A while ago, I linked to a picture from the Heritage Foundation on our exploding debt. It also showed the difference between the Bush years and the Obama years. It’s a popular picture, but is several months out of date.
Well, here’s an updated one from The American
Notice the legend. The orange bars are the Clinton/Bush deficits. The purple represents CBO’s deficit projection as of September 2008, before the “financial crisis”. The black represents the CBO’s projections as of January 2009. This includes the $787 TARP bailout funds as well as projections based on estimates of lower tax receipts due to the economic turmoil. The red is CBO’s deficit projection as of August 2009. The red you can blame on President Barack Obama (D-USA) and his policies.
And it’s worse than that. All CBO projections are based on economic outlook and financial outlook based on existing law. In other words, it doesn’t include Cap-and-Trade and Health Care Reform and Immigration Reform. Any or all of these will make these numbers explode.
And the smallest is already larger than the largest under Bush.
These numbers are unsustainable. The people in Washington trying to spend our money and our children’s money and their children’s money must be stopped.