Obama does in 1 year what took Bush 8 years to accomplish!
Posted by: The BoBo // Category: A Nation at Risk, America, Obama, P-BO, government
When Bush entered office in 2001 – the national “on-the-books” public debt was $5.7 Trillion (don’t buy in to that bogus lie that Clinton left a surplus – we were still in debt). When he left in 2009 – the national “on-the-books” public debt was $10.0 Trillion. The Bush administration pumped up spending and the national debt by $4.3 Trillion!!
So – Obama comes in with a $10.0 Trillion national debt – as of today – those figures stand at:
Figures on government spending and debt (last six digits are eliminated). The government's fiscal year runs Oct. 1 through Sept. 30. Total public debt subject to limit Jan. 22 12,245,872 Statutory debt limit 12,394,000 Total public debt outstanding Jan. 22 12,302,465 Operating balance Jan. 22 142,454 Interest fiscal year 2009 383,365 Interest fiscal year 2008 451,154 Deficit fiscal year 2009 1,417,121 Deficit fiscal year 2008 454,798 Receipts fiscal year 2009 2,104,613 Receipts fiscal year 2008 2,523,642 Outlays fiscal year 2009 3,521,734 Outlays fiscal year 2008 2,978,440 Gold assets in September 11,041
Yup – $12.3 Trillion – AND – They are raising the debt ceiling by another $1.9 Trillion – that money is already spent – that’s why they need to raise the ceiling. Obama – in one year – has increased the national debt by $4.2 Trillion!! It took Bush – 8 freakin’ years to spend this economy in to dangerous territory. Obama has taken only 1 year to spend the same amount that will no doubt bankrupt America.
Take a close look at those numbers up there. Total Revenue in 2009 is $2.1 Trillion. The national debt (as reported up there) is 6x our total revenues – and will be 7x our total revenue once they raise the ceiling. This is totally unsustainable. The fact of the matter is – our REAL national debt is (as of May 2009) is $70 Trillion. That is 35x our total revenues. No telling at this point how high that number actually is today. It hasn’t been published anywhere yet.
Whether you are on the left, right, or middle of the political spectrum – you have to wake up and realize this is unsustainable and our country is headed for a real nightmare. There are more foreign countries who own American land and public debt than there are American owners now. Our crooked politicians have mortgaged our country to foreigners – and – no doubt – they will be sending in the collectors soon.
I know you guys on the left love this country and the freedoms it affords you – but – you must beg your government to stop spending now and shut off the spigot. They need to reduce the size of government immediately and start shutting down entire departments and wasteful entitlement programs that are already unconstitutional. If Obama can do this in just one year – what do you think he can accomplish with 3 more years? A total destruction of this country and our economy.
I’m calling on all Americans to come out November and vote out all of the incumbents and let’s begin the reset of our government. Then – let’s do it again in 2012 and finally rid our government of all those corrupt power-hungry politicians that care only for themselves. We need a total reset of our government with new, fresh blood, consisting of representatives who will do the right thing, listen to we the people, and take very practical and pragmatic steps to reduce the size of government and stop the idiotic spending we have going on now. We are in a world of hurt if we the people don’t take action now and take our country back.
Sphere: Related ContentTags: government, national debt, Obama, P-BO, Politics
January 26th, 2010 at 2:22 pm
And where’s the media? They whined about the spending with the Bush administration almost daily. You can bet I’ll be voting in November. A whole bunch of American’s will be. Have a terrific day.
Reply to Comedy Plus
January 26th, 2010 at 9:16 pm
BoBo:
Don’t you know that all that spending is helping to save our economy and create “saved” jobs…or something like that! You cannot create a Champagne utopia on a beer pocketbook and thats a fact. Obama will lay this all out so you understand in his State Of Disunion address.
Edisto Joe´s last blog ..TURN LEFT…NO!…YOUR OTHER LEFT!
Reply to Edisto Joe
January 27th, 2010 at 7:37 pm
Great post, Bobo. I think the country is now finally waking up to the fact that this incredible spending binge has got to stop. What’s really scary here is these numbers fail to take into account the Obama’s desire for a back-breaking national health care plan.Best,Len Len Penzo dot Com
Reply to Len Penzo
January 29th, 2010 at 1:45 am “There are more foreign countries who own American land and public debt than there are American owners now.”I am curious where you are getting this from. I am not doubting you, but I would love a citation for this statement.
Reply to Burro
January 29th, 2010 at 11:41 pm
Hey Burro – sorry for the late response to this. Been really busy in the real world. Here are some good links for you – I didn’t link it in the story because I thought it had become common knowledge by now.
List of American Companies Sold to Foreign Interests. This also has a ticker that shows we’re selling off our assets at a rate of $4,087.85 per second. Last I looked foreign ownership assets in companies = $2.2 Trillion. When you compare that to our GDP which was $14.4 Trillion in 2008 and beginning Q3 2008 we were at -2.7%, Q4 = -5.4%, Q1 2009 = -6.4%, Q2 = -0.7%, Q3 = 2.2% and they just reported Q4 2009 was 5.6% which is expected to be revised downward. We still haven’t fully recovered and foreign investment in our debt continues to rise.
There there is this one:
America is Drowning in Debt with No End in Sight – this shows the figures through 2007 of foreign investment in our debt (treasuries and bonds). We know that China alone but $1.5 Trillion of it alone in 2009.
Burro – you could have googled this yourself if you really wanted to learn the truth about it. We’re losing our sovereignty every day under this administration.
Reply to The BoBo
January 29th, 2010 at 6:55 pm
Burro:
I don’t know where BoBo got that info but it must be true. In his SOTU speech PBO went off on the Supremes for allowing free speech to corporations. Why? According to PBO there is too much foreign investment and influence among our corporate structures that could filter into our election process. This from a guy who apologizes to every foreign country he visits, wants illegals to vote and gives foreign terrorists full rights under our system of law. Oh, and did I mention he loves the European Socialist system of government?
Reply to Edisto Joe
February 7th, 2010 at 3:07 pm
[...] BoBo presents Obama Does in 1 Year What Took Bush 8 Years to Accomplish! posted at The BoBo Files saying, “(Here is) a look at the out-of-control spending done by [...]
Reply to The Best of the Best in Money and Personal Finance #11 (Super Bowl Edition)
February 8th, 2010 at 10:17 am <i>I’m calling on all Americans to come out November and vote out all of the incumbents and let’s begin the reset of our government. Then – let’s do it again in 2012 and finally rid our government of all those corrupt power-hungry politicians that care only for themselves. </i>Why stop in 2012? Let’s KEEP voting out incumbents so they can’t get a decent foothold on lobbyist interests, inherent corruption, or figure out how to enrich themselves without being seen. 2012 is NOT the magic year where all bad things are gonna come to an end politcs-wise.Politicians are just like Wall St. traders–you make a rule, they find ways to go around it, then become entrenched in preserving that work-around or exploiting it to death (as in sub-prime loans, CDO’s, and all the other money debacles we currently suffer from). The only difference is politicians MAKE the rules to be worked around!Don’t leave politicians in office long enough to figure out how the “system” works, or how to make it work for them!!
Reply to Wenchypoo
February 10th, 2010 at 1:25 pm
Agreed! I tried to start something back in 2008 with a “No More Incumbents” blogroll and posts – but – it didn’t pick up any steam then. I guess I was ahead of myself then. I’m thinking about bringing it back.
Reply to The BoBo