Myth - Obama & US Debt
A now famous topic that foolish rightwingers love to jump on is the US debt and spending, and they love to make fun of the US debt. However, they conveniently ignore facts about the US debt that are directly connected to previous Republican (think George W. Bush) administrations. When they begin shrieking about the US debt and spending rising under President Obama, consider the following in your response:
National Debt Increased by 75% under Bush:
2001 - $5.871 trillion
2008 - $10.640 trillion
National Debt Increased 25% Under Obama:
Jan 31st 2009 = $10.569-trillion
Jan 31st 2011 = $14.131-trillion
But of the $3.56-trillion increase, 98% was carry over from Bush programs:
Bush: $910-billion = Interest on Debt 2009/2011
Bush: $360-billion = Iraq War Spending 2009/2011
Bush: $319-billion = TARP/Bailout Balance from 2008 (as of May 2010)
Bush: $419-billion = Bush Recession Caused Drop in taxes
Bush: $190-billion = Bush Medicare Drug Program 2009/2011
Bush: $211-billion = Bush Medicare Part-D 2009/2011
Bush: $771-billion = Bush Tax Cuts 2009/2011
Bush's contribution:
2001 to 2008: $4.769-trillion
2009 to 2010: $3.181-trillion
Total: $7.950-trillion
Increase Since 2001 = $14.131 - $5.871 = $8.26-trillion
Bush's contribution: $7.950-trillion / $8.26-trillion = 96%
Increase caused By Bush's Programs: 96%
Increase caused by Obama’s Programs: 4%
And Bush increased the size of Federal government by 82%
Credits for the succinct compilation belong to an unknown poster I picked off of HP a while back.
Comments
The open ended check he handed to the Federal reserves private banking system which last mentioned in June 2012 was a sinkhole that had reached 10 billion and the politician being questioned about it could give no reason why it wasn't tracked or where it had gone.
I understand it isnt common knowledge and i had seen the inquiry on Youtube by accident while in a political class.
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