CBS News (via Drudge) has this:
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.
And the reason for all this debt and spending? You know the answer to that:
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.
Bush’s fault. Of course, how silly of me.
But the Medicare Part D actually has cost less than forecast:
A report released by the Congressional Budget Office (CBO) on January 24 reveals Medicare Part D costs are substantially lower than federal officials estimated they would be, thanks in part to free-market forces at work in the plan.
According to the report, “The Budget and Economic Outlook: Fiscal Years 2008 to 2017,” between 2007 and 2013 Part D will cost 26 percent less than expected–about $136 billion less over the period.
That’s because “Medicare’s payments for prescription drugs under Part D are largely based on competitive bids that drug plans submit to provide coverage,” the report’s authors write. “The bids submitted for calendar year 2007 are much lower than expected–about 15 percent below the per-capita costs of providing drug coverage.
Have any of Obama’s programs done that?
Oh, and Bush is the reason for Obama’s proposed budgets – that do nothing to cut spending…
The federal budget sent to Congress last month by Mr. Obama, projects the National Debt will continue to rise as far as the eye can see. The budget shows the Debt hitting $16.3 trillion in 2012, $17.5 trillion in 2013 and $25.9 trillion in 2022.
Federal budget records show the National Debt once topped 121% of GDP at the end of World War II. The Debt that year, 1946, was, by today’s standards, a mere $270 billion dollars.
Mr. Obama doesn’t mention the National Debt much, though he does want to be seen trying to reduce the annual budget deficit, though it’s topped a trillion dollars for four years now.
As part of his “Win the Future” program, Mr. Obama called for “taking responsibility for our deficits, by cutting wasteful, excessive spending wherever we find it.”
His latest budget projects a $1.3 trillion deficit this year declining to $901 billion in 2012, and then annual deficits in the range of $500 billion to $700 billion in the 10 years to come.
That would be great but as we have pointed out – WE DON’T HAVE A BUDGET.
If Mr. Obama wins re-election, and his budget projections prove accurate, the National Debt will top $20 trillion in 2016, the final year of his second term. That would mean the Debt increased by 87 percent, or $9.34 trillion, during his two terms.
President Spendthrift doesn’t care, if he doesn’t get reelected, he doesn’t have to worry about it and if he does, he will just spend the time on golf and vacations because he’s out anyway in 2016.