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.
The Obama administration has encountered another pothole on the road to re-election. CBS is reporting that the national debt taken on in the three years and two months of the Obama administration now exceeds the debt added during the Bush administration’s entire eight years in office: $4.899 trillion for Bush, $4.939 for Obama.
In other words, Bush ran up the tab at the rate of $51 billion a month, while Obama is running it up at the rate of $137 billion a month, 2.6 times as fast. The debt now stands at $15.566 trillion, over 100 percent of GDP for the first time since the immediate aftermath of World War II. Obama’s own budget projections show no end in sight: $16.3 trillion by the end of 2012, $17.5 in 2013, $20 trillion by the end of Obama’s second term if, heaven forefend, he wins one. That would mean an increase of 87 percent in the total debt over Obama’s two terms.