Excellent info from Tea Party Slayer!
How did our country get to $14 trillion in debt?
Here is a pie chart displaying the dollar amount contributed by each Presidential administration to the federal debt.
So, by far, our national debt increased the most under Bush II. But even beyond the pure numbers directly attributable to each presidency, any fair-minded person would acknowledge that it was not wild spending under Obama that accounts for his contribution to the national debt. It was the economic wreckage that resulted from the collapse of the largest housing bubble in history.
When the Bush economy imploded in 2008, tax collections plummeted, and simultaneously the government was forced to pay out more money for unemployment benefits, food stamps and other transfer payments that always increase when the economy sinks into recession and people lose their jobs. Additionally, the Obama administration utilized the stimulus package (championed by Republicans and Democrats) to combat the downturn, which most independent economists say prevented a historical depression and added millions of jobs. Obama’s contribution to both the deficit and debt is natural swelling that always occurs…
View original post 33 more words