Friday, July 01, 2011

That's a bald-faced lie
Debt Increased More Under Geithner Than Under Any Treasury Secretary in U.S. History

When Geithner took office [Jan. 26, 2009] the total national debt stood at $10.6 trillion. As of June 30, 2011, it had risen to $14.3 trillion.
The national debt was indeed $10.6 trillion on January 26, 2009.  But almost three weeks earlier, on January 7, 2009, the CBO broke the devastating news that George W. Bush's last budget would have a $1.2 trillion deficit.  The CBO was a little off and the miserable Bush years ended with a $1.4 trillion deficit.   That is $10.6 trillion plus $1.4 trillion, so Timmy Geithner started at $12 trillion, not $10.6.

So 'under' Geithner's policies, the debt has increased $2.3 trillion.  Terrible, yes, but how do you stop the Bush locomotive?

So under which Treasury Secretary did the debt really increase the most?  Well, since the debt went from $5.7 trillion to $12 trillion under the Bush administration it would definitely have to be one of the three that Bush went through.   And that honor has to go to his last one, Henry Paulson.

I'm sure CNS will apologize to Geithner and correct the record.