Our last president was elected with one word: “change.” The rivals are desperately trying to win the stage by pushing their 2012 slogans: “handouts,” “something for nothing,” and “free ride.” The Republicans/conservatives make claims that are, unfortunately, believed by their followers. One of the biggest repeated pretense is President Obama has tripled the national debt. Using the National Debt Clock I worked the numbers and numbers, unlike politicians, don’t lie.
The national debt is close to 15.7 trillion dollars. If Obama tripled the debt wouldn’t that mean that he began with about 5.2 trillion in debt? The debt in April of 2000 was 5.7 trillion. In April of 2004 the debt rose to 7.2 trillion. By April of 2008 the debt was 9.7 trillion, though that still left 8 months of Bush spending. These are not all of the expenditures that occurred between April 22 and December 31 of 2008, but they are highly significant:
The 700 billion dollar bailout of the banks was gifted in October of 2008. November 9, 2008, AIG was given 150 billion. The government used 40 billion of the original 700 billion to purchase shares giving it both stake and ownership in the insurance company. (In March of 2009, AIG reported a loss for last three months of 2008. The 61.7 billion dollar loss was the largest loss in U.S. corporation history.)
November 25, 2008, the Federal Reserve gave another 800 billion, 600 billion to buy mortgaged backed securities and 200 billion to unfreeze credit.
On December 19, 2008, 17.4 billion went to the automaker.
The Bush 9.7 trillion debt of April of 2008 rose to 11.3 trillion to December 19, 2008. There were some other very interesting facts.
Corporate taxes paid in April 2000 were 159 billion. In April of 2004 that was down to 150 billion, but by April of 2008 the corporate taxes paid took a huge leap to 350 billion. How can it be that in April of 2012 they are down to 177 billion? Interesting that the Conservatives are still cutting corporate taxes, but is it only to strangle the presidency? Look at the difference between corporate taxes paid under Bush and, now, under Obama.
In 2000, still under Bill Clinton, bank profits were 110.7 billion. Under George W. those profits almost tripled to 327.5 billion by April of 2004. The “Bank Profits” box was replaced by “Currency/Credit Derivatives” which were at 581 trillion in 2008 and 809 trillion in 2012. Who was getting rich? Not the American working class.
Once the past debt and the Bush April-December 2008 spending is deducted, we have a total of 4.4 trillion attached to President Obama.
Now, do the math. If Bush accrued an estimated 4.2 trillion in 2008 alone and President Obama accrued 4.4 trillion, where is the tripled dollar amount the conservatives sing about? It doesn’t exist.
Remember, believe only half of what you see and none of what you hear. Research before you vote!