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Obama: Doubling Down on Debt

Posted by B. Daniel Blatt at 6:09 pm - March 19, 2012.
Filed under: Big Government Follies,Media Bias

The man who, as presidential candidate, pledged a “net spending cut,” has now, as president, overseen an increase in the national debt greater than that of a predecessor whom he derided for his profligate ways.  And Barack Obama did this in less than half the time George W. Bush was in office.

Tomorrow will mark the completion of the first 3 years and 2 months of the Democrat’s time in the White House.  The Republican served two full terms.  “Over the weekend,” writes Jim Geraghty

Steve Eggleston checked the latest numbers from the Treasury Department and credited me for an accurate prediction: that upon the Ides of March, President Obama reached the milestone of raising the debt by $4.93 trillion since taking office.

On that day, the debt’s increase under Obama surpassed the amount it increased during George W. Bush’s two terms in office, $4.89 trillion.

In other words, Obama ran up as much debt in 3.15 years as Bush ran up in eight years.

The Ides of March, for those of you unfamiliar with Julius Cæsar, is the 15th of that month (on the Roman calendar). If our legacy media were even-handed, this story would receive more coverage than two men kissing at a Santorum rally.

ADDENDUM: Oh, and Jim asks us to remember that, on the campaign trail, “Obama said that adding $4 trillion in debt over Bush’s eight years was ‘irresponsible’ and ‘unpatriotic.””  (Just click on over to his post to watch the videos.)

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24 Comments

  1. Idea of March? Ahhh…silly auto correct. Ides of March…et tu, Brute? Listen, the Democrats will continue to say Obama’s debt is different from Bush’s debt. Bush created his debt from tax cuts to the rich and wars for oil (let’s not mention Medicare Prescription or assistance for fighting AIDs in Africa). Obama created his debt by paying off union and Wall Street friends and all those folks who needed their “Obama money!” One is evil the other is “spreading the wealth around.” Just like Rush calling someone a slut is misogynistic but Maher, Schultz, Letterman, et al is just comedic gold.

    Comment by hellocat — March 19, 2012 @ 6:39 pm - March 19, 2012

  2. But I thought that Obama cured us of debt. My understanding is that the Bush debt was so severe that it doubled every twenty minutes and that Obama has acted heroically and golfed is arse off clubbing it down to the miraculously infinitesimal, slight increase that has occurred. In fact, had Obama not acted so intently and tirelessly, the Bush debt would be well over 907 quintillion by this date.

    And we are getting the highest quality health care ever known in any venue in the world thrown in for absolutely free, on top of all his incredible deficit gladiatorial elegance and razzamadazzle and tic-tac breath savoir faire. Oh, happy day!

    That’s what I have been told.

    Comment by Heliotrope — March 19, 2012 @ 7:02 pm - March 19, 2012

  3. Well, maybe the lack of the a budge from the Democratically controlled Senate has aided our leader to reduce debt. While improving his swing and becoming a scratch golfer. Meanwhile, I am not allowed to travel to Mexico (off limits for DoD personnel) but I guess if I had enough Secret Service, I too, could vaca down there at a mere 13.

    Comment by hellocat — March 19, 2012 @ 7:23 pm - March 19, 2012

  4. budget* (shakes fist at auto correct for not correcting it!)

    Comment by hellocat — March 19, 2012 @ 7:24 pm - March 19, 2012

  5. I can’t add anything to the tragic facts in this post… except “Bankrupt America? Yes We Can!”

    Comment by ILoveCapitalism — March 19, 2012 @ 7:30 pm - March 19, 2012

  6. hellocat, thanks for catching that, since fixed!

    Comment by B. Daniel Blatt — March 19, 2012 @ 7:36 pm - March 19, 2012

  7. BTW, I saw something about the Treasury claiming that it made taxpayers a $35 billion “profit” on its actions in the financial crisis.

    Here’s their story: Junk mortgage bonds were bought with taxpayer and/or printed money… they have gone up… hence, the Treasury are now investment geniuses who helped the taxpayer.

    Here’s the real story: the Fed printed TRILLIONS in new money from thin air, driving interest rates to zero… when the Fed did so, it effectively diluted the real value of every other dollar in existence (which we see now in higher cost of living)… the Fed effectively LOOTED the value of people’s pensions, savings accounts, and company balance sheets… because the Fed LOOTED people’s life savings in that way, wealth has been transferred to the asset markets including mortgage bonds… and so, the Treasury’s $35 billion “profit” was obtained at a terrible cost to prudent and productive Americans.

    Comment by ILoveCapitalism — March 19, 2012 @ 8:47 pm - March 19, 2012

  8. (continued) ALL money that the government ever has (or spends) is a tax on the prudent and the productive… no matter if the government got the money by traditional taxation, by borrowing, or by printing money to create so-called investment profits. The value of the money – the availability of real goods and services in exchange for that money – is created by, and so taken from, prudent and productive people in the private economy.

    Some taxation is justified. But this much?

    Comment by ILoveCapitalism — March 19, 2012 @ 8:50 pm - March 19, 2012

  9. Dear Leader could save the government some money by not having his 13 yo daughter go on a spring break vacation with 12 other teens. 25 Secret Service agents are required, along with an Air Force plane, etc etc. Who is paying for this vacation?

    Comment by davinci — March 19, 2012 @ 10:21 pm - March 19, 2012

  10. Deficits only matter when Republicans are president. Haven’t you learned anything from Cas or Levi?

    Comment by V the K — March 20, 2012 @ 5:56 am - March 20, 2012

  11. Bush war = bad. Obama war = good.
    Bush torture = bad. Obama torture = good.
    Bush drilling = bad. Obama drilling = good.
    Bush corporate welfare = bad. Obama corporate welfare = good.
    Bush high gas prices = bad. Obama high gas prices = bad.
    Bush debt = bad. Obama debt = good.

    Politics before policy.

    Comment by TnnsNE1 — March 20, 2012 @ 9:28 am - March 20, 2012

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  16. What did Bush inherit? Years of a thriving economy, a nation at peace, and a reasonable, moderate tax structure. Pretty hard to wrack up huge amounts of debt in that scenario, yet, it happened. What did Obama inherit? Economic freefall and millions of jobs lost, two separate incredibly expensive wars, and enormous tax cuts to the rich, that the GOP has refused to budge on reversing. How, exactly, is a President supposed to cut debt when (1) he inherits far fewer workers paying taxes due to an economic crash overseen by his predecessor, (2) he inherits two wars (which, in the old days at least, were actually paid for by taxes), and (3) he inherits a far smaller per-capita revenue stream due to taxes slashed on the rich? If the Bush tax cuts are reversed, the military spending is cut with the wars ending, and with continued expected growth in the economy, the deficit will be radically reduced. Of course, ya’ll will say this is blaming Bush and that is wrong, because God forbid anyone should, you know, look at facts and actually compare and contrast the state of the country at the time each President took office. That should all just be ignored, right??

    And guess what? Despite all the problems that he inherited relative to Bush, Obama has an infinitely better jobs record than Bush did, despite a dramatic reduction in public sector jobs nationally, which exploded in the 2000′s, skewing Bush’s job numbers upwards. Looking at private sector jobs, Obama is by far the more successful President. The facts speak for themselves: http://tpmdc.talkingpointsmemo.com/2012/03/government-jobs-bouyed-bushs-economy-and-sunk-obamas-chart.php?ref=fpb

    And of course, almost all the job losses in the Obama administration were concentrated in the first few months … but I’m sure it would be whining and irresponsible to suggest that the prior administration’s policies had any effect whatsoever on the state of the economy in Q1 2009, right? Please …

    Comment by JeffZ — March 21, 2012 @ 1:58 pm - March 21, 2012

  17. Sorry, JeffZ, check the record. Shortly after W took office, recession set in.

    As to all those problems you claim Obama inherited, well he had a Democratic Congress for his first two years, why didn’t he fix the tax structure then?

    Oh, you point out that most of Obama’s job losses occurred during the Democrat’s first few months. Fine, then, most of Bush’s job losses occurred during his last few months–when he had to work with a spendthrift Democratic Congress.

    As to cutting debt, Obama promised us a net spending cut. Perhaps had he followed Ronald Reagan’s economic plan, he might have seen more jobs created and a much smaller increase in federal spending.

    Comment by B. Daniel Blatt — March 21, 2012 @ 2:09 pm - March 21, 2012

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  23. It’s Bush’s fault :)

    Comment by Sara Noble — March 22, 2012 @ 9:34 pm - March 22, 2012

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