Not a political post, but a factual one. Ten days ago President Obama signed legislation to increase the federal government’s borrowing authority by nearly $2 trillion.
After President Obama signed a law last week authorizing the United States Treasury to borrow an additional $1.9 trillion….
They reveal startling facts, says Jeffrey:
- When calculated by the average annual percentage of the gross domestic product (GDP) that he will spend during his presidency, Obama is on track to become the biggest-spending president since 1930, the earliest year reported on the OMB’s historical chart of spending as a percentage of GDP.
- When calculated by the average annual percentage of GDP he will borrow during his presidency, Obama is on track to become the greatest debtor president since Franklin D. Roosevelt.
- Obama will outspend and out-borrow the admittedly profligate George W. Bush, a man Obama and his lieutenants routinely malign for fiscal recklessness and who, when in office, was often hailed even by his allies as a Big Government Republican.
- Obama will even outspend — but not quite out-borrow-his fellow welfare-state liberal FDR, who had to contend with both the Depression and World War II.
