Ouch. Truth hurts, doesn’t it. Reminder to inflame liberals further: Obama’s only had 3 years in office compared to Bush’s 8.
Mark Knoller writes:
The Debt rose $4.899 trillion during the two terms of the Bush presidency. It has now gone up $4.939 trillion since President Obama took office.
The latest posting from the Bureau of Public Debt at the Treasury Department shows the National Debt now stands at $15.566 trillion. It was $10.626 trillion on President Bush’s last day in office, which coincided with President Obama’s first day.
The National Debt also now exceeds 100% of the nation’s Gross Domestic Product, the total value of goods and services.
Mr. Obama has been quick to blame his predecessor for the soaring Debt, saying Mr. Bush paid for two wars and a Medicare prescription drug program with borrowed funds.
And of what doom may come if Obama wins another term:
If Mr. Obama wins re-election, and his budget projections prove accurate, the National Debt will top $20 trillion in 2016, the final year of his second term. That would mean the Debt increased by 87 percent, or $9.34 trillion, during his two terms.
Given Obama’s inability to project with accuracy anything budget related (like the doubling of the cost of Obamacare, whoopsie!), this would be much worse.
Also given that confiscatory 100% tax rates wouldn’t cover our current debt let alone this kind of spending, from where would this imaginary money appear? Think Cuba, y’all. Everything flows from the government, including jobs, rice cookers and gas. Until the country is broker than broke and everyone just starves together, smiling happy socialists.
Exit question: when did CBS suddenly become the network with the most cojones?
H/t: HA headlines
UPDATE: Ed Morrissey tackles the subject here and highlights Ryan’s new budget plan. Pundette has more on the revamped Ryan plan via James Pethokoukis. She also brings to attention a new book which says Obama’s “failure to lead” was a plan to trap the GOP. Funny how that works, isn’t it? I’m not sure I’m comforted by the bungling attempts at political grandstanding over, you know, a complete failure of leadership. Which is worse?