolWatch does not want tosee our great nation in that same broken state and urges Americans to remindtheir elected representatives that this country should not become the Greece ofthe Western Hemisphere.


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