President Barack Obama has taken a little over three years to increase the national debt more than President George W. Bush did in eight years.
The National Debt has now increased more during President Obama’s three years and two months in office than it did during 8 years of the George W. Bush presidency.
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.
Flash back to July 3, 2008. Campaigning in Fargo, ND, then Senator Barack Obama directly questioned then President George W. Bush’s patriotism:
OBAMA: 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 dollars for the first 42 presidents — number 43 added $4 trillion dollars by his lonesome, so that we now have over $9 trillion dollars of debt that we are going to have to pay back — $30,000 for every man, woman and child. It’s irresponsible. It’s unpatriotic!
If Bush’s eight-year deficit spending was “unpatriotic,” what does that make Obama’s even greater and faster deficit spending?
Candidate Obama also promised to “take responsibility, “get our spending under control” and halve the deficit in his first term. He has, however, increased it by 50% in just over three years.