Earlier this week, CBS News erroneously reported that the national debt had increased by $4 trillion since President Barack Obama had been in office. Several conservative blogs picked it up, but didn’t bother to note that Obama’s first budget was submitted in February but didn’t take effect until October 2009, well after he assumed the presidency.
From October 1, 2009 to August 24, 2011, debt held by the public has increased by more than $2.4 trillion (this figure excludes intragovernmental holdings), in just over two years in office. During the four years of Democratic control of Congress (specific to budget years), the national debt increased by more than $3.9 trillion.
Needless to say, reigning in spending hasn’t been much of a priority. Of course, that doesn’t absolve the spending spree of George W. Bush and his Republican enablers; but it makes Obama’s past comments on spending laughable considering that he has done half the damage of his predecessor in just over two years. Take for instance, his comments from a campaign stop back in 2008, which I leave you without remark:
The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents - #43 added $4 trillion by his lonesome, so that we now have over $9 trillion of debt that we are going to have to pay back — $30,000 for every man, woman and child. That’s irresponsible. It’s unpatriotic.
Here is the video: