| 08 September 2010
In the first 19 months of the Obama administration, the federal debt held by the public increased by $2.5260 trillion, which is more than the cumulative total of the national debt held by the public that was amassed by all U.S. presidents from George Washington through Ronald Reagan.
At the end of fiscal year 1989, which ended eight months after President Reagan left office, the total federal debt held by the public was $2.1907 trillion, according to the Congressional Budget Office.
George W Bush and the Republican Congress increased the debt by $1.73 Trillion in Bush's first term. Obama overspent more in his first 9 months than Bush spent in his first 4 years.
GW and the Pelosi-Reid Congress wasted $2.63 Trillion more than they took in during Bush's last term. Obama wasted that much in his first 19 months. Our Debt will exceed 100% of GDP before the end of Obama's first term.
In just the last four months (May through August), according to the CBO, the Obama administration has run cumulative deficits of $464 billion, more than the $458 billion deficit the Bush administration ran through the entirety of fiscal 2008.
Clearly Washington is out of control. GW Bush's spending was bad, but Barak Obama's is 3 to 4 times worse. This is yet another reason to vote out all of the incumbents and start over in January of 2011.
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written by kow , September 09, 2010
And by the number of comments to this post you can see what this administration has done to the US.
This administration is spending 3 to 1 of the past admin. MONEY WE DON'T HAVE!!! What happens when (us guys) come home after a night at the watering hole? We look in our wallets to find it empty. Is you first reflex to get up and run back to the bar and triple that??? That's exactly what's happening and should terrify every American, but duhbomba has broken every law in the book, each time with even more vigor. It's as though we expect the unexpected and simply yawn each time he ventures into the world of preposterous economics. Pretty soon our Wives are going to see that empty wallet and realize we're back at the bar. What do you suppose will happen next?
