By the time Obama's finished with America
He will have doubled our national debt. Even liberal news sources are starting to sound worried, and more important, pointing directly at Obama.
March 2012 "(CBS News) 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."
to Obama, raising the debt ceiling was a sign of leadership failure
("The fact that we are here today to debate raising America's debt limit
is a sign of leadership failure"), and a clear indication that the U.S.
was simply incapable of paying what it already owes ("It is a sign that
the U.S. government can't pay its own bills") — a fact that made us
vulnerable to foreign pressures ("It is a sign that we now depend on
ongoing financial assistance from foreign countries to finance our
government's reckless fiscal policies").
The problem, according to Obama, was that there was no end to the
federal borrowing in sight, a pathology that had blinded us to what a
trillion dollars really was: ("Over the past five years, our federal
debt has increased by $3.5 trillion to $8.6 trillion. That is 'trillion'
with a 'T.'")
"Our debt also matters internationally. My friend, the ranking member of
the Senate Budget Committee, likes to remind us that it took 42
presidents 224 years to run up only $1 trillion of foreign-held debt.
This administration did more than that in just five years. Now, there is
nothing wrong with borrowing from foreign countries. But we must
remember that the more we depend on foreign nations to lend us money,
the more our economic security is tied to the whims of foreign leaders
whose interests might not be aligned with ours." "
Oh wait, that's Obama talking about Bush. Shouldn't we apply the same "failure" rule to his administration now? Or maybe a massive "failure" rule?
"Not surprisingly, President Obama is
blaming the Bush administration for the debt racked up under his own
presidency. Recently, on 60 Minutes, the president was asked to
respond to critics who point out that the debt has gone up $5.2
trillion since he took office. In response, Obama claimed:
"Over the last four years, the deficit has
gone up, but 90 percent of that is as a consequence of two wars that
weren't paid for, as a consequence of tax cuts that weren't paid for, a
prescription drug plan that was not paid for, and then the worst
economic crisis since the Great Depression. Now we took some emergency
actions, but that accounts for about 10 percent of this increase in the
deficit, and we have actually seen the federal government grow at a
slower pace than at any time since Dwight Eisenhower, in fact,
substantially lower than the federal government grew under either Ronald
Reagan or George Bush."
Fact checkers from the Washington Post, Factcheck.org, and Politifact.com all agreed these claims are simply false. In his claim, Obama had the 10% part right. However, that 10% was more
properly attributed to his predecessor's role in creating the deficits
from 2009-2012. The remainder is attributable to Obama's policies
(~40%), the recession (~40%), and other (~10%)."
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