Conservative Talking Points was appalled at the Bush administration’s participation in the out of control government spending. That looks like chicken feed now compared to the outrageous dumping and printing of money the Obama team is running.
Spending started in the 1980s (Source: TreasureDirect.gov)
· America's debt first hit $1 Trillion in 1982
· Reagan cut taxes but the Congress spent money faster
· By the end of the 1980s we owed $3 Trillion and were spending $2 Trillion a year!
Grew Faster in the 1990s (Source: USGovernmentSpending.com)
· President George HW Bush raised taxes and lost the next election in 1992
· President Bill Clinton again raised taxes and lost Congress in 1994
· By the end of the 1990s the national budget was $3 Trillion and we owed $5.5 Trillion
· Accelerated During the George W Bush Years [2001-2008] (Source: TreasureDirect.gov)
· Even with a Republican Congress during Bush's first term, our government was spending $4 Trillion a year with a $400 Billion deficit racking up our national debt to $7 Trillion by 2004.
· By the end of President George W Bush's tenure Congress had fallen to the Democrats and we were spending $5 Trillion a year with a $500 Billion deficit.
Total Out of Control With Obama
· The Federal Reserve is propping up the entire U.S. economy by buying 61% of the government debt issued by the Treasury Department. (Source: Wall Street Journal – Mar 2012)
· Our national debt has grown to $16 Trillion which is more than $5 trillion since the day that Barack Obama first took office. In a little more than 3 years Obama has added more to the national debt than the first 41 presidents combined. (Source: TreasuryDirect.gov – July 2012)
· During the first quarter of 2012, U.S. public debt rose by 359.1 billion dollars. U.S. GDP only rose by 142.4 billion dollars. (Source: Bureau of Economic Analysis – April 2012)