Racking Up Huge Credit Card Bills
4:11 PM, Jul 15, 2011 • By JEFFREY H. ANDERSON
In his press conference today, President Obama shamelessly and condescendingly said, “Congress has run up the credit card, and we now have an obligation to pay our bills.” Yet Obama’s average annual rate of deficit spending in his first three years in office (including his 2012 budget) has been 9.7 percent of the gross domestic product (GDP). No other postwar president’s deficit spending has exceeded even 4.3 percent of GDP (President George W. Bush’s tally was 3.1 percent of GDP), so no other postwar president has spent borrowed money at even half the clip that Obama has. The credit card has been in Obama’s wallet — when it hasn’t been in use.