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Saturday, June 16, 2012

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The National Debt...In Perspective!

National debt projection chart, courtesy of CBS News

As of March of this year, the National Debt officially increased more under the 3-plus years of the Obama Administration than it did during the 8 years of the George W. Bush presidency.

According to federal budget records, the Debt rose $4.899 trillion during the two terms of the Bush presidency. It has now gone up $4.939 trillion since President Obama took office.

Currently, the National Debt stands at some $15.566 trillion. It was $10.626 trillion on President Bush's last day in office, coinciding with President Obama's first day.

The National Debt also now exceeds 100% of the nation's Gross Domestic Product, the total value of goods and services.

President Obama and his supporters often blame his predecessor for the soaring Debt, saying Mr. Bush paid for two wars and a Medicare prescription drug program with borrowed funds.

The federal budget sent to Congress last month by the president projects the National Debt will continue to rise at a propitious rate. The budget shows the Debt hitting $16.3 trillion in 2012, $17.5 trillion in 2013 and $25.9 trillion in 2022.

However, between the Obama and Bush II administrations, I thought it would be nice to put the National Debt--and the various legislative proposals to remedy it--in a unique perspective. Or rather, allow Independent Vermont Senator Bernie Sanders' statement on the budget to draw the unique perspective on the National Deficit...as it relates to the Debt.

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