Everett Dirksen, the late Republican senator from Illinois, is famous for saying (on “The Tonight Show Starring Johnny Carson,” of all places) about government spending, “a billion here, a billion there and the first thing you know, you’re talking about real money.”
The senator died in 1969, when the national debt stood at $352.7 billion ($2.214 trillion in 2012 dollars, as measured by the CPI), and equal to 39 percent of 1969 GDP. Today, 43 mostly prosperous years later (many of them exceedingly so), the national debt is over $16 trillion–eight times as great in constant dollars–and two and half times as great in terms of GDP.
During his interview with NBC’s Brian Williams, David Letterman went off on a passionate defense of President Obama. Letterman concluded by saying, “What more do we want this man to do for us, honest to God?”
For starters, something better than the weakest economic recovery in the modern era, the worst jobs record of any president in the modern era, the highest sustained unemployment rate since the Great Depression, a housing crisis worse than the Great Depression, unprecedented deficits and debt, a standard of living that’s fallen longer and more steeply during the past three years than at any time since the government began recording it five decades ago, a downgrade in the United States’ credit rating for the first time in history, and a record number of people in poverty.