Joe Biden, the debt, and the middle class

Joe Biden, the Teflon Underboss - and exponent of racism
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In a recent speech, our interesting Vice President stated that the putative President (that is, the man now occupying the White House) inherited debt which was devastating to the middle class. Joe Biden went on to mock Republicans for now discovering the middle class – implying that they were never concerned before and that this is nothing more than electioneering.

What did Barack Obama and Joe Biden inherit?

In defense of the Republicans (a position that makes me very uncomfortable), the national debt wasn’t as devastating when they were in control as it is now. A second defense for the Republicans is that they were saddled with 9/11, two wars (which I would like to remind everyone that the general public fully supported at the time), and Hurricane Katrina. In the interest of full disclosure on my behalf, I believe the Republicans are also greatly responsible for our national debt. One of my criticisms about George W. was that he didn’t know how to use his veto pen. However, the Democrats have taken a bad situation and catapulted it into the stratosphere.

Joe Biden as Vice President

Joe Biden as Vice President of the United States. Official photo.

Joe Biden’s remarks were full of such spin that had they been a ride at an amusement park, they would have had to post a health warning. An honest person might have made similar statements but come to another conclusion about our national debt. This is my edit of Joe Biden’s statement:

This Administration inherited a national debt of nearly $6 trillion. In four years, under our policies, that has escalated to nearly $16 trillion.

Joe Biden, figures don’t lie. (But liars figure.)

What do I base these numbers on? See for yourself.

The treasury figures report the following numbers: In August of 2001, just shortly after George W. took office, these were the figures being reported and these numbers also fairly represent the debt Bush inherited from Clinton, http://www.treasurydirect.gov/NP/BPDLogin?application=np.:

Date

Debt Held by the Public

Intragovernmental Holdings

Total Public Debt Outstanding

08/21/2001

Not Available

Not Available

5,780,199,767,937.07

In 2002, one year after 9/11, these were the figures being reported, an increase in our national debt of almost half a trillion dollars.

Date

Debt Held by the Public

Intragovernmental Holdings

Total Public Debt Outstanding

08/21/2002

Not Available

Not Available

6,195,860,088,809.28

In 2006, after Katrina, 9/11 and two wars, these were the figures being reported, and increase of almost 1 and a half trillion dollars over nearly four years:

Date

Debt Held by the Public

Intragovernmental Holdings

Total Public Debt Outstanding

10/20/2006

4,846,672,115,978.87

3,702,629,586,589.01

8,549,301,702,567.88

In 2008, this was the debt Obama inherited from Bush, which represents an increase in our national debt for Bush’s eight years (including nearly $1 trillion in TARP money and another $700 billion in bank bailouts, both of which Obama voted for, 9/11, Hurricane Katrina, and two wars):

Date

Debt Held by the Public

Intragovernmental Holdings

Total Public Debt Outstanding

08/21/2008

5,443,448,117,025.36

4,175,197,082,368.73

9,618,645,199,394.09

After four years of the Obama Administration, which in all fairness does include the continuation of two war efforts and the expansion of military support for both the Libyans and the Egyptians, the Obama administration increased our national debt by nearly $6 trillion – IN FOUR YEARS!!!

CurrentDebt Held by the PublicIntragovernmental HoldingsTotal Public Debt Outstanding
08/21/201211,176,851,754,468.884,793,283,183,136.1215,970,134,937,605.00

Summing up

If Joe Biden equates national debt with how one political party cares for the middle class, then it can be stated clearly and without hesitation, that it is the Democratic Party that has abandoned, deserted, abused (whatever other disparaging word you may want to use) the middle class more than the Republican Party. Truthfully, both parties have shown a remarkable lack of understanding for our economy and its impact upon the future of America. However, the Democratic Party wins the contest for who is the worst hands down.

Furthermore, Joe Biden might want to read this article. The middle class has lost net worth, real wages, and their standard of living. Now let Joe Biden ask his boss how he could say that “the private sector is doing fine.”

My advice to Joe Biden: before making statements such as these, perhaps you should consider passing around some Kool-Aid. Without it, I think rational-thinking Americans would be hard-pressed to swallow your arguments. As for me, I prefer only pure unadulterated H2O.

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RoseAnn Salanitri is a published author and Acquisition Editor for the New Jersey Family Policy Council. She is a community activist who has founded the Sussex County Tea Party in her home state and launched a recall movement against Senator Robert Menendez. RoseAnn is also the founder of Veritas Christian Academy, as well as co-founder of Creation Science Alive, and a national creation science speaker.

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