re: #758 palomino

I think you’re mistaken. Can you break down this 3 trillion dollars of new spending?

Most of it is bailout and stimulus. Should Bush and Obama have just let the banks and insurance companies collapse? That would have made our current mess look like an economic boom.

The stim is over 10 years. And the bailouts have mostly been paid back. That’s not a net loss of 3 trillion.

It’s Official: Obama Has Now Borrowed $3 Trillion

It’s official: The Obama administration has now borrowed $3 trillion, according to the U.S. Treasury Department.

It took from 1776, when the United States became an independent country, until 1990, the year after the Berlin Wall fell signaling victory in the Cold War, for the federal government to accumulate a total of $3 trillion in debt, according to the Treasury Department. It only took from Jan. 20, 2009, the day President Barack Obama was inaugurated, until Oct. 15, 2010, for the Obama administration to add $3 trillion to the federal debt.

The overall debt of the federal government, according to the Treasury Department, is now $13.666 trillion.

Each business day, in the afternoon, the Treasury Department’s Bureau of the Public Debt publishes the exact amount—to the penny—of total federal debt as of the close of the previous business day.

At the close of business on Jan. 20, 2009, according to the bureau, the total debt of the federal government was $10,626,877,048,913.08. On Oct. 15, 2010, the federal government borrowed an additional $58,979,549,154.06, bringing the total federal debt at the close of Friday’s business day to $13,665,926,643,255.96—an increase of $3,039,049,594,342.88 since President Obama’s inauguration.

I posted the links to the Treasury Dept in the article for you to check on.