CBS: National Debt has increased more under Obama than under Bush

CBS ^ | 3-19-12 | Mark Knoller

[tcrlaf]

The National Debt has now increased more during President Obama's three years and two months in office than it did during 8 years of the George W. Bush presidency.

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.

[AtlasStalled]

Past results are indicative of future performance

Forecast under Obama: more spending!

[jeffc]

CBS reports this?

Either I'm in an alternate universe, or the libs, perversely, think this is good news. Are libs really that stupid? (probably.....)

[House Atreides]

LOL, Old Sarge. Nice Post and right on point!!

[chuckee]

“A lefty sent me a long email about how when you look at the spending as a function of GDP Obama is still less than Reagan and other presidents. I haven’t had the time to research and debunk it, but if anyone has seen this and can help me slam this lib down, I would appreciate it......”

Here you go.http://visualeconomics.creditloan.com/presidential-spending-expenditures-by-year/
Your lefty friend is in liar mode big time. Under Obama, it has been the highest since WW2.

[Thunder90]

And it took cBS over three years to admit this...
MSNBO won’t admit it, even if you put the numbers right in front of them.

[SW6906]

Thanks, that helps.

[mountn man]

I have know idea about what you're looking for, though I'm sure I could find something. I was talking to a lefty the other day. He said he heard that with all the CEO's exorbitant pay, if spread out, it would raise everybody elses pay to $22-$23 an hour.

When I got home I did a search. I started with Walmart.

According to Wikipedia: Walmarts CEO makes $35 million.
Walmart has 2.1 million employees.

Doing the math, thats about $17 per person.

According to Forbes, the top 500 CEO's made $4.5 billion.

Just for arguments sake, divide the top 500 CEO's pay, not by TOTAL employees of all 500 companies, but by JUST Walmarts employees.

$4.5 Billion ÷ 2.1 Million = $2 142.86

In other words, just over $1 an hour.

Never trust a liberals "facts"

[Idaho_Cowboy]

Shaa-Zamm!-Gomer Pyle. Having mastered the obvisous CBS even moved on to the relevant: It’s a spending problem.

I believe historically the national debt hasn’t gone down since 1957. http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo4.htm

[princeofdarkness]

The editors must have been on vacation./

[Lucky9teen]

It’s just Bush’s policies catching up with us. After all, he did SO much while in office, that it was overwhelming for Obama to tackle it all and he’s still taking his time to fix all the many problems that were left in Bush’s wake.

/sarc

[TheWriterTX]

Percentage of GDP is important; what your lefty friend fails to realize is there are several other factors that must be taken into consideration.

First, total sovereign debt to GDP ratio. We are at the Tipping Point, also known as the Minsky Moment.

Second, we are running a ZIRP just to pay for the interest on the debt.

Third, we are in a long-wave contraction. It's not going to get better any time soon and additional deficit spending will only make it worse.

But, they probably don't follow Ray Dalio, Bill Gross, or Kyle Bass. No doubt they are taking their talking points from that clown, Paul Krugman.

Good summary on what we face: Dangers of Additional Deficit Spending

[SW6906]

Good stuff. thanks!

[Terry Mross]

A year ago everyone was talking about the debt hitting $13 trillion. Now it’s already up to $15 trillion.

[morphing libertarian]

http://www.usdebtclock.org/

[af_vet_rr]

It maybe obvious, but then again it should have never gone up nearly $5 Trillion under George W, especially since he had Republicans in control of Congress for a while.

As much as we bitch about Obama, we need to hold our own folks accountable, otherwise the outcome is the same - a more powerful, more expensive, and more unaffordable government.

[CPT Clay]

CBS?