In one month, Obama Triples Debt he “inherited” from Bush
“There is another responsibility we have to our children… to ensure that we do not pass on to them a debt they cannot pay. With the deficit we inherited, the cost of the crisis we face, and the long-term challenges we must meet, it has never been more important to ensure that as our economy recovers, we do what it takes to bring this deficit down.” – Obama, 24 Feb 2009
Let’s look at that Bush budget deficit: it $162 billion in FY2007 or slightly more than 1 percent of GDP. This was less than the growth of GDP, so the burden of debt was in decline. Then Democrats took over in January 2007 and have nearly tripled the deficit. Since then they have increased it by at least another factor of 3, for the highest ever deficit since WWII (about 10 percent of GDP).
More numbers? Here:
When the Democrats regained control of Congress on January 4, 2007, the national debt was $8.67 trillion.
In the two years Pelosi and the Democrats have been in charge, the national debt has grown to $10.70 trillion. That means $2.03 trillion has been added to the national debt for an increase of 23% increase in two years the Democrats have controlled Congress.
Add to that the $1.3 trillion in spending the Dems added just this week! But then, February isn’t over yet…
