Wednesday, July 13, 2011

Obama's Empire of Debt

Recently Mitt Romney, former Massachusetts Governor
and Republican presidential hopeful, recently made
an eye-opening statement while addressing a roundtable
of small business owners in New Hampshire. Romney
informer those gathered that "... (Obama) is on track to
have added so much debt to this country, that by the end
of his first term, he will have added as much debt as all
the prior presidents of this country combined." Now,
President Obama has been busy slinging the red ink all
throughout the land since he took office in 2009, but
to have accumulated more national debt than all of
his presidential predecessors in sum? I refer you,
my inquisitive readers, to a recent article that caught
your favorite Peasant's attention:

According to PolitiFact, a national fact-checking network
which investigates the claims of politicians for veracity,
with the aid of the U.S. Department of Treasury's "Debt
to the Penny" calculator they have ascertained that from
the end of fiscal year 2008, when the total debt from the
43 presidents preceding Obama was $5.851 trillion, to
the end of fiscal 2012, when the debt is projected to reach
$11.881 trillion, Obama's contribution to the national debt
comes to $6.03 trillion; indeed, this figure tops that of the
43 previous presidents. Now, PolitiFact also considered
the date range starting when Obama was inaugurated in
January 2009 and finishing with the end of fiscal year
2013. At the time of Obama's being sworn in as our 44th
president, the accrued debt was $6.037 trillion, with the
projected debt at the end of FY2013 forecasted as being
$12.784 trillion. This leaves Obama's share of crimson
fluid at $6.747 trillion, still beating out the rest of the pack.

Now, to be fair, PolitiFact also examined the matter from
the perspective of the time frame beginning with the end of
FY 2009, when the accumulated debt from the previous 43
was $7.506 trillion, and finishing with the end of FY 2013,
with a projected paucity of $12.784 trillion. The subtraction
yields a result of $5.278 trillion; certainly well behind the
sum debt of the past 43. But this just shows that small
changes in assumptions can make for greatly different
outcomes, as was pointed out by PolitiFact in this article,
which was published in my hometown newspaper
The Milwaukee Journal Sentinel.

Now, your scrutinizing Peasant wants it understood that
it remains to be seen as to whether or not Obama actually
will preside over as much public debt as foreseen, as new
budgets and projections will make for varied debt outcomes
each year. However, this is the conclusion reached by the
sharp and thorough research staff at PolitiFact regarding
candidate Romney's claim.

My wonderful readers, unless we vote this mendacious
spender, this devourer of our prosperity, this threat to our
fiscal health out of office, our country will drown in a sea
of bloody red ink. Obama is King of the Spendthrifts, as
he has built an empire of debt while building an empire
of government. We have had our share of both financially
reckless presidents and congresses, but the damage to our
economic well-being from this president and the 111th
Congress, the latter now mercifully relegated to the past,
has been more threatening to us as a nation than anything
we've seen before. Obama is threatening both our prosperity
and our liberty. We MUST work to find a suitable candidate
to run against him, work to advance his campaign, and vote
that person into office.

Let's get busy.

The Peasant wishes to thank PolitiFact Wisconsin, the
operation of the Milwaukee Journal Sentinel and part of
the PolitiFact network, for this story, which the Journal
Sentinel published in its July 12, 2011 edition. The
Peasant also wishes to thank Maryalice Gill, the reporter
with, who wrote this story.


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