Topic: CNSNews.com
Terry Jeffrey declared in an Oct. 18 CNSNews.com article:
It's official: The Obama administration has now borrowed $3 trillion, according to the U.S. Treasury Department.
It took from 1776, when the United States became an independent country, until 1990, the year after the Berlin Wall fell signaling victory in the Cold War, for the federal government to accumulate a total of $3 trillion in debt, according to the Treasury Department. It only took from Jan. 20, 2009, the day President Barack Obama was inaugurated, until Oct. 15, 2010, for the Obama administration to add $3 trillion to the federal debt.
Actually, not so much. As Media Matters details, comparing the amount of debt accumulated in the past two years to that of the first 214 years of the United States is absolutely meaningless, because one dollar today is equal to a lot less than a dollar in 1776, and it represents a drastically smaller share of the economy.
Plus, Jeffrey falsely equivocates the national debt increasing by $3 trillion (which is true) with the Obama administration being responsible for it. It appears that Jeffrey is blaming Obama for all of the FY 2009 deficit, which paid for actions (like TARP and the Bush tax cuts) that occurred under the Bush administration.
