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Pace of Debt Increase is Historic

CBS White House correspondent Mark Knoller points out that the latest posting by the Treasury Department shows the national debt has now increased $4 trillion on President Obama’s watch. The debt was $10.626 trillion on the day Obama took office. The latest calculation from Treasury shows the debt has now hit $14.639 trillion.

According to Knoller, “It’s the most rapid increase in the debt under any U.S. president.”

Knoller could have added that like so much of what Obama has achieved –whether it has to do with his jobs record (a loss of 2.2 million since he was inaugurated, putting him on track to have the worst jobs record of any president in the modern era), chronic unemployment (worse than the Great Depression), the housing crisis (worse than the Great Depression), the share of the eligible population holding a job (the worst since the Carter presidency), and plunging consumer confidence (also the worst since the Carter presidency) — the president’s handling of the debt belongs in a category all its own.

Obama is turning out to be a historic president, but in all the wrong ways.

 


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