We now have an idea of what irresponsible spending leads to. From CNSNews.com:
"In the first 19 months of the Obama administration, the federal debt held by the public increased by $2.5260 trillion, which is more than the cumulative total of the national debt held by the public that was amassed by all U.S. presidents from George Washington through Ronald Reagan.
At the end of fiscal year 1989, which ended eight months after President Reagan left office, the total federal debt held by the public was $2.1907 trillion, according to the Congressional Budget Office. That means all U.S. presidents from George Washington through Ronald Reagan had accumulated only that much publicly held debt on behalf of American taxpayers. That is $335.3 billion less than the $2.5260 trillion that was added to the federal debt held by the public just between Jan. 20, 2009, when President Obama was inaugurated, and Aug. 20, 2010, the 19-month anniversary of Obama's inauguration.
By contrast, President Reagan was sworn into office on Jan. 20, 1981 and left office eight years later on Jan. 20, 1989. At the end of fiscal 1980, four months before Reagan was inaugurated, the federal debt held by the public was $711.9 billion, according to CBO. At the end of fiscal 1989, eight months after Reagan left office, the federal debt held by the public was $2.1907 trillion. That means that in the nine-fiscal-year period of 1980-89--which included all of Reagan’s eight years in office--the federal debt held by the public increased $1.4788 trillion. That is in excess of a trillion dollars less than the $2.5260 increase in the debt held by the public during Obama’s first 19 months.
When President Barack Obama took the oath of office on Jan. 20, 2009, the total federal debt held by the public stood at 6.3073 trillion, according to the Bureau of the Public Debt, a division of the U.S. Treasury Department. As of Aug. 20, 2010, after the first nineteen months of President Obama’s 48-month term, the total federal debt held by the public had grown to a total of $8.8333 trillion, an increase of $2.5260 trillion.
In just the last four months (May through August), according to the CBO, the Obama administration has run cumulative deficits of $464 billion, more than the $458 billion deficit the Bush administration ran through the entirety of fiscal 2008.
The CBO predicted this week that the annual budget deficit for fiscal 2010, which ends on the last day of this month, will exceed $1.3 trillion.
The first two fiscal years in which Obama has served will see the two biggest federal deficits as a percentage of Gross Domestic Product since the end of World War II."
Bottom Line: King Hussein's spending and economic policies have bankrupted this country, mortgaging at lest the next two generations future in the process. This is why people who never been involved in politics before are getting involved now. They're trying to save this country from an out of control rogue federal government that craves more power to abuse. This is why the Democrats must lose their majorities in congress in November. That's just the beginning. Then we must hold that rogue congress in check during in final months, Then the new congress can take steps to reverse course.
Background Reading:
CNSNews.com: Obama Added More to National Debt in First 19 Months Than All Presidents from Washington Through Reagan Combined, Says Gov’t Data
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