The Progressive Democrats enjoy blaming the national debt on President Bush, and it is true our debt grew much too much during the Bush administration, but the fact is during the twenty-one months that Barack Obama has been President our national debt grew faster than any time in our history.
It took from 1776, when the United States became an independent country, until 1990, the year after the Berlin Wall fell signaling victory in the Cold War, for the federal government to accumulate a total of $3 trillion in debt, according to the Treasury Department. It only took from Jan. 20, 2009, the day President Barack Obama was inaugurated, until Oct. 15, 2010, for the Obama administration to add $3 trillion to the federal debt.
Each business day, in the afternoon, the Treasury Department’s Bureau of the Public Debt publishes the exact amount—to the penny–of total federal debt as of the close of the previous business day. During the Bush administration the pace of US debt growth was much slower.In just 21 months the Obama administration added a grand total of $3,039,049,594,342.88 to our debt, Bush reached that total in February 2007, 73 months into his presidency, despite the two full scale wars begun early in his Administration. The Clinton Administration only increased debt by 1.5 trillion.
At the close of business on Jan. 20, 2009, according to the bureau, the total debt of the federal government was $10,626,877,048,913.08. On Oct. 15, 2010, the federal government borrowed an additional $58,979,549,154.06, bringing the total federal debt at the close of Friday’s business day to $13,665,926,643,255.96—an increase of $3,039,049,594,342.88 since President Obama’s inauguration.
These are numbers released by Obama’s own treasury department.
During the eight years of the Bush presidency our national debt grew by $4.9 trillion dollars ($4,901,104,747,205.56) a rate much too high to sustain the long term viability of our economy. President Obama has accelerated our pace to ruin, passing the $3 trillion mark in only 21 months and if his spending stays on the same pace, he will pass Bush’s too large of a deficit in November of 2011 less than three years into his Presidency.