The assertion that President Obama is a big spender who has increased our federal debt substantially since taking office eight months ago are simply not true.
Amazingly, TV pendants say that President Obama has “doubled the deficit in one year, quadrupled the debt.” None of this is true.
In fact, the biggest contributors to the total federal debt, by far, are Republicans, starting with President Ronald Reagan, who doubled the debt during his eight years, from about $1.6 trillion to over $3.0 trillion, and George H.W. Bush, who added another $1.5 trillion in just four years, before George W. added nearly $5 trillion.
In fact, over his eight-year reign, George W. watched the total deficit go from about $5.7 trillion to $10.625 trillion, an increase of almost $5 trillion! And, in his last full fiscal year (2007/2008), which ended September 30, 2008, there was an increase of almost $1 trillion ($0.962 trillion) for just one year!
When President Obama took office on January 20, 2009, the federal debt stood at $10.626 trillion. As of the end of September, which is the end of a 2008/2009 federal fiscal year, the debt was $11.776 trillion, or an increase of about $1.15 trillion. Before President Obama took office, about $500 billion already had been spent in the 2008/2009 federal fiscal year…by the no-contest winner of the federal-deficit Presidents: George W. Bush.
So let’s give credit where credit is due, to President George W. Bush, who is responsible, alone, for about 42% of the current national debt.
May he rest in peace.
George Fulmore
Concord, CA
{ 2 comments… read them below or add one }
There are better ways to analyze the growth in our country’s debt that looking at absolute dollars.
For example, Bill Clinton was in office for 2,921 days and during that time the debt increased by $1,539,684,631,121 or $527,108,741 per day. Clinton had the benefits of the dot com bubble which increased tax revenues to the government.
For example, George W Bush was also in office for 2,921 days and during that time the debt increased by $4,899,100,310,608 or $1,677,199,695 per day.
In just 278 days, the debt has increased under Barack Obama by $1,270,709,344,744 or an amazing $4,570,896,924 per day. Almost 3x as much as under George W. Bush.
Massive debt, since 1981, has been the hallmark of Republican presidents.
During Ronald Reagan’s first year in office, 1981, the national debt reached $1 trillion.
By the time Reagan and George H.W. Bush (Bush the First ) left office, the debt was about $4 trillion.
When Bill Clinton left office on January 20, 2001, the debt was about $5 trillion.
During Clinton’s last four years in office, the U.S. ran four consecutive budget surpluses. And the dollar was strong.
Clinton is the only president to have balanced a budget in the last 40 years. (Perhaps some credit should be given to Alan Greenspan and Newt Gingrich.)
When George W. Bush (Bush the Second) left office, the debt was about $10 trillion.
Today, the debt is close to $12 trillion.
There was no debt when Andrew Jackson left office (in 1837). From Jackson Jimmy Carter, the debt went from zero to $1 trillion, From Reagan to today, the debt went from $1 trillion to $12 trillion.
Let’s change the name of the United States to Argentina North.
Richard S. Colman
Orinda, CA
Oct. 5, 2009