Twice the Debt in Half the Time
A recent “infographic” released by the White House tries to assign the blame for our massive debt and deficits to former President Bush and Republican Congresses. However, the graphic conveniently omits President Obama’s record and his plans for the fiscal future of our country. If the President had his way and his Fiscal Year 2012 budget proposal was enacted, here is what a comparison of the increase in public debt would look like:
As the graph above shows, the debt held by the public increased $2.4 trillion between 2000 and 2008, from $3.4 trillion to $5.8 trillion. Under President Obama’s budget proposal, the debt held by the public is projected to increase $6.1 trillion between 2008 and 2012, from $5.8 trillion to $11.9 trillion.
That means that President Obama will more than double the debt accumulated under President Bush in half the time. Twice the debt in half the time: courtesy of the Obama Administration.
Source: President Obama’s Fiscal Year 2012 Budget Proposal, Office of Management and Budget Fiscal Year 2012 Historical Tables – Table 7.1