Obama’s Secret Debt Milestone
Here is a debt milestone that we surpassed this week, yet you won’t read about it anywhere in the media. The gross federal debt has increased more under Obama in just 3.2 years than it did during Bush’s entire 8-year tenure. And Bush was no limited government conservative either.
When President Bush was sworn in on January 20, 2001, the total federal debt stood at $5.728 trillion. On January 20, 2009, the day he left office, the debt had increased to $10.629 trillion, a jump of $4.9 trillion. Just 38 months later, the debt has increased another $4.954 trillion to a grand total of $15.583 trillion! Amazingly, $4.514 trillion, or 91% of the debt increase comes from the public share of the debt, which now stands at $10.8 trillion.
We should also keep in mind that we are on pace to breach the $16.394 trillion debt limit before the November elections, even with the uptick in revenue. That means that he will have amassed almost $6 trillion in debt by the time he, God willing, leaves office next January. And it’s not just the $6 billion. He has set us on such an unsustainable trajectory that we will never achieve a balanced budget without massive restructuring of government. If Obama’s proposed budget blueprint was allowed to come to fruition, the federal debt would reach $26 trillion in 10 years assuming rosy revenue predictions.
As Obama runs around the country advocating tax hikes for the rich, the media will conceal Obama’s biggest milestone – one that no degree of tax increases could ever countermand.
Cross-posted from The Madison Project