Our government likes to spend all of the money and then a bunch of money that isn’t actually there. It started getting bad about 30 years ago but has just gone bonkers in the past 4 years. We recently passed $16 Trillion in debt. Here’s how it breaks down:
$5.7 Trillion for the first 42 Presidents. $4.9 Trillion for the 43rd President in 8 years. $5.4 Trillion for the 44th in 4 years. Obama called George Bush “unpatriotic” for adding $4.9 Trillion in debt in 8 years. Obama is already at $5.4 Trillion in less than 4 years. That’s more than twice as unpatriotic.
Now, it can be correctly pointed out that this isn’t completely fair because of inflation and all that. So here’s what the debt looks like as a % of GDP:
We’re almost back to the point we were at during World War 2. And we won’t be ending any world wars anytime soon, so it won’t be as easy as last time to bring down.
Obama said he would cut the yearly deficit in half. Here’s a look at the annual deficits:
Before Obama (with Bush deserving some blame for 2009 – although the Stimulus, auto bailout, cash for clunkers, etc. are all on Obama) we never had a deficit above $500 Billion. Since Obama has been President, we haven’t had a deficit less than $1 Trillion. Every singly Obama deficit has been more than double the previous record deficit.
But again, inflation and all that. How does the deficit look as a % of GDP? If you average the deficit as % of GDP for all their years in office, here’s how it breaks down per President from Nixon to Obama:
Obama’s deficits as a % of GDP are more than double any of the other Presidents. No matter how you look at it, Obama doesn’t just have the worst fiscal record in history, he has by far the worst fiscal record in history. By nearly any measure, he is more than twice as bad as any other President – including the dreaded George Bush.