OBAMA'S DEBT: IT TOOK AMERICA ALMOST 200 YEARS, FROM 1776 UNTIL 1994, TO ACCUMULATE THE DEBT OBAMA ACQUIRED IN JUST THREE YEARS IN OFFICE.
When Obama took office last 2009, the deficit was $500 billion and the debt was $10.6 trillion. Bush added $4.8 trillion debt on his eight years in the office, a $5 trillion additional from $5.7 trillion debt when he took office. Bush took over with the country still reeling from the dot-com-bust recession, then the 9/11 and eventually the two wars in Iraq and Afghanistan. But after his 2003 tax cut, economy bounced back into prosperity with unemployment rate of 4%, until the stock market crashed in 2007-2008 causing unemployment to soar into 7% when Obama took office.
Under Obama, the yearly deficit became $1.4 trillion and the debt soared into $16 trillion, a number no American president ever done before. Without including the price tag of Obamacare, US debt is projected to rise into $20 trillion (the least estimate) by 2016. Obama also broke the debt ceiling in order to increase America's debt limit. It's like asking your credit card company to increase your debt limit because you've just maxed out your credit card and you need more money.
Obama promised to cut America's debt and deficit into half but looks like he used the wrong word and what actually meant was to increase it like never seen before. But of course if he said what he meant, he won't be elected in the office. The unvetted-Hollywood-manufactured-freshman-senator-turned-president knew how to con the game and with the help of his protective liberal media fans and the Hollywood elite ( the source of information for low-informed voters when it comes to politics), Obama has become not only the first historic black president but the most costly president in American history.
But when the American left continues to wave the race card whenever someone dares to question Obama's incompetence, America's white-guilt-complex will continue to give him a pass just because he's Obama and he's black. Sad but true. America falling due to its political correctness gone wild.
Copyright 2013
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