It's Official… Obama Has Now Borrowed $3 Trillion
Worst. President. Ever.
That didn’t take long. The Obama administration has now borrowed $3 trillion, according to the U.S. Treasury Department. But look what we have for it… 9.6% unemployment and a record national deficit.
CNS News reported:
It took from 1776, when the United States became an independent country, until 1990, the year after the Berlin Wall fell signaling victory in the Cold War, for the federal government to accumulate a total of $3 trillion in debt, according to the Treasury Department. It only took from Jan. 20, 2009, the day President Barack Obama was inaugurated, until Oct. 15, 2010, for the Obama administration to add $3 trillion to the federal debt.
In related news… Glenn Reynolds posted this on Obama’s dreadful recovery efforts–
JOHN MERLINE: Just How Lousy Is The Economic Recovery? “Indeed, when you compare the current recovery to the recoveries from the two previous worst post-Depression recessions — the one in 1974-75 and the one in 1981-82 — the picture is decidedly bleak. . . . The evidence from past recoveries shows that things could be — and arguably should be — much better than they are now. Which strongly suggests that, however bad the recession was, something the federal government is doing today is putting a drag on the normal recovery trajectory. Only by admitting there’s a problem will we ever have a chance of getting the current recovery back on track.” If you make it harder to create jobs, fewer jobs will be created.