Unsustainable: The Debt Up 60 Percent Since Obama Took Office
"Unsustainable" is the song (to the tune of "Unforgettable") that anybody who can add, subtract, and understand how financial debacle brings down nations should be singing.
Apparently, rudimentary math and the simplest knowledge of world history are beyond the scope of our rock star president and his aides (as well as the losers we elect to the Senate and House).
Glenn Harlan Reynolds writes in USA today about how we can't go about increasing the debt by 60 percent every four years:
President Obama has what Politico is calling a debt problem: "The staggering national debt -- up about 60% from the $10 trillion Obama inherited when he took office in January 2009 -- is the single biggest blemish on Obama's record, even if the rapid descent into red began under President George W. Bush. Obama has long emphasized Bush's role in digging the immense hole. But he owns it now."...So does that mean that the ballooning debt is all Obama's fault? No. Most of those spending bills got Republican votes, too. But it does mean that, as Politico notes, Obama now owns the 60% increase in the debt that has occurred on his watch, and can no longer credibly blame Bush (under whom plenty of Democrats voted for spending bills).
Economist Herbert Stein observed that something that can't go on forever, won't. The United States can't go on forever increasing its debt by 60% every four years. Therefore, it won't. The only question is how things will stop -- smoothly or catastrophically.
As we head into the next debt-ceiling debate, it's worth considering these words from a patriotic senator concerned with America's future:
"The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. . . . It is a sign that the U.S. government can't pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our government's reckless fiscal policies. ... Leadership means that 'the buck stops here.' Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt and a failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America's debt limit."The senator? Sen. Barack Obama, in 2006.
I wish that guy was President now.
That makes a few of us.







Approving a budget for the US in "normal order" means constructing and approving a budget in each of the House and Senate, then reconciling differences, and presenting that legislation to the the President for signature, if he approves.
The last US budget established in normal order was for the 12 months ending Sep 30, 2009. That is Fiscal Year 2009 (FY 2009) in government speak. Obama became President in January 2009. No usual budget has been passed under his direction for 4 years. See below for why.
The unusual spending event in 2009 was the $1 trillion stimulus proposed by Obama, generally approved by Bush, and signed by Obama in Feb 2009. That spending was added into the spending levels for government departments in FY 2009, and implicitly into the 2009 budget. It was sold as a one-time kick-start to the economy. It increased the FY 2009 debt by $1 trillion and did little except reward Democratic government agencies troughout the land.
Since that time, Obama takes credit for an historically slow increase in spending in the following years, a model of spending restraint. Democrats point to the FY 2009 "Bush's budget" as the spending blowout that is creating all of our debt today. They don't mention the $1 trillion increase to that budget pushed through by Obama.
Sen. Democrat majority leader Harry Reid has refused to even hold budget conferences in the Senate since 2009. Instead, the House and Senate pass "continuing resolutions" which allow the President and executive agencies to spend what they did in the previous year. The $1 trillion "kick-start" has silently become a permanent, yearly increase in government spending. That is why the US is accumulating massive, unprecedented debt.
Why does the majority Republican House agree to these continuing resolutions? They have proposed and passed budgets for each year 2010 - 2012, just as they should. The Senate would not consider them. If the Republicans would not agree to the continuing resolution, pushing the issue, then there would be no spending authorization, and the government would "shut down". They don't want to face a politicized press which would report this action as an irresponsible blocking of government activity. So, the Democrats silently get their way on spending.
President Obama has submitted his own budgets for consideration. The Senate has voted unanimously against the outrageous spending contained in it. No Democrat in the Senate wants a news story reporting that he voted for such outrageous spending.
So, we have a set of headlines which support Obama's measured and responsible administration of our government:
• Bush's outrageous FY 2009 spending is causing our increasing debt (deficits).
• Obama has been stingy in increasing spending since 2009, for every year he has been in office.
• House Republicans approve of US spending every year, so why are they complaining?
• The Senate has passed a budget every year in the form of a continuing resolution. Nothing unusual to see here.
• Everything is running along on auto-pilot, so the press has no story to report.
Andrew_M_Garland at January 20, 2013 11:53 PM
The press reporting is the real power behind this. Obama learned to be a politician, never say anything close to specific, have underlings say things and if opposition says something, make sure cameras are rolling.
If Republican House shut things down by not passing the continuing resolutions, they would be roasted in the press, and blamed for the economy. They already are, but the press would have a field day. Just look at how the press handled the fiscal cliff talks.
This is why Obama talks generally about cuts but never mentions exactly what he would cut. But when Republicans do, they are murdering big bird.
Joe J at January 21, 2013 6:50 AM
That is a +1000 post. You are on target.
Jim P. at January 21, 2013 7:31 PM
The other thing to observe is that with the "fiscal cliff" tax bill the taxes on the 1% is now around 40%. So that means that the truly rich and the job creators that live in New York State, California and some other states are facing income taxes of up to 63%. Or in other words, they will be paying 63¢ of every $1 bill will be paid as taxes.
Then as spurious notes:
On a gossip basis: Rock River Arms, Remington/ Marlin/ Bushmaster, Springfield Arms and even Smith & Wesson (all NY based) are apparently looking to move their headquarters and manufacturing.
Many porno producers are contemplating Nevada.
Even pro-golfer Phil Mickelson is seriously thinking of leaving California over taxes.
So what would you do if you had that much confiscated from you at the point of the IRS gun?
Jim P. at January 21, 2013 8:01 PM
Andrew:
Thank you for that summation. It's a better explanation that I've managed to put together, and I'm going to be cutting and pasting it a lot. :)
Unix-Jedi at January 22, 2013 12:21 PM
Thank you, Jim P.
Thank you, Unix-Jedi, paste away.
Andrew_M_Garland at January 22, 2013 2:35 PM
Andrew,
Just to let you know: Your post is now on my website.
Jim P. at January 24, 2013 10:39 PM
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