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A Democratic “Stimulus” We Didn’t Pay For

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“The latest posting by the Treasury Department” showing the national debt has increasing “by $4 trillion on President Obama’s watch” means that in the 2 years and 7 months since the Democrat took office, the nation has accumulated 82% of the debt it accumulated in 8 years under George W. Bush.

And someone thought we had been “living beyond our means” in the Bush era! ”

The debt,” reports Mark Knoller at CBS News, stood at “$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.”

Um, Mr. Obama, we elected you to fix the problems you repeatedly refer to as “inherited.”  You don’t fix them by blaming your predecessor, but by offering solutions.

Oh, and since we’re talking about things we didn’t pay for, what about that $800 billion dollar “stimulus” that Congress passed when Democrats were in charge?

H/t Gateway Pundit.

Comments

  2. For Obama to simply blame others and “sketch plans” for others to figure out, is clearly enough to satisfy the fantasies of his lame progressive base. Will it be enough to satisfy Americans?

  3. BTW – If you think Obama is a victim of events in Europe, think again. Capital markets are global. When the U.S. sucks up $4 trillion in just a couple years… that’s a lot less for Europe.

  4. Obama was a sitting US Senator since Jan 2005, and POTUS since Jan 2009. How he can complain that “…it’s not MY fault that stuff hasn’t been paid-for” is ridiculous. He’s been an elected Federal official for over 6-1/2 years.
    Do your damned job…and stop whining.

  5. I heard a statistic yesterday that I have been so far unable to verify, but it was that by mid-century if current trends continue, one-fifth of the GDP of the entire world will have to go to finance US Debt.

    And we have idiots on this very forum who think the Government isn’t spending enough.

  6. V – I came across the “new, new” Keynes some time ago. It’s called either Modern Monetary Theory (MMT), or Chartalism. It’s actually an old theory: it goes back at least to the French Revolution. But every time lefties recycle their crap for a new generation, they like to pretend it is “modern” or new.

    Neo-Keynesians like Krugman and Brad de Long claim to reject MMT/chartalism, but in fact, practically everything they say comes from it. It informed Keynes’ theories, back in the 20s and 30s. Basically, it says that if a country can print its own money to cover its debts, then its spending, deficits and debts do not matter and so spend as much as you want to realize the socialist-welfare utopia where everyone is paid an income by government, it’s all good, it’s all “stimulus” so long as an ounce of “undercapacity” can still be measured in the economys (reflecting that lack of magical “demand”). I have read Krugman (who again, has claimed to be non-MMT) make that very argument.

    Its proponents treat government as morally entitled to do whatever the hell it wants with the economy: individual rights to life, liberty and property are off-radar, as are key questions like incentives, innovation, capital formation, price stability, etc. all of which are destroyed by Big Government, Money Printing policies. It sounds just like the bullcrap that Levi and Cas spew around here. It must be a key ideology for the people who write the talking-points blast-faxes they read.