Uncommonsense55 wrote >>
Bush Administration Adds $4 Trillion To National Debt
On the day President Bush took office, the national debt stood at $5.727 trillion. The latest number from the Treasury Department shows the national debt now stands at more than $9.849 trillion. That’s a 71.9 percent increase on Mr. Bush’s watch.
Why is only now that the tea baggers see fit to protest federal deficits?
Where was your patriotic zeal the previous eight years while the Bush administration and GOP congress created more federal debt than the previous 42 administrations COMBINED?
http://www.washingtonexaminer.com/politics/Obamas-trillions-dwarf-Bushs-dangerous-spending.html
You won’t find too many defenders of George W. Bush’s record on spending these days, even among Republicans. But a check of historical tables compiled by the Office of Management and Budget shows that the spending that so distressed Pelosi and Reid seems downright modest today. After beginning with a Clinton-era surplus of $128 billion in fiscal year 2001, the Bush administration racked up deficits of $158 billion in 2002, $378 billion in 2003, $413 billion in 2004, $318 billion in 2005, $248 billion in 2006, $162 billion in 2007, and $410 billion in 2008.
The current administration would kill to have such small numbers. President Barack Obama is unveiling his budget this week, and, in addition to the inherited Bush deficit, he’s adding his own spending at an astonishing pace, projecting annual deficits well beyond $1 trillion in the near future, and, in the rosiest possible scenario, a $533 billion deficit in fiscal year 2013, the last year of Obama’s first term.
Not to say the Bush spending spree wasn't bad, but let's not kid ourselves. Obama is spending more than all previous presidents combined.
More here:
http://www.ibdeditorials.com/IBDArticles.aspx?id=329442095812782
Just since Oct. 1, when the federal fiscal year began, our leaders have written $1,000,000,000,000 in new IOUs for our children and grandchildren to struggle under. It took two centuries from the nation's founding until the early 1980s for Washington to overspend by a cumulative total of a trillion dollars. We have just accomplished the same feat in eight months.
We have never seen a number anything like this. Even amid the often irresponsible spending of the last decade, when the largest deficit ever was recorded, the high-water mark was $458 billion last year.