Thursday, February 26, 2009

Up It Goes, Where It Stops Nobody Knows

During the administration of George Bush the federal debt increased by $5.1 trillion over 8 years. A lot of trees lost their lives to the reporting on this and reporting about it on the web burned more energy than an Al Gore tour promoting cutting fuel consumption.

As the reporting correctly pointed out, the debt grew by almost double under Bush. What the reporting always failed to mention was the double hit Bush took on the associated costs of 9/11 and Hurricane Katrina.

In fact not only did the administration critics ignore the cost of Katrina on the national debt, they actually attacked him for not spending enough. Those crazy libs, you just can't seem to make them happy.

We may find though, 3 or 4 years from now, that Bush was a rank amateur when it comes to his successor Barack Obama.

As I said above Bush increased the national debt by $5.1 trillion dollars over 8 years.

In a month and a few days Obama has managed to

-Push through a stimulus package that we were told would cost $800 billion but the Congressional Budget Office has estimated will cost as much as $3.27 trillion over 10 years (source)

-Sent a budget to Congress with a $1.75 trillion deficit (source and here)

-Proposed a health care package costing $634 billion but is projected to cost $1 trillion (source)

Now if anyone has a calculator handy they will realize this is $6.02 trillion in spending that he has not told us how he will pay for.

At the same time we have Obama promising to cut the national debt to $533 billion by 2013. If he spent no more money, there is already talk of more stimulus and the auto companies are knocking on the door of Congress again, he would have to offset this spending by $5.5 trillion in income.

In dollars, he would have to collect $18,290 from every man, woman, and child in the US. For anyone that thinks he can pay for his spending to date and erase the debt, read this.

For anyone who still thinks he can do it, I have some lakefront property for sale. There are pictures of it on my last blog.

7 comments:

Flavor Country said...

Hey Chuck, it's the United States of China, didn't you hear? They own all our debt anyway.

Z said...

Flavor, I hope you're wrong, but....... they'll OWN US..So, as Hillary told them "we can buy more CHINESE PRODUCTS" Remember MADE IN AMERICA? You can't find it anymore :-( What the HECK is happening? (UNIONS$$$)

Chuck...the CBO is against this...wouldn't you THINK obama would LISTEN?

cube said...

We've fallen down a rabbit hole, haven't you heard? Up is down, black is white, and it's a big crap sandwich for us all.

Chuck said...

Flavor, this has been worrying me for a LONG TIME

Z, you would think

Cube, open wide

Brooke said...

Cube: It's gonna be a big ol' bite, too.

mksviews said...

And i think it's safe to say the same amount of paper and energy will be used to waffle about obama's debt, but how wonderful it all it, because an ever-growing number of parasites are going to be getting something for free.

Chuck said...

MK, dead on as usual