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GW Bush grew the National Debt by over $4 Trillion dollars -- and THAT was WITHOUT including the Debts incurred for things like Wars and Bailouts and Hurricane recovery.

Bush Administration Adds $4 Trillion To National Debt
Couric & Co. -- Sep 29, 2008
by Mark Knoller is a White House Correspondent for CBS News.

(AP) With no fanfare and little notice, the national debt has grown by more than $4 trillion during George W. Bush's presidency.

It's the biggest increase under any president in U.S history.

On the day President Bush took office, the national debt stood at $5.727 trillion. The latest number from the Treasury Department shows the national debt now stands at more than $9.849 trillion. That's a 71.9 percent increase on Mr. Bush's watch.

Buried deep in the hundred pages of bailout legislation is a provision that would raise the statutory ceiling on the national debt to $11.315 trillion. It'll be the 7th time the debt limit has been raised during this administration. In fact it was just two months ago, on July 30, that President Bush signed the Housing and Economic Recovery Act, which contained a provision raising the debt ceiling to $10.615 trillion.

A 72% Increase in the National Debt occurred under Bush's watch.

Occurred with the votes of the GOP Deficit Hawks underwriting the Bush-Cheney IOUs -- and those same congressional geniuses are now squawking about how raising the Debt Ceiling, amounts to ending America as we know it.

Yeah right, where were they the last 10 years?

You'd think with all the Media coverage the National Debt Ceiling has been receiving, that it was some sort of sex scandal or something.

2000+ stories and counting this year.  Funny the same weighty Topic hardly got an "honorable mention" by the Media, the last 6 times, it raised the roof ...

The Media's "Debt" Overload
by Eric Boehlert, mediamatters -- June 08, 2011

Through just the first five months of 2011, there have been nearly 2,000 U.S. newspaper articles or columns that mention "debt ceiling," while  on television, for example, CNN has aired 230 segments that have mentioned the topic. That, according to a "federal" "debt ceiling" search on Nexis.

By comparison, for the entire year of 2008, there were only 136 newspaper mentions and just 22 CNN hits. And that’s how the issue, prior to this year, was generally covered:

 -- 2008: 136 newspaper, 22 CNN

 -- 2007: 91 newspaper, 4 CNN

 -- 2006: 286 newspaper, 11 CNN

 -- 2004: 276 newspaper, 21 CNN

 -- 2003: 222 newspaper, 5 CNN

 -- 2002: 309 newspaper, 15 CNN

It's not like the National Debt Ceiling -- wasn't dealing with "real money" in years prior:

Just To Keep Things In A Little Perspective: National Debt Edition
by David Poland, MCN Blogs -- April 5th, 2011

Year Debt (in billions)
2001 5,807
2002 6,228
2003 6,783
2004 7,379
2005 7,933
2006 8,507
2007 9,008
2008 10,025

Bush Administration$4.2 trillion increase – 72% increase in the national debt

2009 11,910
2010 13,562

Obama Administration$1.65 trillion increase – 14% increase in the national debt.

a 72% increase vs 14% increase ... WHO is the "Big Borrow and Spend" Party again?

WHAT did Barack Obama put on the National Tab, anyways, with his modest National Debt increases?

Obama promises bipartisan action on deficits
by Edward Luce in Washington, Financial Times -- Feb 24 2009

[Barack Obama] also promised to deliver a more transparent budget that would factor in the costs of the wars in Iraq and Afghanistan, natural disasters and the likelihood that Mr Bush’s tax cuts would expire in 2010. Mr Obama’s headline budget is due to be announced on Thursday.

"In order to address our fiscal crisis, we have to be candid about its scope," Mr Obama said. "For too long, our budget process in Washington has been an exercise in deception, a series of accounting tricks to hide the extent of our spending and the shortfalls in our revenue."

Last week saw the signing of the $787bn fiscal stimulus package, while this year’s budget deficit is expected to exceed $1,500bn.

So President Obama puts on the books the cost of wars, the cost of natural disasters recovery {Katrina}, and the cost of the Bank Bailout -- all things that occurred under the GOP's watch ... and Obama gets blamed for these Record Debts just because they must finally be paid?   Unbelievable!

WHY in the world would he do this, take the Fiscal heat for GOP's Bar Tab?

Well, let the President's team explain the reasoning, behind these "stand up" tactics ...

Obama plans a more transparent budget
by Christi Parsons and Maura Reynolds, -- Feb 24, 2009

After eight years of budget practices that often camouflaged federal spending, President Obama is planning a new strategy of putting on the books as many costs as possible to demonstrate the extent of the nation's economic troubles, senior White House officials say.

Obama's first budget, scheduled to be released in broad outline Thursday, will include at the outset money for the Iraq war, the military buildup in Afghanistan and other expenditures. The approach is in contrast to that of the previous administration, which often tucked such costly commitments into separate spending requests that would go to Congress later.

"The president is determined to treat the American people as adults and be straight up about what we're facing and what we need to do to move forward," said David Axelrod, senior advisor to the president.

Well, we wanted Transparency didn't we?

We wanted Adult supervision back in the White House again, right?  

We, the American people, wanted to be treated like Adults ...

Perhaps we should be more careful about what we wish for, eh ...

That or be ready to tell the GOP Credit-Card Crowd -- to put up, or shut up.  Their Party is over. The After-party clean up is still going on ...

The economy, is still struggling for traction, No Thanks to them, and their on-going Obstructionist ways.  And they're the Responsible Party!? ... yeah right, in who's comic book storyline ... the Palin Patroits Express?

Wars and Bailouts are many things -- But one thing they're NOT, is FREE!

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Comment Preferences

  •  confusion (2+ / 0-)
    Recommended by:
    jamess, Larsstephens

    I'm not an expert, but I think there's some confusion between the national debt and budget deficits.  My understanding is that the national debt is the total amount owed, while the "deficit" is how much the budgeted amount exceeds revenue.  I remember seeing Karl Rove claim that the total Bush budget deficit was only 2.7T $, but the actual debt increased by over 4T $.  That reflects the fact that Congress/Bush financed the wars off-budget, allowing them to claim lower numbers in "deficit" to deceive the public.

    What Obama was talking about, and has done for the most part, is put everything into the budget so that annual deficit basically equals annual increase in debt.  No more trying to deceive using deficit/debt confusion.

    I think your opening sentence

    GW Bush grew the National Debt by over $4 Trillion dollars -- and THAT was WITHOUT including the Debts incurred for things like Wars and Hurricane recovery.

    reflects this confusion.  The over 4T $ figure does include the things you say it doesn't.  It is Rove and crew's claim of only 2.7T $ cumulative "deficit" that excludes those items.

    Government can't restrict free speech, but corporations can? WTF

    by kyoders on Thu Jun 09, 2011 at 05:12:11 AM PDT

    •  PS (1+ / 0-)
      Recommended by:

      Your point about most of the current "deficit" being the result of Bush's policies is correct, as is the rest of what you are saying.  It's basically just that first sentence and places where you refer back to it that I think aren't incorrect.

      Government can't restrict free speech, but corporations can? WTF

      by kyoders on Thu Jun 09, 2011 at 05:14:41 AM PDT

      [ Parent ]

    •  thanks for the clarification (1+ / 0-)
      Recommended by:

      one question though:

      What did Obama do, then,

      when he put those things "back on the books"?


      Bush was long gone, by then.

      Got Time?
      Take ten, to find something else informative and fun to read. Thx.

      by jamess on Thu Jun 09, 2011 at 05:50:27 AM PDT

      [ Parent ]

      •  Short answer (2+ / 0-)
        Recommended by:
        Larsstephens, jamess

        The short answer is, he got bashed by Republicans for his "massive" deficit.  Going back, the first bits of money were appropriated as "emergency" spending outside the budget.  That was understandable, to some extent, back then because they didn't know how much it was going to cost, etc (even if they were deliberately ignoring the cost projections that leaked out to the public or were provided by outside sources).  After that, it became a charade they used to deceive the public and give them talking points that weren't as bad as reality.

        Obama said that he would put those things back in the budget.  I believe he has done that, at least to a large extent.  There may still be some stuff that doesn't make it in, but the big items are there (Iraq/Afg).  There was really nothing substantive about it.  It was merely a move towards better transparency, which is how he characterized it.  Nothing untoward, nothing earth shattering.  

        But the GOP and punditocracy took the opportunity to point out that the "deficit" had increased "massively" under Obama.  Which is technically true.  A big chunk of that was the bailouts and stimulus, but the rest was the wars and other things the Bush regime actively kept out of the budget.  Cynical politics 101.

        Government can't restrict free speech, but corporations can? WTF

        by kyoders on Thu Jun 09, 2011 at 06:38:33 AM PDT

        [ Parent ]

  •  If the deficit was (0+ / 0-)

    10,025 when Bush left and is 13,562 now that looks like an increase of 3.5 Trillion in 2 years.

    The Bush calculation also seems to be wrong as the baseline should be 5,674 in 2000 as Clinton was leaving office. So that's 4.4 Trillin in 8 years.

    So the current administration will run up more debt in 3 years than the prior administration did in 8 years.

    Or 5 Trillion in debt between 2007-2010 when Reid-Pelosi were running congress.

  •  here's an article (1+ / 0-)
    Recommended by:

    from Asia Times on the US presence in Baghdad and the gigantic embassy: Iraq: A frat house with guns

    Your tax dollars at work, and part of the reason we have to look at the numbers in this diary.

    Amount of federal money to National Public Radio in 2010: $2,700,000 / Amount to Jerry Falwell's Liberty University: $446,000,000 / Source -- Harper's Index, June 2011

    by Mnemosyne on Thu Jun 09, 2011 at 09:24:20 AM PDT

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