Tuesday, August 23, 2011

Obama's Number One! At Least In Debt Creation..

Yes, the numbers are officially in. The latest posting by the Treasury Department puts President Obama far in the lead for all US presidents when it comes to increasing the national debt with with over $4 trillion piled on since he slithered into the Oval Office.

The Treasury department calculates that the debt has hit $14.639 trillion compared to $10.626 trillion when President Obama started his term

It's also, by far, the fastest increase in the debt under any U.S. president. Now, President George W. Bush ran up $4.9 trillion in debt, but it took him eight years. Plus, he had help, and not just from the multi-billion dollar hits from Hurricane Katrina and 9/11.

According to the Treasury Department's own figures, in fiscal 2005, the national debt stood at $7,932,76 trillion, about $2.1 trillion above where it was in 2000 when President Bush took office. The other $2.8 trillion was added after January 2006 - when the Democrats gained control of both Houses of Congress.

So as much as President Obama might modestly want to share the glory of being the most spendthrift president in history with his predecessor, it definitely belongs to the current occupant of the Oval Office. Although he might want to let the Democrat supermajority in Congress he had for two years take a bow..no quarterback makes it into the record books without a great team behind him.

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