The Obama administration has officially added more to the national debt than all previous presidents combined from George Washington all the way to George W. Bush. Just a few months into George Bush’s first term, the national debt stood around $5.7 trillion. Last Thursday, Obama’s national debt contributions totaled around $5.7 trillion, bringing the national debt to $16.3 trillion.
What was it that Obama said during his 2008 campaign for president? He said that it was “unpatriotic” and “irresponsible” for Bush to rack up so much debt during his terms as president. He said:
“[Bush] took 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 … so that we now have over $9 trillion of debt that we are going to have to pay back.”
Republicans would respond that Bush was fighting a war on terror, and that we had to borrow lots of money in order to keep Americans safe. So what has Obama done with his presidency? Has he reversed the things for which he criticized Bush? Of course not.
He’s continued and expanded the war on terror and the “overseas contingency operations” in the Middle East; beefed up overseas drone strikes that have killed thousands of innocent people; signed bills and executive orders that further erode Americans’ civil liberties; impelled invasive surveillance and police state measures in America. And those are just some of the areas that he got onto Bush for, and yet he’s only made them far worse than they ever were under Bush.
Obama’s definitely done his share of borrowing from China, something else he judged Bush for, but China doesn’t own most of our debt. The Federal Reserve does. Fox News declared that China only holds about 8% of our debt. They added:
“Just under $5 trillion of the national debt is owed to the Social Security Trust Fund and federal pension systems. A little more than $11 trillion is owed to foreign and domestic investors and the Federal Reserve, which buys up treasuries in order to drag down interest rates through quantitative easing.”
And Obama has the audacity to pretend to care about the national debt and deficit in order to ram through his tax increases and his crowning achievement, Obamacare, which will cost trillions of dollars to implement. As more businesses shut down from burdening mandates and more people lose their jobs and homes, the government will step in again to give those people welfare, food stamps and other benefits, which will require more government borrowing and spending.
But I guess it doesn’t matter since it’s the Fed that owns most of the government’s debt. It’s like “loaning” yourself money by transferring a dollar from your left pocket to your right pocket. I know that the Fed is a quasi-private banking cartel, but they’re on the same team as the other crooks in Washington. The Fed can create money willy-nilly to “loan” out whenever the government wants more money. This is why they say that debt is good, and deficits don’t matter. Without all this debt, we wouldn’t have all these great government programs and departments that have “created jobs.” In fact, why even have a debt ceiling? Some, like Tim Geithner, think that when in comes to the government borrowing money, the sky’s the limit.
Of course, the really sick part of it all is that they stick it all to the taxpayers. The government racks up all the debt and forces Americans to pay for it. Thanks to all of Obama’s borrowing and spending over the past 4 years, each household is stuck with an additional $50,000 tab. I guess that’s our “fair share.”