“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.