"This has all cost some money to do, although I've got to admit, when I hear some of the critics talking about out-of-control spending, I can't help but remember those are the same critics who contributed to the $1.3 trillion deficit that I inherited when I walked in. They basically handed me a bill for $1.3 trillion and said, "Here, fix it," and now they're on TV saying, "Why haven't you fixed it yet?" in the middle of the greatest recession since the Great Depression." Barak Obama, Bristol, VA July 29, 2009
The deficit doesn't represent the nations debt, but the loss reflected in a year's spending over a year's income. The 2008 deficit was $458 billion prior to the bail out bill that Barak stopped campaigning to fly back to DC and vote "Yes".
In fact, the entire debt accumulated between 2001 and Barak's inauguration was $1.08 trillion, inclusive of the $458 billion deficit for 2008. THe following comes from the Office of Budget and Management, also found on the US Treasury Department website: (not very good with making tables in html)
- YEAR REV. EXP. DEFICIT
- 2001 1,991.4 1,863.2 128.2
- 2002 1,853.4 2,011.2 –157.8
- 2003 1,782.5 2,160.1 –377.6
- 2004 1,880.3 2,293.0 –412.7
- 2005 2,153.9 2,472.2 -318.3
- 2006 2,407.3 2,655.4 -248.2
- 2007 2,568.2 2,728.9 -160.7
- 2008 2,524.3 2,982.9 -458.6
Total cumulative deficits since 2001 = $1,057,600,000
So, Obama inherited a $458 billion deficit, rather than a $1.3 trillion deficit. He did inhereit a $1 trillion debt. But lets go back to the OMB/Treasury numbers and see the forecasts from 2009 thru 2012:
- YEAR REV EXP DEFICIT
- 2009 2,156.7 3,997.8 -1,841.2
- 2010 2,332.6 3,591.1 -1,258.4
- 2011 2,685.4 3,614.8 -929.4
- 2012 3,075.3 3,632.7 -557.4
Total cumulative deficits between 2009 and 2012 = $4,586,040,000
Remember, these are OMB/Treasury numbers, reflecting 3% GDP growth next year and spiralling up beyond. In other words, these are the rosy numbers. The optimistic growth numbers for 2009 have already become obsolete and adjusted downward. Notice how Barak took an inherited deficit of $458 billion and quadrupled it in just one year. Also notice how Barak inherited a debt of $1.057 trillion and has almost doubled it in 7 months. It took Bush and the Congress eight years to accumulate $1.057 trillion. He did that before he even got out of the car at 1600 Pennsylvania Avenue.
So, his statement is false. But was it intentionally false? Yes. Because he is trying to sell you the idea that he is fixing the debt he inherited. "Why haven't you fixed it already?" But by fixing it, he exacurbated it, exponentially. He doesn't want you to see that. He wants you to think he's fixing Bush problems, while creating new ones that far eclipse anything Bush ever did, fiscally. Keep in mind, the $1 trillion debt includes the war in Iraq from beginning to 2009.
I truly believe he thinks the American public is really stupid and he could tell us pink elephants are crowding the sky and its Bush's fault.....and we'd buy it. He's an elitist...one bent on destroying our nation and creating a new one that looks more like that drempt by Saul Alynski. He will do that by pushing bills that no one knows wrote through too fast to read or digest. By the time we do, it will already be law. He wants to borrow from other nations, and push other central banks to print money to lend us, while we print money, in order to throw currencies off balance and push us to a global monetary system. But he can't trust your vote to get this done, because you will probably not go for it. So, he does it this way.
Wake up. Pay attention. And please read multiple sources and ask questions. The only chance we have of changing things by 2010 is an informed public that will not buy into stupid and arrogant statements like this. Check this post out as well. It's not immune.
The link for the quote is:http://www.washingtonpost.com/wp-dyn/content/article/2009/07/29/AR2009072902644.html
The link for the numbers provided above is an excel spreadsheet at :http://www.ustreas.gov/
