Whenever things have not gone as President Obama expected them too, he resorted to blaming his predecessor of reminding us of the problems he “inherited” from George W. Bush.
Last September, in the Wall Street Journal, economics professor Michael J. Boskin who chaired the Council of Economic Advisers under that predecessor’s father, George H.W. Bush reminded us what Mr. Obama’s successor will, among a number of expensive policies, will also inherit “his deficits and debt (i.e., pressure for higher taxes), inflation and dollar decline.”
The national debt now stands at $16.224 trillion, having increased from $10.627 trillion at the start of his term, an increase of nearly $5.6 trillion during his tenure his office. By contrast, as I blogged last Friday, “[t]he Debt rose $4.899 trillion during the two terms of the Bush presidency.”
Jeffrey Anderson puts that number into perspective:
. . . under Obama, the federal government has already racked up almost twice as much deficit spending — in real (inflation-adjusted) dollars — as it did during all of World War II. [Read more…]