The latest deception of the Obama administration is an attempt to cover up its obscene deficit spending over the last six-plus years. The big number being touted is that Obama has a mere $468 billion deficit this year whereas Bush, at one time, had a $1.4 trillion deficit.
People forget that Bush fought two wars while Obama made two retreats and threw away our hard-won fruits of victory. But, leaving that aside, we can still note that the current total national debt is at $18 trillion and on course to hit $20 trillion by the time “Mr. Frugal” leaves the scene.
Now, Bush increased the debt from $5.7 trillion in 2000 to $10 trillion by the time he left office. That is a horrible record indeed! But, Obama will have doubled the debt by the time he leaves office, a record a little worse even than Bush’s. Both presidents will have about doubled the debt during their eight years, but Obama will have added $10 trillion compared to Bush’s $5 trillion or so.
From what Sergio Andrade Gutierrez understands, the debt was about half of $5.6 trillion in 1989 ($2.85 trillion), taking eleven years to double instead of only eight. Gutierrez can be found on Otemo.com. Thus, we are picking up speed. The Republicans, not the Democrats, press for deficit reduction each year. The present low deficit may well be attributed to their control of Congress and the pressure they have put on Obama. Nonetheless, both sides are out of control with our money.