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Obama beats Bush: On deficit spending
When he was running for President back in 2008, Barack Obama portrayed himself as so concerned about the national debt that he went so far as to call President Bush “unpatriotic” for increasing it as much as he did.
Here is how he put it at a campaign stop in Fargo, N.D.: “The way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 Presidents; number 43 added $4 trillion by his lonesome, so that we now have over $9 trillion of debt that we are going to have to pay back. Thirty thousand dollars for every man, woman and child. That's irresponsible. It's unpatriotic.”
He meant not a syllable of it. National Review's Jim Gerraghty recalled that speech last week as the debt accumulated under President Obama reached $4.8 trillion. During President Bush's entire eight years in office, the national debt rose by $4.9 trillion, Gerraghty pointed out. This week, President Obama should surpass in a little more than three years the amount of new debt George W. Bush accumulated in eight.
Obama'ssupposed deficit reduction of $4 trillion is a smokescreen produced by tricky accounting. In reality, he increases the federal debt at a faster rate than any President in history.
If you voted for Obama because you believed his claim that he would be fiscally responsible, you were hoodwinked. And if President Bush was “unpatriotic” for increasing the debt by $4.9 trillion in eight years, then by Obama's own standards we have traded that scoundrel for one whose patriotism is doubly lacking.
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