Does anyone actually know how much debt the US is in because of the new administration?
80% of debt is held by individuals and corporations. The total US debt is around $56 trillion. When Bush left office, the federal deficit was about $10.7 trillion. Now it’s about $12 trillion and is projected to go up more (though people disagree by how much). I don’t think you understand the relationship of debt to GDP and the historic fluctuations in that relationship. I think you are just one of those who says, “Wow, trillions is a lot of money. That must be bad.” But, the fact is debt is the reason why we have good roads, clean water, a strong military, good schools, and so on. Also, debt actually gets cheaper with the passage of time because of inflation. As long as our economy gets back on track and grows, we can easily handle our deficit. In fact, as a percent of GDP we had an even greater deficit in the 1940s.
Here are the deficit numbers under Obama. Very scary stuff. http://media3.washingtonpost.com/wp-dyn/… and HERE are the debt numbers: http://www.heritage.org/Research/Budget/… President Bush presided over a $2.5 trillion increase in the public debt through 2008. Setting aside 2009 (for which Presidents Bush and Obama share responsibility for an additional $2.6 trillion in public debt), President Obama’s budget would add $4.9 trillion in public debt from the beginning of 2010 through 2016— nearly double the amount accumulated under President Bush over the same number of years. Overall, the public debt level would double over the next decade to $15.4 trillion ($12.5 trillion in inflation-adjusted dollars).
I don’t know the exact amount but I do know in just a short 6 months he has out spent all of our presidents put together. And has nothing to show for it but an apology tour of epic proportions and a debt that my great grand kids will still be paying for. And it gets better he is not done spending yet, now we have a health care program that will prove to be the most expensive and poorly run government program in the history of our nation.
Before anyone says less than Bush’s war here is the link to it. Obama has spent 6 timeshttp://www.costofwar.com/ the cost of the war in 5 months!!!!!!!!!!!!! The part people do not add into the debt is the amount they cried and whinned to get for Katrina, add that to it and the amount the public used for 9-11. Or have all you democrats forgot about those bills.
