Friday, July 29, 2011

President Obama smashes all previous spending records

Washington DC, Jul 29, 2011. When President Obama gets his debt ceiling deal, and he will eventually get some sort of deal from Congress, he will become the most free spending President in our nation's history.

The Spin Cycle criticized former President GW Bush for his reckless spending habits, but President Obama is making President Bush look like a miser by comparison.
Clinton was a tightwad

When President Obama took office in Jan 2009, our national debt was just over $10 trillion. Once he gets his third debt ceiling increase, he will very likely end up with a $16.7 trillion national debt by the end of his term, which means he added $6.8 trillion to the national debt in just 4 years. Or roughly.... $1.7 trillion per year!

In contrast, President GW Bush added $4.2 trillion to the national debt in his 8 years in office, or just over $0.5 trillion per year.

President Clinton added only $1.4 trillion in his 8 years, or just under $0.2 trillion per year, making him a real penny pincher!

Created 16 million jobs
President Reagan during his 8 years in office added just $1.6 trillion to the national debt. That works out to just $0.20 trillion per year, or roughly the same debt rate that Clinton had. And Reagan created 16 million jobs, won the Cold War, liberated Eastern Europe, and enabled the reunification of Germany!

If President Obama serves four full years in office, his impact on the national debt will be GREATER than the debt accumulated by the first 43 presidents from 1791 to 2003.

You read that correctly. It took 43 different Presidents 213 years to accumulate $6.7 trillion in debt, and President Obama will have exceeded that amount in just 4 years.

Now here's a real shocker.... in his 13 years in office from 1933 to 1945 President Franklin D. Roosevelt added just $.023 trillion to the national debt, or just $.0018 trillion per year! And he brought us through a Great Depression and won a World War, and built the Hoover Dam and the TVA!

And before you tell me that the dollar was worth a lot more back then, let me adjust it for inflation for you. If we convert FDR's $18 billion a year in added debt to today's dollars, then it means FDR added the "equivalent of $300 billion a year" in debt compared to Obama's $1.7 trillion per year... IN CONSTANT DOLLARS!

So President Obama is adding six times more each year to the national debt than President FDR did, and he still doesn't have a single shovel ready job to show for it.

FDR spent a lot less... and got a lot more done
Why does this make sense to anyone? Does any sensible person actually think we can go on borrowing and spending forever?

And why is it, that whenever anyone suggests "spending less" the president will demagogue  the issue by saying "they want us to cut off Social Security and Medicare?"

The truth is, most of President Obama's profligate spending is for political reasons. To reward his special interest groups, to buy votes from minorities, and to cover up his gross incompetence and prevent food riots.

The President is doing what serves his political interests, even if it will destroy the nation.

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