**Written by Doug Powers
Don’t worry — According to Warren Buffet this is nothing that can’t be easily remedied by raising Warren Buffett’s taxes.
The latest posting by the Treasury Department shows the national debt has now increased $4 trillion on President Obama’s watch.
The debt was $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.
And “headwinds” — don’t forget to blame headwinds.
Not only that, but the federal budget deficit for fiscal 2011 is expected to hit $1.3 trillion.
Not surprisingly, adding $4 trillion in debt used to be an unpatriotic act.
The words below are from July 2008 — before the rise of the oceans began to slow, the planet began to heal, good jobs were provided to the jobless, wars ended, Gitmo closed and the national credit card was cut up. Transcript via Real Clear Politics:
“The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents – #43 added $4 trillion by his lonesome, so that we now have over $9 trillion of debt that we are going to have to pay back — $30,000 for every man, woman and child. That’s irresponsible. It’s unpatriotic.”
How did Sheriff Joe’s visit to the loan officers at the Bank of China go, anyway?
Sound byte possibly coming to an RNC ad near you:
But that was all pre-Hope & Change™, back when the need to raise the debt ceiling meant a failure of leadership. Now it’s a symbol of responsible economic stewardship.
**Written by Doug Powers
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