GOP Debunked: Obama Did Not Create $5 Trillion in New Debt
Of the alleged $5 trillion, $1.6 trillion is related to costs of the Iraq/Afghanistan Wars. These were costs George W. Bush intentionally hid from the budget, and that President Obama allowed to be calculated when he assumed office.
Note that Obama could have continued to hide the bill as Bush did, passing it along to his successor.
President Bush was able to manipulate funding for the Iraq/Afghanistan wars using special emergency authorization bills. He did this because, as you recall, the Democrats were attempting to defund the war legislatively.
The overall point is simple: Obama, as president, authorized not one cent of that $1.6 trillion to be spent.
It has been previously reported by marketwatch.com that President Obama increased overall government spending by a smaller margin than any modern president, all the way to President Eisenhower.
What people forget (or never knew) is that the first year of every presidential term starts with a budget approved by the previous administration and Congress. The president only begins to shape the budget in his second year. It takes time to develop a budget and steer it through Congress — especially in these days of congressional gridlock.
Over $1.4 trillion was spent on interest payments caused by the already standing debt.
Knowing that, let’s examine the GOP’s argument.
They say President Obama has spent too much, but 32% of the total amount they claim has been spent is a direct result of Republican presidential policies, and previous spending.
President Obama is stuck paying the bill for the previous GOP administrations of Reagan, H.W. Bush, and W. Bush. President Clinton left with a surplus if you recall, and added nothing to our debt. This point has been discussed constantly, and was even visited by President Obama’s former Press Secretary Jay Carney during a press gaggle.
It is not disputed that the national debt was $10 trillion before President Obama took office.
The interest that is paid on the debt today was created by the very same people who now are attempting to blame the cost of that interest on the president. Do not allow yourself to be fooled, the GOP is attempting to blame the president for something they caused.
Now our journey of $5 trillion has been twiddled down to $2 trillion.