Total Public Debt Outstanding Is Now More Than 2X, Debt Held by the Public Is Now More Than 2.5X, What They Were When Dems Took Control

Democrats (including Barack Obama, Joe Biden, Hillary Clinton, John Kerry, Harry Reid, etc.) have held majority control (holding 2+ of the House, Senate, and Presidency) since January 3, 2007.

In the last slightly more than 7 years, Democrat majorities have more than doubled the Total Public Debt Outstanding, and the Debt Held by the Public is now more than 2.5 times what it was then.

Date

Debt Held by the Public

Total Public Debt Outstanding

1/3/2007

4,906,387,642,060.28

8,677,214,255,313.07

2/21/2014

12,424,353,796,018.50

17,411,178,036,656.20

Increase

7,517,966,153,958.22

8,733,963,781,343.13

Ratio

2.532281324

2.006540063

Percentage

253%

201%

% Increase

153%

101%

In 2006, Nancy Pelosi and the rest of the Congressional Democrats accused the Republicans of fiscal irresponsibility (the four worst deficits in the history of America) and the Democrats made very specific promises of “no more deficit spending” if they were given control.

Over the past decade, the Republican controlled Congress took our nation in the wrong direction. Too many Americans are paying a heavy price for those wrong choices: record costs for energy, health care and education; jobs shipped overseas; and budgets that heap record debt on our children. For millions, the middle-class dream has been replaced by a middle-class squeeze…

Democrats are proposing a New Direction for America…

With integrity, civility and fiscal discipline, our New Direction for America will use commonsense principles to address the aspirations and fulfill the hopes and dreams of all Americans. That is our promise to the American people….

Our federal budget should be a statement of our national values. One of those values is responsibility. Democrats are committed to ending years of irresponsible budget policies that have produced historic deficits. Instead of piling trillions of dollars of debt onto our children and grandchildren, we will restore “Pay As You Go” budget discipline.

Budget discipline has been abandoned by the Bush Administration and its Republican congressional majorities. Congress under Republican control has turned a projected $5.6 trillion 10-year surplus at the end of the Clinton years into a nearly $3 trillion deficit– including the four worst deficits in the history of America. The nation’s debt ceiling has been raised four times in just five years to more than $8.9 trillion. Nearly half of our nation’s record debt is owned by foreign countries including China and Japan. Without a return to fiscal discipline, the foreign countries that make our computers, our clothing and our toys will soon be making our foreign policy. Deficit spending is not just a fiscal problem – it’s a national security issue as well.

Our New Direction is committed to “Pay As You Go” budgeting – no more deficit spending.

Nancy Pelosi 2006 (highlighted) Fiscal Discipline (highlighted)

Nancy Pelosi, Harry Reid, then-Senators Barack Obama, Joe Biden, Hillary Clinton, John Kerry, and the rest of their Congressional Democrat peers were successful in winning control of the House and Senate, and therefore overall majority control of the budgeting and appropriations process, in the November 2006 elections and actually took control on 1/3/2007.

Here’s what Nancy Pelosi promised in her first speech as Speaker of the House, and her Democrat peers stood and applauded:

After years of historic deficits, this 110th Congress will commit itself to a higher standard: pay-as-you-go, no new deficit spending. Our new America will provide unlimited opportunity for future generations, not burden them with mountains of debt.

- New Speaker Nancy Pelosi, 01/04/2007

In just four years as Speaker, Nancy Pelosi piled over 5.3 trillion dollars of new debt onto our children and grandchildren, an increase of over 61% in just 4 years, and the Debt Held by the Public (much of it held by China) increased more than 91%!

Date

Debt Held by the Public

Total Public Debt Outstanding

1/3/2007

4,906,387,642,060.28

8,677,214,255,313.07

1/3/2011

9,385,079,979,612.71

13,997,932,781,828.80

Increase

4,478,692,337,552.43

5,320,718,526,515.73

Ratio

1.91282888

1.613182799

Percentage

191%

161%

% Increase

91%

61%

Nancy Pelosi knew in 2006 that the electorate wanted fiscal discipline, so that is why she made promises of “fiscal discipline” and “no more deficit spending” (promises that she never intended to keep).

On 1/3/2007, Nancy Pelosi and Harry Reid inherited the FY 2007 budget from the outgoing Republican majority.  That last Republican-majority budget featured a deficit of less than $161 Billion, representing 1.2% GDP, which was significantly below the FY 1947-2007 average deficit (1.6% of GDP).

(Data Source: White House Office of Management & Budget: http://www.whitehouse.gov/sites/default/files/omb/budget/fy2014/assets/hist01z2.xls).

Democrats never told you that after George W. Bush inherited the economic double-whammy of the Dot Com Bust and the 9/11/2001 attacks (which decreased both employment and tax revenues, sending deficits sharply higher), the 2003 Bush Tax Cuts turned the economy around, increasing both employment and tax revenues, making deficits SMALLER EACH YEAR in FY 2004, 2005, 2006, and 2007.

Democrats never told you that what they inherited from the outgoing Republican majority on 1/3/2007 was above-average employment and a below-average deficit (25% smaller than the FY 1947-2007 average deficit as a % of GDP).

Democrats were successful in using false charges of racism in order to ignore Republican warnings of problems at Fannie & Freddie, and to obstruct Republican attempts to reform Fannie & Freddie in order to prevent a crisis.

Nancy Pelosi, Harry Reid, then-Senators Barack Obama, Joe Biden, Hillary Clinton, John Kerry, and the rest of their Congressional Democrat peers were successful in roughly tripling the deficit in their first fiscal year (FY 2008), and blaming it on George W. Bush.

Barack Obama in 2008, like Nancy Pelosi in 2006, knew that the electorate wanted fiscal discipline, and he followed the same approach that had worked for Pelosi 2 years earlier: accuse Republicans of fiscal irresponsibility, imply that it was a national security issue, and imply that he would do things differently.

“The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents – #43 added $4 trillion by his lonesome, so that we now have over $9 trillion of debt that we are going to have to pay back — $30,000 for every man, woman and child. That’s irresponsible. It’s unpatriotic.

- Barack Obama July 3, 2008

(Wouldn’t it be nice to still only have $9 Trillion of debt?  If $9 Trillion was irresponsible and unpatriotic then, what about the $17.4 Trillion we have now?)

Nancy Pelosi, Harry Reid, then-Senators Barack Obama, Joe Biden, Hillary Clinton, John Kerry, and the rest of their Congressional Democrat peers were successful in delaying the passage of appropriations bills (passing continuing resolutions instead) so that the majority of FY 2009 appropriations bills could be signed by Barack Obama after 1/20/2009.  They were successful in roughly tripling the deficit (AGAIN) in their second fiscal year (FY 2009), and again blaming it on George W. Bush… even though the majority of appropriations were passed by the Nancy Pelosi House, Harry Reid Senate, and signed by Barack Obama, not George W. Bush!

Pelosi, Reid, Obama, et al. inherited the FY 2007 deficit of 1.2% of GDP.

Just 2 years later, Pelosi, Reid, Obama, et al. were overwhelmingly responsible for the FY 2009 deficit of 10.1% of GDP!

Bush didn’t build that.  Democrats made that happen.

A significant aspect of the Tea Party movement has been exactly the same under Obama as it was under Bush: an insistence on fiscal responsibility.

A large part of the reason why Republicans re-took control of the House in the 2010 elections (and kept control of the House in the 2012 elections) was because voters want fiscal responsibility and a check on the previously-unchecked Democrats who inherited a FY 2007 deficit under $161 Billion and 2 years later made TRILLION+ dollar deficits their norm.

Sadly, the Republicans in the House have not been much of a check on the Democrats in the Senate and Presidency who are in the driver’s seat, driving the USA off the “Fiscal Cliff”

http://www.investors.com/editorial-cartoons/michael-ramirez/690125-go-right

So again, the Total Public Debt Outstanding is now more than 2X, and the Debt Held by the Public is now more than 2.5X, what they were when Democrats took majority control on 1/2/2007.

(This time expanded to also show Intragovernmental Holdings)

Date

Debt Held by the Public

Intragovernmental Holdings

Total Public Debt Outstanding

1/3/2007

4,906,387,642,060.28

3,770,826,613,252.79

8,677,214,255,313.07

2/21/2014

12,424,353,796,018.50

4,986,824,240,637.75

17,411,178,036,656.20

Increase

7,517,966,153,958.22

1,215,997,627,384.96

8,733,963,781,343.13

Ratio

2.532281324

1.322475084

2.006540063

Percentage

253%

132%

201%

% Increase

153%

32%

101%

Forward

 

============================

UPDATE: As of 2/28/2014, the Debt held by the public is now 255% of what it was when Barack Obama and his Democrat peers took majority control of Washington, D.C. on 1/3/2007:

 

 

Date

Debt Held by the Public

Total Public Debt Outstanding

2/28/2014

12,492,549,870,567.80

17,463,228,562,652.90

1/3/2007

4,906,387,642,060.28

8,677,214,255,313.07

Increase

7,586,162,228,507.52

8,786,014,307,339.83

Ratio

2.546180771

2.012538592

Percentage

255%

201%

% Increase

155%

101%

From January 3, 2007 to February 28, 2014 (nearly 86 months), Democrat majorities (including Barack Obama as first Senator and then President), have added more debt than was added during the first 2,766 months of our nation’s history (July 4, 1776 – January 3, 2007).

About these ads
This entry was posted in Uncategorized. Bookmark the permalink.

11 Responses to Total Public Debt Outstanding Is Now More Than 2X, Debt Held by the Public Is Now More Than 2.5X, What They Were When Dems Took Control

  1. MoveOn.org used to care about deficits when Bush was President.

    They falsely blamed the first Trillion-dollar deficit on Bush. Remember this?

    Original “Child’s Pay” ad from MoveOn.org

    What did Obama and the Democrats inherit from Bush and the outgoing Republican majority?

    A FY 2007 deficit under $161 Billion.

    The six largest deficits in the history of the U.S.A. have all come while Obama was part of the MAJORITY PARTY in Washington, D.C.

    For Fiscal Years 1996-2007, Republicans held the majority and increased the total debt by $4 Trillion over the span of 12 years.

    For Fiscal Years 2008-2013, Democrats held the majority and increased the total debt by over $8 Trillion over the span of 6 years.

    Present Democrat majorities have been deficit spending at more than quadruple the rate of their Republican predecessors.

    Where is MoveOn.org’s outrage now?

  2. If they later remove the video, hopefully this archive will show that it used to exist…

    Your request to archive the content of
    http://www.youtube.com/watch?v=A9WKimKIyUQ
    has been entered into the archival queue. An archive of this page should shortly be available at

    http://www.webcitation.org/6Ns96YbVv

  3. Pingback: Employment-Population Ratio, Correlated with Majority Party, Jan 1995 – Feb 2014 | I Took The Red Pill

  4. Pingback: Obamacrats act like teen-agers with Daddy’s credit card | PoliNation

  5. Pingback: Employment-Population Ratio, Correlated with Majority Party, Jan 1995 – Mar 2014 | I Took The Red Pill

  6. Pingback: Employment-Population Ratio, Correlated with Majority Party, Jan 1995 – May 2014 | I Took The Red Pill

  7. Pingback: Employment-Population Ratio, Correlated with Majority Party, Jan 1995 – June 2014 | I Took The Red Pill

  8. Pingback: Employment-Population Ratio, Correlated with Majority Party, Jan 1995 – July 2014 | I Took The Red Pill

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s