January 27, 2014
What Part Of 'Enough' Don't They Understand?
The U.S. Congress has raised the debt ceiling 78 times since 1960. Ronald Reagan oversaw the largest number of debt ceiling increases (17), and George W. Bush approved a near doubling of the debt ceiling during his two terms in office. Reagan raised the debt from $900 billion to $2.7 trillion, a 33.33% increase, and debt was 53.1% of Gross Domestic Product (GDP). Debt rose $4.899 trillion during the two terms of the George W. Bush presidency, an almost 100% increase, 84.2% of GDP. While Bush was no (economic) bargain, he has proven to be a piker when compared to Dear Leader Barack Hussein Obama. Bush left office with the U.S. debt at $10.626 trillion. As of October 17, 2013, the U.S. debt was $17.075 trillion. That is an increase of $6.399 trillion, an increase of 60.22% since Obama took office, and debt is now 102.7% of GDP. By the way, during WWII, the U.S. debt was 117.5% of GDP, so Obama is approaching FDR. What has Obama done lately? He has, since October 17, 2013, incurred...(Read Full Article)