Intergenerational Theft – Deficit, the Obama year(s)

Just a great analysis by Ed Morrissey on the Obama year in office and the resulting deficit. It break down the difference in debt since the Democrats took control … how the Democrats played “cat and mouse” with Bush before the FY 09 budget was enacted … and how one man and one Congress robbed your kids like never before.

The latest posting from the Treasury Department shows the National Debt has increased over $2 trillion since President Obama took office.

The debt now stands at $12.6 trillion. On the day Mr. Obama took office it was $10.6 trillion.

President George W. Bush still holds the record for the most debt run up on his watch: $4.9 trillion. But it took him over four years to rack up the first two trillion dollars in debt. It has taken Mr. Obama 421 days.

None of this of course let’s the Republicans off the hook on any of this. After forcing Bill Clinton to balance the budget upon winning the House in ’94 … they reverted to a candy store mentality from 01 on and began adding to the deficit again. Yes, a recession and boosting a teetering economy after 9-11, had much to do with it all. But two wars, and an expansion of Medicare needed to be paid for either by spending cuts elsewhere or increased revenues and they were not.

That said, this President has redefined “spendthrift”.

Neither of those figures showers the GOP in any glory.  However, both of those figures pale in comparison to the damage Democrats have done in half the time:

• Counting Democratic control from their ascension after the 2006 midterms (from 1/2/2007 forward), Democratic Congresses have added $3.96 trillion in just over three years.
• Counting it by fiscal years, Democrats have added $3.57 trillion since 10/1/2007 (the beginning of their FY2008 budget) in 30 months.

This a must read, and since this is what I used to do for a living, the analysis took a lot of time. Something worthwhile always does.