Obama’s Tripling of the National Debt in Pictures
Conn Carroll /
This Tuesday the White House released their Mid-Session Review admitting they made a $2 trillion miscalculation in the size of the federal deficit that President Barack Obama’s borrow and spend policies would inflict on our nation. Heritage senior policy analyst Brian Riedl details the carnage:
- While President Obama claims to have inherited the 2009 budget deficit, it is important to note that the estimated 2009 budget deficit has increased by $400 billion since his inauguration, and the whole point of the “stimulus” was to increase deficit spending to nearly $2 trillion based on the unproven notion that would it alleviate the recession.
- The 22 percent spending increase projected for 2009 represents the largest government expansion since the 1952 height of the Korean War (adjusted for inflation). Federal spending is up 57 percent since 2001. (more…)