OBAMA MADE THE NATIONAL DEBT SOAR? UH..NOT SO FAST

Funny thing about this national debt all my conservative friends claim to be so worried about. They fuss and fume and distribute emails and Facebook posts condemning our present President for the $15 trillion debt. I bet his credit score means he won’t be getting a mortgage any time soon. (Won’t need one for at least four more years anyways.)

Oh, the folks attacking him acknowledge not all that debt is his…grudgingly so, of course. But they keep citing the increase in the debt since Obama took office as the proof of his spendthrift ways, including him among the tax and spend Democrat crowd they regularly denigrate. The funny thing is most of these attacks use factual figures. Funny because Republicans have this strange aversion to…you know…factual information.

The graph that heads this piece will show you that, no matter who was sworn in as President on January 20, 2009, the national debt would have grown tremendously and only a portion of that growth can be attributed to…or blamed on…President Obama for additional spending he promoted.

Of course that additional spending lies in the $800 billion Stimulus passed in his early days in office. Not all that was spending but it included tax credits and other revenue negative provisions that have the same effect as increased spending.

Indeed these are the primary components of that increased debt: the Bush tax cuts, the wars in Iraq and Afghanistan, the TARP and Fannie Mae and Freddie Mac bailouts, and the economic downturn. All those occurred or began when George W. Bush was the nation’s CEO.

It is of some note that in 2001 the Congressional Budget Office (CBO) projected a cumulative surplus of $5.6 trillion for the period 2002-2011. However, due to the listed factors instead there was a cumulative deficit of $6.1 trillion, a reversal of $11.7 trillion. http://www.cbo.gov/publication/41463

I have repeatedly put the rap on Obama for not ending our presence in Afghanistan, so a portion of that cost adding to the debt can be assigned to him. However, I doubt you will find any Republican who would have had us exit prior to now. Thus the change in debt would be negligible.

The Republican National Convention is underway in Tampa. On Monday, Republican National Chairman Reince Priebus (if ever a name seemed to violate the spelling rules re:I before E it is this one) started a Debt Clock to emphasize how much it has grown under Obama.

However this timepiece,  allegedly illustrative of the profligate ways of Barack Obama, is much worse than those old, long forgotten, clocks or watches with cracked crystals or broken or missing hands that may clutter a dresser drawer or sit in a box on a shelf in the back of your basement.

At least those are correct twice a day.

Advertisements
Post a comment or leave a trackback: Trackback URL.

Please give me your thoughts.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: