Tuesday, May 22, 2012

Just look at all that Obama Debt » The Loft -- GOPUSA

Just look at all that Obama Debt

By Bobby Eberle May 21, 2012 7:13 am
Any of us with a liberal friend has heard him or her begin a left-wing rant with the phrase, "After 8 years of George W. Bush..." Whenever I hear those words, my eyes immediately begin to go blank, and the person's voice blurs into background noise. These people seldom know what they are talking about, but the sound bite makes them feel good. Here are some debt facts to share with your liberal friend that show that three years of Barack Obama is a whole lot worse.

As reported by CBS News, the debt amassed during the George W. Bush presidency has now been eclipsed by the debt generated in the Obama presidency.

Credit: CBS News

Of course, Bush did it in eight years. Obama has done it in three years and two months.

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.

Mr. Obama has been quick to blame his predecessor for the soaring Debt, saying Mr. Bush paid for two wars and a Medicare prescription drug program with borrowed funds.

According to the CBS News story, if Obama were to get reelected, his own budget predictions show that "the national debt will top $20 trillion in 2016," which is almost double the debt he "inherited."

On Sunday, Senate Republican Leader Mitch McConnell didn't mince words regarding Obama and the debt, saying that Obama "needs to become an adult" on this issue. As noted in a Newsmax.com report, McConnell noted, "We have a debt now bigger than our economy. That alone makes us look a lot like Greece."

"Without presidential leadership, nothing can be accomplished," McConnell said. "We didn't have presidential leadership last year. It's pretty clear the president's not going to lead on this anytime soon."

He said the Democratic Party isn't taking the debt crisis seriously.

Eight years of George W. Bush versus three years of Barack Obama. Just imagine what mess the next president will "inherit."

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