In a Senate Floor speech on March 16 2006, Democrat Senate Leader Harry Reid explained that it is abnormal to suggest that raising the debt ceiling with trillions more in new debt will somehow help the economy. On that day, the US Debt was $8.27 trillion. These days, the US Debt stands at $14.32 trillion, an increase of six trillion dollars in less than six years, of which $5.6 trillion took place since Reid became Senate Majority Leader four and a half years ago. (US Debt increased by $2.55 trillion in the four and a half years before Reid became Majority leader)
Yesterday, July 20 2011, marked exactly two and a half years since President Obama came into office. Setting aside who or what is to blame, the raw numbers suggest that the nation’s debt deepened by more than $3.7 trillion since a day after Obama’s arrival, which makes it a monthly average of $123.9 billion. During the eight years of former President George W. Bush, U.S. Debt deepened by a total of $4.89 trillion, which is a monthly average of approximately $51 billion. During President Clinton’s eight years, the US Debt deepened by only $1.55 trillion, which is a monthly average of $16.18 billion in new debt.