I know, I know. We are going to deal with Numbers. We are going to talk about the National Debt. Some of you are thinking, "I'm not a numbers person. I'm not a money guy. This is boring to me." That may be the truth with a lot of people out there, but with the Looney Left attempting to go back to what brought them to the dance, "Blame Bush." So we have to look at this.
OK. You have a Bank account. Most Banks today, will let you run on a deficit. To a limit. Oh it will cost you a bit more, but they will let it "ride" so to speak. In other words, you go to pay your Mortgage. Your Mortgage is $1600.00. You only have $1400.00. the Bank will still pay it. However, NOW your account is -$230.00. When you get paid again, whatever you make, it subtracted this amount. $1000. minus $230.00, now your balance is $770.00. But the Mortgage is paid.
Here is what you do NOT do. Your account shows -$230.00? You do NOT repay $500.00 and say it's not your fault, you have to fix what was wrong. No. Because the OTHER $270.00 has NOTHING to do with the debt. Only YOU know what you are using the $270.00 for. The dept is nothing more than an excuse. Now if the debt IS $230.00, and you borrow $500.00 to repay that, you NOW owe $500.00. $230.00 of which you can blame the Mortgage on. The rest is all YOU.
This is what Obama and Crew are doing. "We have to spend all this to get us out of the mess Bush left us." This is SIMPLY not true. The numbers do not lie. According to CNS - Obama Added More to National Debt in First 19 Months Than All Presidents from Washington Through Reagan Combined, Says Gov’t Data Wednesday, September 08, 2010 By Terence P. Jeffrey, Editor-in-Chief
(CNSNews.com) - In the first 19 months of the Obama administration, the federal debt held by the public increased by $2.5260 trillion, which is more than the cumulative total of the national debt held by the public that was amassed by all U.S. presidents from George Washington through Ronald Reagan.I know, like I said, many are not numbers people. But I hope you really get this. This Regime, including Pelosi, Reid, and the rest of the Looney Left, are spending at a blinding rate to pay for a bunch or pet projects that they have wanted for years. Most of which, have NOTHING to do with Bush.
The U.S. Treasury Department divides the federal debt into two categories. One is “debt held by the public,” which includes U.S. government securities owned by individuals, corporations, state or local governments, foreign governments and other entities outside the federal government itself. The other is “intragovernmental” debt, which includes I.O.U.s the federal government gives to itself when, for example, the Treasury borrows money out of the Social Security “trust fund” to pay for expenses other than Social Security.
At the end of fiscal year 1989, which ended eight months after President Reagan left office, the total federal debt held by the public was $2.1907 trillion, according to the Congressional Budget Office. That means all U.S. presidents from George Washington through Ronald Reagan had accumulated only that much publicly held debt on behalf of American taxpayers. That is $335.3 billion less than the $2.5260 trillion that was added to the federal debt held by the public just between Jan. 20, 2009, when President Obama was inaugurated, and Aug. 20, 2010, the 19-month anniversary of Obama's inauguration.
By contrast, President Reagan was sworn into office on Jan. 20, 1981 and left office eight years later on Jan. 20, 1989. At the end of fiscal 1980, four months before Reagan was inaugurated, the federal debt held by the public was $711.9 billion, according to CBO. At the end of fiscal 1989, eight months after Reagan left office, the federal debt held by the public was $2.1907 trillion. That means that in the nine-fiscal-year period of 1980-89--which included all of Reagan’s eight years in office--the federal debt held by the public increased $1.4788 trillion. That is in excess of a trillion dollars less than the $2.5260 increase in the debt held by the public during Obama’s first 19 months.That is more debt in FOUR MONTHS than Bush TOTAL. Are you getting this?
When President Barack Obama took the oath of office on Jan. 20, 2009, the total federal debt held by the public stood at 6.3073 trillion, according to the Bureau of the Public Debt, a division of the U.S. Treasury Department. As of Aug. 20, 2010, after the first nineteen months of President Obama’s 48-month term, the total federal debt held by the public had grown to a total of $8.8333 trillion, an increase of $2.5260 trillion.
In just the last four months (May through August), according to the CBO, the Obama administration has run cumulative deficits of $464 billion, more than the $458 billion deficit the Bush administration ran through the entirety of fiscal 2008.
The CBO predicted this week that the annual budget deficit for fiscal 2010, which ends on the last day of this month, will exceed $1.3 trillion.It is time to STOP blaming Bush. IT IS THE DEMOCRATS in power, and Obama in the White House. IT IS THE DEMOCRATS that are spending our Grand and Great Grand Kids into dept. They can blame Bush all they want. But the numbers tell the truth.
The first two fiscal years in which Obama has served will see the two biggest federal deficits as a percentage of Gross Domestic Product since the end of World War II.
“CBO currently estimates that the deficit for 2010 will be about $70 billion below last year’s total but will still exceed $1.3 trillion,” said the CBO’s monthly budget review for September, which was released yesterday. “Relative to the size of the economy, this year’s deficit is expected to be the second-largest shortfall in the past 65 years: At 9.1 percent of gross domestic product (GDP), that deficit will be exceeded only by last year’s deficit of 9.9 percent of GDP.”