“But with respect to future debt; would it not be wise and just for that nation to declare in the constitution they are forming that neither the legislature, nor the nation itself can validly contract more debt, than they may pay within their own age, or within the term of 19 years.” – Thomas Jefferson
What did he/she say?
“Simply put, President Obama has inflated his “inheritance” in order to make his proposed $1.6 trillion deficit seem more palatable to the public. The $1.3 trillion figure Obama cites is full of “fuzzy math.” He includes the $750 billion TARP bailout, but technically he can’t use that number anymore because his administration constantly brags that TARP has been paid back with interest.
The $1.3 trillion figure also includes the earmark-laden $410 billion 2009 Omnibus spending package the Democrat-controlled Congress passed and that Obama himself signed into law. How can he blame Bush for that one with a straight face? I can’t begin to calculate where Obama’s $787 billion stimulus package fits into his “inheritance.”
Obama was sent to the White House to “change” the spending habits in Washington not enable them, yet his $3.8 trillion proposed budget is long on tax increases and short on deficit reduction.” – Mark Levy, The Budget, Partisans and Bin Laden