Congress first placed a statutory limit on total federal debt in 1917, in the Second Liberty Bond Act. Since 1962, Congress has altered the debt limit through 74 separate measures, raising it 10 times since 2001. Since 1990, the debt limit has been raised a total of $10.1 trillion, but nearly half of that increase has occurred since September 2007.
This chart below by the Heritage Foundation offers a great deal of information about the history of changes in the debt limit–which, of course, tracks closely with the history of growing federal debt. You can see at a glance how the skyrocketing debt of the last few years smashes all historical precedent:
These following charts show what happened when the private sector is destroyed by socialists like Obama,
Click charts for bigger view
Source: Congressional Research Service and White House Office of Management and Budget (Table 7.3, Historical Tables).
Seems like we have a basic Obama ideology problem, why communism doesn’t work. The date 2007 is important because the Democrats took Congress and started their reckless accelerated spending. The evil Boosch had no say.
All of this misses the point, however. We elected this Congress to change the way the federal government operates. Trimming $71 or $74 billion a year in spending won’t turn the tide on debt aggregation; we need fundamental, structural reform of spending that reduces to zero the amount of money we have to borrow on an annual basis to pay our bills
FDR was a Conservative. Yeah and Obama is from outer space.