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Inevitable: Obama Surpasses Bush in Debt Increase

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By Doug Powers  •  March 20, 2012 01:12 PM

**Written by Doug Powers

According to Mark Knoller at CBS News, the inevitable is official: The national debt has increased more in President Obama’s just over three years in office than during eight years of George W. Bush:

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.

The federal budget sent to Congress last month by Mr. Obama, projects the National Debt will continue to rise as far as the eye can see. The budget shows the Debt hitting $16.3 trillion in 2012, $17.5 trillion in 2013 and $25.9 trillion in 2022.
[...]
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.

That’s quite a big part of the road we’ve traveled and yet Tom Hanks didn’t mention it once in The Road We’ve Traveled?

Here’s an administration goal that is still posted on the White House website:

•Cut the deficit in half by the end of the President’s first term. On January 20, 2009, the President inherited a $1.3 trillion budget deficit. The President has put forth a budget that will halve this deficit by the end of his first term, bring non-defense discretionary spending to its lowest level as a share of GDP since 1962.

2012 deficit: $1.2 trillion. As Maxwell Smart used to say, “missed it by that much.”

Adding less than this amount of debt used to be an “unpatriotic” act:

**Written by Doug Powers

Twitter @ThePowersThatBe

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Categories: 2012 Campaign, Campaign finance, Politicians

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