Curb spending addiction now
I read with dismay editorials like the one by Gene Lyons regarding the debt in which toward the end he states, “This year’s projected deficit is $600 billion smaller than when President Obama took office.” This implies President Obama has been working to lower the federal debt and nothing could be further from the truth.
Although this year the president has less deficit than usual, that doesn’t help the overall picture of what the USA owes. According to the Bureau of Debt at the Treasury Department, public debt topped $16.687 trillion. When President Obama took office, it was $10.626 trillion.
According to online editor Daniel Halper of the Weekly Standard, “It is the largest increase to date under any U.S. president. During the 8 year presidency of George W. Bush, the debt soared by $4.9 trillion.”
As you can see, in his first four years in office, President Obama far surpassed President G. W. Bush in adding trillions to our debt. Neither president and neither party comes out of this looking good. Both sides have a spending problem, all the while trying to convince we taxpayers it’s just a taxing problem. Even when federal revenues are higher, like in the Clinton years, rather than pay down the debt, Congress and current presidents just add to the spending.
Right now people are quibbling over the difference between debt versus deficit. Frankly, to me they both say the U.S. owes a ton of money and we need to get our spending under control.
Until our government faces its spending addiction and gets it under control, federal debt and deficit will continue to spiral out of control. And should it continue, you can look to Greece to see what may happen in the U.S.