The Debt Passes 14 Trillion (Update: Old Barack Speaks!)
[Guest post by Aaron Worthing; if you have tips, please send them here.]
Look at this chart and see if you don’t feel like shooting yourself, or tarring and feathering someone else:
In related news the Washington Examiner points out a slight contradiction between Goolsbee’s position today, and his boss’ several years ago:
Obama in 2006, while serving as an Illinois senator. Obama joined all Senate Democrats to oppose the 2006 debt limit increase.
“Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren,” Obama said in 2006. “America has a debt problem and a failure of leadership.”
Obama later missed two votes in 2007 and 2008 while campaigning for president. Many Democrats who opposed the 2006 increase flipped their position once they took control of the Senate.
Mmm, so the need to raise the debt ceiling is a sign of a failure of leadership? Funny, I agree.
Update: Thanks to Dustin, we see Senator Obama’s full comments when voting against an increase of the debt:
I rise today to talk about America’s debt problem.
The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies.
Over the past 5 years, our federal debt has increased by $3.5 trillion to $8.6 trillion. That is “trillion” with a “T.” That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers. And over the next 5 years, between now and 2011, the President’s budget will increase the debt by almost another $3.5 trillion.