Bush Deficit Continues to Ballon
If you pay attention to the news, you know that our government is spending and borrowing as if there is no tomorrow. Every weekwe see a new plan that is needed “now” to save us from some catastrophe all the while laying the foundation of a new catastrophe caused by ever increasing debt.
You also constantly hear President Obama talk about the deficit that he inherited from George Bush. Let us just pray that we are able to do similar math with any sum that we inherit.
Recently, Steny Hoyer told UVA graduates that Obama inherited a $1.3 trillion dollar deficit. However, last reports I saw indicated that Bush left office with a deficit somewhere between $400 and $500 trillion. It has been in the first six months of the Obama administration that the deficit has quadrupled to over $1.85 trillion according to the CBO.
There is a great article over at hotairthat details the inconsistencies of Hoyer’s statements. The article also includes this great chart:
The article also lays out the truth about government spending.
In fact, Congress appropriates federal spending, not the President, in our system of government. The President can propose spending, but Congress makes the final decisions on appropriations and spending levels.
Over the last 2 years, the democrats have been in charge of how much money the government spends not the president. The president can propose spending levels, but Congress sets the final numbers. When the Republicans where in charge, they were also reckless with our money. However, Obama and the democrats have reach unprecedented levels of debt. Some would even say unsustainable.
Eventually, the American people will wake up and demand that their government stop spending money when the government is broke. In the end, we all have to pay for this spending and not just through some extra taxes on a minority of top earners.