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Posts Tagged ‘National Debt’

Wonder what you would find if you frisked President Obama’s campaign speech on July 3, 2008? 

Answer: Apparently, it is irresponsible and “unpatriotic” to add $4 trillion to our national debt.

Interesting… Especially when this headline showed up on CBS News a couple days ago:

National debt has increased $4 trillion under Obama

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 [first] term.

According to Obama, his own failed policies must have an “unpatriotic” element to them. After all, it was Obama and his Democratic Congress who managed to add another $4 trillion to our national debt in a quick two and a half years.

Democrats are trying to push back against Republicans who are using this story as ammo against President Obama’s campaign. They are attempting to use the dismal approval ratings of Congress to shutdown Republicans. The problem with this strategy is that the Democratic Party held the majorities in both the House of Representatives and Senate, but I guess they’re hoping the American people will be hit with amnesia. Also, if it is Congress’s fault for the extreme increase in our national debt, then wouldn’t it be then-Senator Obama’s fault for the trillions of dollars added on to our national debt under President Bush? Sorry, but you can’t have it both ways Democrats.

As for the Republicans, this video/audio clip is political gold for the 2012 presidential campaign and will soon be featured in dozens of political advertisements. Just wait and see.

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Wonder what you would find if you frisked the accomplishments of President Obama’s first 19 months in office?

Answer: He’s added more to the national debt than all presidents from George Washington to Ronald Reagan COMBINED.

Now that my friends is “Hope-n-change”. CNS News reports:

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.

Don’t worry America… We got a lot for all that money being tossed into our economy, like Obama’s job deficit of 7.5 million!

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Wonder what you would find if you frisked our national debt?

Answer: You’ll find the number above with a fat “-” in front of it.

Very depressing:

Technically, the debt hit the new high yesterday, but it was posted on the Treasury Department website just after 3:00 p.m. ET today. The exact calculation of the debt is a 16-digit tongue-twister and red-ink tsunami: $12,031,299,186,290.07

This latest milestone in the ever-rising journey of the National Debt comes less than eight months after it hit $11 trillion for the first time. The latest high-point is not unexpected, considering the federal deficit for the just-ended 2009 fiscal year hit an all-time high at $1.42-trillion – more than triple the previous year’s record high.

Could it get worse? You betcha:

But the White House budget review issued in August projects that by the end of the current fiscal year on Sept 30th, the National Debt could top $14 trillion.

It gets worse. The same document projects that by the end of the decade, the National Debt will hit $24.5 trillion — exceeding the Gross Domestic Product projected for 2019 of $22.8 trillion.

Yikes! Sianara U.S. dollar bill… Thank you George W. Bush for insanely increasing our national debt during your presidency (not!) and thank you President Obama for outdoing Bush’s stupidity on spending (not!). You both suck.

Maybe this whole $1 to $3 trillion Obama-Care isn’t such a great idea. After all, China is now questioning our government’s plan to overhaul our health-care system. It’s NEVER a good sign when a communist country is worried about your spending.

Side-Note: I’m going to go kick myself now, because I definitely should of invested in gold a long time ago.

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