When Barack Obama took office, he inherited a Fiscal 2008 debt of $10.0 trillion, 69% of the Gross Domestic Product (GDP). As of June 2015 the debt stood at $18.1 trillion, 102.4% of GDP.
Not only has Obama greatly increased the debt relative to the size of the economy, but he’s on pace to risk doubling it nominally by the time he leaves office.
The growth in the debt has been startlingly fast under Obama. Democrats claim it was purely about the economy, however if we look at the growth chart, we can see that the growth showed dramatically after Republicans took back the Congress in 2010.
We can do better, and we can certainly do much better than what [mc_name name=’Rep. John Boehner (R-OH)’ chamber=’house’ mcid=’B000589′ ], [mc_name name=’Sen. Mitch McConnell (R-KY)’ chamber=’senate’ mcid=’M000355′ ], and Barack Obama have been doing. But one thing is crystal clear: Republicans at least slow the growth of the debt. Democrats accelerate it.
There is a difference. Anyone telling you different is selling you something. The Democrats, if left unchecked, would spend us to the same kind of fiscal ruin seen in places like Greece.