Obama on raising the Debt Ceiling during his 2008 Campaign

2008 then-senator Obama said that "whipping out the credit card from China, and payable by our children was irresponsible, and UNPATRIOTIC!

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  News & Politics

[zombiehellcat67]

0bama has added $4.5 trillion in debt in 3 years = double the rates of GW.

Any questions 0bamazombie$ ?

Divine comedy

[Beowoulf69]

And he's not through. I just wonder how much longer he plans to blame Bush for his own failures...

[Beowoulf69]

At the end of Obama's first term the debt was 16,432,619,424,703, and today the debt has reached nearly 17 trillion, but its always somebody else's fault!

[Beowoulf69]

That 1.87 trillion increase was while we were at war, and the housing market fiasco created by ACORN and Clinton was taking its toll...

When Harry Reid and Nan Pelosi took control of Congress in January of 2007 the debt was 8,675,085,083,537, but two years later, when Bush left the White House, it had reached 10,626,877,048,913. The debt went up more in the two years with Reid and Pelosi than it had during any two previous years in American history, but THAT was what Obama campaigned on!

[Beowoulf69]

When Bill Clinton took office, the internet boom of the 90's was just beginning to unfold, the debt was 4,187,806,610,369, when he began his 2nd term it was 5,309,774,506,681.

On 01/22/01 George W took office with a debt of 5,728,195,796,181, and four years later,( when Senator Obama first took his seat in the Senate on January 3, 2005) the debt was 7,591,307,997,129.

[Beowoulf69]

Actually that myth of a "surplus" is due to the $240 billion surplus for the annual budget in 2000, and ignores the fact that the 2001 budget had a $130 billion surplus. The deficits began after 2001. If you look further the nation was in debt over $5 trillion when Bush was sworn in. The myth that Clinton left a surplus gets far too much play. In his 8 years, the debt didn't increase much, but it DID increase!

[Beowoulf69]

He gave Bush the credit for the debt under his administration, why shouldn't Obama receive the same "credit"? (Don't forget that Obama was a member of Congress during much of Bush's 2nd term.)

[CharanPagan]

Obama, all by himself! How exactly did he do that?

[CharanPagan]

It's going to hurt a lot no matter when we face up to our economic catastrophe. We already have a situation whereby the government is bringing in less money than it is obligated to spend (on interest on the national debt and entitlements). Therefore, the budget can't be balanced without carefully unwinding a lot of spending programs. The situation is far beyond what any politician can do to fix it but more importantly, politicians have no incentive to fix it.

[IllWillForYou]

Yes 400% on 600 dollars... bad. 5% on TRILLIONS OF DOLLARS is worse. We're going to get austerity either way it goes...unless some new industry is found that can get this country going again...so we get austerity now on our terms...and hurt a little now...or we get it NOT on our terms, and hurt a lot later.

[CharanPagan]

Except that check cashing places charge 400% interest and our current debt holders charge us under 5%. I get your point, it is valid. But if we updend our economy with drastic austerity measures, that could dramatically raise that interest rate. I consider it more like letting someone borrowing your car. For decades they don't change the oil or even inflate the tires. The first thing you'll need to do is spend money. It sucks but all things considered, it may be wisest in the short term.

[IllWillForYou]

What's not realistic is that we can spend our way to prosperity. That's what's not realistic. The government is like some poor person going to a Advance Check Cashing place (China) borrowing money against their check (taxes) Now if we say that's a foolhardy pursuit on a personal level (predatory lending) and we advise individuals against doing it...why the hell do we say, "Sounds like a great plan for the future" when our government does it? Delaying the inevitable is just that,