Saturday, July 30, 2011

Understanding the Source of US Debt

The following chart from the White House is an excellent summary of where the current $14 trillion date originated:

Click to Enlarge

Obama is responsible for adding $1.4 trillion in 2.5 years. Bush 43 added $7 trillion in just 8 years through unfunded wars and entitlements.

It is pure hypocrisy for Republicans to suddenly "get religion" on deficits and debts. Just 8 months ago they voted to extend the Bush tax cuts. These add $4 trillion to the debt over 10 years. Why no big storm back in December 2010? Because the Republicans really don't care about deficits. They have latched onto the debt ceiling as a technique to try and destroy Obama's presidency.

I blame Obama for being an idiot and falling into the trap the Republicans set for him. The Democrats deserve a better leader, one who isn't a Republican "in disguise". Real Democrats care about social programs first and deficits only secondarily. Obama ignores the unemployment and the home foreclosures so he and the Republicans can focus on deficits and debts. Nuts!

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