2006 : Senator Obama Slams Bush For $8.6 Trillion Debt

“It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our government’s reckless fiscal policies. Over the past five years, our federal debt has increased by $3.5 trillion to $8.6 trillion. That is  ‘‘trillion’’ with a ‘‘T.’’ That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers.”

The morally righteous and indignant Senator Obama has now borrowed almost as much money as all other presidents combined.

ScreenHunter_1573 Oct. 16 15.11

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6 Responses to 2006 : Senator Obama Slams Bush For $8.6 Trillion Debt

  1. Vince says:

    Hypocrisy at its worst.

  2. Consider his position, were he or the media to admit the truth: “That first year debt was Bush’s bailout! Yes, I pushed for it, rooted for it, interrupted my campaign to go to Washington to demand it, and jeered at Republicans who were dubious about it, and it was caused by policies largely of the Democrat majorities in both houses of Congress, but it has nothing to do with me or the Democrats!” This, of course, would not explain the next four years.

    At least we’ve redefined GDP now to include money owed to unions for pensions (yes, this is true). The reduces even Obama’s chances for negative growth. (Or personal growth, for that matter.)

    Definitions change the game.

    It is just like 2000, when the economy was in freefall (NASDAQ lost over 50% of its value in 2000!) but the NBER used a definition that says the recession didn’t start until after Bush took over in 2001.

    Bush could blame the slightly delayed recovery on a malicious crime perpetrated upon America: the 9/11 attacks. So can Obama, in a way: He can blame it on himself. But this will never happen.

    ===|==============/ Keith DeHavelle

  3. Rosco says:

    I saw a comment in an article explaining the debt ceiling in dot points :-

    What is the US debt ceiling?

    The US government spends more money than it makes on things like social security payments, wages and interest it owes on loans.

    It takes loans in the form of bonds from the US Treasury to make up its cash shortfall.

    US Treasury bonds are one of the world’s safest investments and are held by countries around the world.

    The debt ceiling is a rule put in place by Congress that limits on how much money the government can borrow – the current debt ceiling stands at $US16.7 trillion.

    If the government needs to borrow more than this, Congress has to vote on raising the debt ceiling.

    The US has already reached its debt ceiling and has been using its cash reserves to pay bills.
    That money is set to run out on October 17.

    After that, we enter uncharted territory as the US government continues to try and pay its bills.

    At the end of October the US is due to pay interest on its Treasury bonds, but without a higher debt ceiling it’s unlikely it will be able to do so.

    If the US defaults on this repayment there will be implications for the global powers who invest in these bonds and the bonds will no longer be considered safe.

    Particularly loved the second last and last comments.

    The US has to borrow to pay its interest debt on loans ???

    Borrowing to pay interest on loan repayments is considered a “safe” investment ?

    Wish my household budget worked that way – just keep accumulating debt till I die and it’s not my problem.

    • nigelf says:

      The US takes in ten times more money in taxes than these interest payments. Cut spending to make up any shortfall, but there’s no chance the US would “have to” default. Like the fears of global warming, these default fears are not based on facts.

      • There is a difference. Obama was floating rationales for why he would intentionally not pay the debt. The White House put out the line that “other countries would not think well of us if we didn’t pay our obligations to our own people” (i.e., entitlements). The media squeaked at this — not at all.

        So, regardless of the actual forcing of a default, if Obama would do this willingly to get what he wants, it was a real possibility.

        And wretchedly miserable of the man, in my opinion. An impeachable offense, but there is sadly nothing new about that.

        ===|==============/ Keith DeHavelle

      • gator69 says:

        Actually it is 12.5 times more in taxes than interest payments.

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