Posted by: SWL | September 4, 2012

Democratic Convention Opens as Federal Deficit Tops $16 Trillion

At 2:00 pm PDT (5 pm EDT), Democratic National Committee Chairman Rep. Debbie Wasserman Schultz opened the Democratic National Convention in Charlotte, NC.

During the hour immediately prior to that the US deficit exceeded $16 trillion. That is, in the entire 200+ years the US has existed, our government has spent $16 trillion more than it received in revenue. And about one-third of that – $5.3 trillion – has accumulated under the administration of Barak Obama.

To be fair, almost that much accrued under President George W. Bush. President Obama has complained for almost four years about how the Bush policies ruined the economy. So it seems a bit hypocritical for Mr. Obama to practice the same deficit spending habit and then claim he has improved our economy.