Anyone wondering why S&P downgraded Double A-Plus Obama’s record national debt need only look to the four days following the agreement to raise the debt ceiling, when, in inflation adjusted dollars, Obama accumulated more national debt than the country amassed during the entire 1950s.
Mike Fitzpatrick held the checkbook, Obama used the pen. Still, I blame the Tea Party. I also blame Jor-El for the destruction of Krypton, and MADD for all drunk driving accidents.
[From August 2 through August 5], the debt…jumped $242.155 billion.
By contrast, according to the Bureau of the Public Debt, over the ten-year period from the end of fiscal 1950 to the end of fiscal 1960, the national debt grew from approximately $257.36 billion to approximately $286.33 billion—an increase of approximately $28.97 billion.
Using the Bureau of Labor Statistics inflation calculator, $28.97 billion in 1960 dollars equals $220.92 billion in 2011 dollars.
Thus, the $242.155 billion in 2011 dollars that the Obama administration increased the debt between last Tuesday and last Friday is more in inflation-adjusted terms than the combined debt increases of the Truman and Eisenhower administrations in the ten-year period from the end of fiscal 1950 to the end of fiscal 1960.