A Glimpse into the Past

John Campbell

11/24/2009 11:37:51 AM - John Campbell

You may or may not know why this blog is titled the Greeneyeshade Blog.   I am a CPA by training, a self-professed bean-counter.  I also sit on 3 of Committees available to Members of the House that hold jurisdiction over areas of federal economic policy, budgeting, and economic analysis.  I feel it is particularly instructive that we take a look at some history…because after all, the numbers don’t lie.

- In February 2009, Democrats enacted a debt increase, with the premise and promise that by borrowing another trillion dollars would create jobs for more Americans and that it would happen immediately, thereby thwarting the unemployment rate from rising above 8%...we are now at 10.2%, according to the Bureau of Labor Statistics, this is a 26 year high.

- Since taking control of Congress in January of 2007, Democrats have presided over a 39% increase in the nation’s debt from $8.670 trillion to $12.039 trillion.

- According to the President’s budget, the national debt will soar from $9.961 trillion at the start of 2009 to more than $24.4 trillion in 2019…that’s an increase of 144%.