Right Thinking From The Left Coast
No legacy is so rich as honesty - William Shakespeare

Thursday, September 09, 2010

When it rains, it pours.

I have been busier than a one legged man at an ass kicking contest these days and have not had much time to post, but today I had a break and as I was trying to catch up came upon something I feel is very relevant to many recent discussions I have been involved in about the current state of the US economy, and the reasons why, and that is - consider the source too, BTW - that government data clearly shows President Obama added more to national debt in his first 19 months in office than all presidents from Washington through Reagan combined.

(CNSNews.com) - In the first 19 months of the Obama administration, the federal debt held by the public increased by $2.5260 trillion, which is more than the cumulative total of the national debt held by the public that was amassed by all U.S. presidents from George Washington through Ronald Reagan.

The U.S. Treasury Department divides the federal debt into two categories. One is “debt held by the public,” which includes U.S. government securities owned by individuals, corporations, state or local governments, foreign governments and other entities outside the federal government itself. The other is “intragovernmental” debt, which includes I.O.U.s the federal government gives to itself when, for example, the Treasury borrows money out of the Social Security “trust fund” to pay for expenses other than Social Security.

At the end of fiscal year 1989, which ended eight months after President Reagan left office, the total federal debt held by the public was $2.1907 trillion, according to the Congressional Budget Office. That means all U.S. presidents from George Washington through Ronald Reagan had accumulated only that much publicly held debt on behalf of American taxpayers. That is $335.3 billion less than the $2.5260 trillion that was added to the federal debt held by the public just between Jan. 20, 2009, when President Obama was inaugurated, and Aug. 20, 2010, the 19-month anniversary of Obama’s inauguration.

That’s a stunning number. And the age of “Hope & Change” is far from over, doesn’t reflect the disastrous damage of the government healthcare takeover, and the damage the donkeys are sure to try and do before they are finally vacated after the coming November elections. Now granted this statistic is unfair and even misleading, because presidents don’t really do the spending: congress does. Obama sure might be the driver here, but it is not a coincidence that the worst spending has happened since demcorats took over congress in 2006, and then sealed majorities in 2008. The fact is that if you look at the big spending years of the last century, barring abnormalities due to outside factors like war, the worst debt spending always coincides with demcorats holding majorities in congress and growing the nanny state. And have no doubt that that’s the agenda: to grow the nanny state. Even the vaunted TARP and stimulus patronage bills were about using tax payer money to fatten the government calf.

These policies that the big government proponents, in both parties, believe in leads these pols to erroneously think job creation & economic growth are tied to growing government, and that’s what leads to news like this. But maybe there is still hope for us if Castro can come clean, but then again, my bet is that all this does is make him unliked by Hollywood, the usual suspects in MSM, and the liberal circles that used to fawn over him because of that model he now says is kaput. Or we could import some witches to deal with the spend happy pols? What’s next? Cats & dogs living together?

I wonder how long it will be before we will have another democrat president that will be compared to Obama, in lieu of Carter, whom we all can now agree has been unseated as the worst president in the last 6 or so decades.

Posted by AlexinCT on 09/09/10 at 10:50 AM in Decline of Western Civilization   Elections   Politics   Law, & Economics   The Press Machine  • (0) TrackbacksPermalink
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