It took from 1776 until 2008 for the national debt to reach $10 trillion. During Barack Obama’s eight years in office, it doubled to $20 trillion. To be fair, $1 trillion probably went to take the country out of the great recession inherited from President Bush, another $2 trillion for the Middle East wars, also inherited. The remaining $7 trillion was spent on expanding social programs such as Medicaid and Obamacare.
With the passage of the new tax law, Democratic congressional leaders Nancy Pelosi and Chuck Schumer, like a tired Vaudeville act, decry the fact that it will add $1.5 trillion to the national debt over a period of 10 years.
Where were they when the the national debt was doubling?
Under the new law, the average household would get a tax cut of $1,600. Forty five percent of households will pay no federal income taxes due to doubling the personal exemption to $12,000 per person. Corporations and other businesses have annouced employee bonuses and expanded other benefits, and the stock market is at an historic high with unemployment down to a 17 year-low. And the Democrats are becoming fiscal hawks. This is hypocrisy at its highest.
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