CBS News marks an important milestone in utterly irresponsible governance:
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.
The latest posting from the Bureau of Public Debt at the Treasury Department shows the National Debt now stands at $15.566 trillion. It was $10.626 trillion on President Bush’s last day in office, which coincided with President Obama’s first day.
The National Debt also now exceeds 100% of the nation’s Gross Domestic Product, the total value of goods and services.
CBS even threw in a handy little graph, charting the meteoric rise of the debt under Obama’s policies:
But God forbid anyone should pass a balanced budget amendment, coupled with spending caps and major spending cuts, or else the entire economy could collapse. Brace yourself – you’re going to hear a lot of that discredited pseudo-Keynesian lunacy as the next budget battle shapes up, and the general presidential election gets under way. The national debt doesn’t matter to the Left. $16 trillion, $20 trillion, $25 trillion, whatever. It can keep growing forever. Don’t worry about it. Concentrate on your basketball picks.
Meanwhile, the biggest spending President in history has absolutely no intention of changing his ways. If re-elected, he’ll keep going until the whole system comes crashing down around him, and we finally join the basket cases of Europe in discovering what “unsustainable” debt looks like… except ours will absolutely dwarf theirs, and no one will be willing, or able, to bail us out.
“If Mr. Obama wins re-election, writes Mark Knoller of CBS News, “and his budget projections prove accurate, the National Debt will top $20 trillion in 2016, the final year of his second term. That would mean the Debt increased by 87 percent, or $9.34 trillion, during his two terms.”
That’s probably optimistic – accepting any long-term projections from the author of ObamaCare would be foolish. In fact, ObamaCare itself will probably get us to $20 trillion in debt long before 2016, after its most budget-busting provisions come fully on-line in 2014.