Obama’s Doubling of National Debt in Pictures
- President Bush expanded the federal budget by a historic $700 billion through 2008. President Obama would add another $1 trillion.
- President Bush began a string of expensive financial bailouts. President Obama is accelerating that course.
- President Bush created a Medicare drug entitlement that will cost an estimated $800 billion in its first decade. President Obama has proposed a $634 billion down payment on a new government health care fund.
- President Bush increased federal education spending 58 percent faster than inflation. President Obama would double it.
- President Bush became the first President to spend 3 percent of GDP on federal antipoverty programs. President Obama has already increased this spending by 20 percent.
I was never a fan of "compassionate conservatism." There was nothing conservative, nor particullarly compassionate, about it, but Obama's budget radically amplifies the problem.
Obama's Fuzzy Math
A trillion here, a trillion there . . .
by Stephen Moore
Here are the unhappy totals: the debt is $6 trillion higher from 2010 to 2019 than Obama's forecast. In no single year over the next decade, even when counting the Social Security trust fund surpluses, does the budget deficit fall below $800 billion. The interest on the national debt rises to $850 billion a year by the middle of the next decade, which will be the largest single expenditure item in the budget--eight times more than we now spend on education and four times more than we spend on homeland security. Federal spending remains well over 25 percent of GDP and in some years creeps closer to 28 percent of GDP under the Obama budget, which ironically enough is entitled "A New Era of Responsibility."