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. According to the White House OMB, we ran up $1.8 trillion in real (inflation-adjusted) deficit spending during fiscal years 1942-45. According to figures from that same source, the Treasury Department, and the Congressional Budget Office (CBO), we’ve now run up $3.4 trillion in real (inflation-adjusted) deficit spending under Obama — in less time than it took us to fight World War II.
That’s without counting fiscal year 2013, which is now underway and will eventually be added to Obama’s tab (regardless of whether he wins or loses on Tuesday). According to Obama’s own budget projections (see table S-1), the federal government will rack up another $901 billion in deficit spending in fiscal year 2013, or approximately $748 billion in real dollars (using constant 2005 dollars — the measurement that the White House OMB uses). That will bring the tally during just one term under Obama to $4.1 billion in real deficit spending — more than double our real deficit spending during World War II.
And wasn’t Obama the man who, as a candidate for the White House in 2008, said we’d “been living beyond our means“?
Wonder if his failure to offer any solutions for the nation’s debt problem will impact any voters who have yet to make up their minds in the presidential contest.