The Obama spending binge in perspective
Posted by Richard on September 14, 2010
Here's a factoid I almost missed, and maybe you did too: In the first 19 months of the Obama presidency, the US government's publicly-held debt increased by more than it did under all presidents from George Washington through Ronald Reagan (emphasis added):
The U.S. Treasury Department divides the federal debt into two categories. One is “debt held by the public,” which includes U.S. government securities owned by individuals, corporations, state or local governments, foreign governments and other entities outside the federal government itself. The other is “intragovernmental” debt, which includes I.O.U.s the federal government gives to itself when, for example, the Treasury borrows money out of the Social Security “trust fund” to pay for expenses other than Social Security.
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. That means all U.S. presidents from George Washington through Ronald Reagan had accumulated only that much publicly held debt on behalf of American taxpayers. That is $335.3 billion less than the $2.5260 trillion that was added to the federal debt held by the public just between Jan. 20, 2009, when President Obama was inaugurated, and Aug. 20, 2010, the 19-month anniversary of Obama's inauguration.
Lots of change. Not much hope.
DODY said
AND THAT INFORMATION IS SUPPOSED TO BE, IN SOME WAY, SURPRISING OR UPSETTING? YIPPE, THE GOVERNMENT IS STILL BEING RUN BE THUGS AND SHALLOW IDIOTS WHO KEEP PROVING THEYRE NOT GOING TO GIVE UP ON IT UNTIL THEY HAVE ROBBED IT ALL INTO THE GROUND AS A SMOLDERING RUBBLE OF UNREPAIRABLE CHAOS. AT LEAST IT PROVES THAT THERES STILL AN AVAILABILITY OF USING IT ALL AS THE BOTTOMLESS PIT MONEY TREE ITS ALWAYS BEEN USED FOR. GUESS WE ARE STILL SAFE FOR THE MOMENT.
rgcombs said
Um, OK, you’re right. But Dody, do me a favor and turn off Caps Lock, OK? 🙂