The latest posting from the Treasury Department shows the National Debt has increased over $2 trillion since…Obama took office.
The debt now stands at $12.6 trillion. On the day Obama took office it was $10.6 trillion.
President George W. Bush still holds the record for the most debt run up on his watch: $4.9 trillion. But it took him over four years to rack up the first two trillion dollars in debt. It has taken Obama 421 days.
So, to whom does President Punchdrunk attribute this mess? Why, GW of course.
……the Obama Administration routinely blames the Bush Administration for inheriting a budget surplus and turning it into years of record-breaking deficits and debt — and then leaving it on the doorstep of the new president.
……”When we walked in, we had a deficit of $1.3 trillion and projected debt over the course of a decade of $8 trillion,” he told the CEOs on February 24th. “The lost revenue from this recession put us in an even deeper hole. And the steps we took to save the economy from depression last year have necessarily added to the deficit — about $1 trillion, compared to the $8 trillion that we inherited.”
And how does President Punchdrunk plan on fixing the massive clusterfuck he created?
……Obama frequently argues that one of his reasons for seeking to overhaul health care coverage in America is the costs it imposes on the government. He says “the status quo on health care is simply unsustainable.”
He warns that if his health care plan is not enacted, “our government will be plunged deeper into debt.”
http://www.cbsnews.com/8301-503544_162-20000576-503544.html
The “smartest guy in the room” can’t figure out that the tax/spend/bailout orgy has led to a deepening debt and deficit. His ObamaCare scheme will burden a smaller population of productive citizens with supporting a majority of citizens who don’t work or pay taxes. That is unsustainable.
This shit-for-brains is a typical leftwing Democrat. He’s under the delusion that a country can somehow spend its way out of a deficit, and that forced centralization of health care, private industry, banks, and corporations, will result in a socialist Zanadu.
By the way: The country’s top-notch triple A credit rating is in danger of being downgraded. Moody’s Investor Service issued a warning the America could lose its triple A credit standing if it doesn’t cut the deficit and budget gaps in the next three to four years.
Link: http://247wallst.com/2009/10/22/us-could-lose-aaa-rating-moodys/
We won’t have a fucking rating by the time he’s done.
Related articles:
http://www.thedailybeast.com/blogs-and-stories/2010-03-16/americas-debt-gets-scary/