Last week the Obama administration reportedly increased the national debt (in inflation-adjusted dollars) more in a mere four days than the administrations of Presidents Harry Truman and Dwight D. Eisenhower increased it from 1950-1960 -- an entire decade.
CNSNews crunches the numbers:
At the start of business on Tuesday, Aug. 2, according to the Daily Treasury Statement, the national debt subject to the legal limit was $14.293975 trillion. Obama signed legislation that day lifting the limit by as much as $2.4 trillion—with an initial and immediate increase in the limit of $400 billion. By the close of business on Friday, Aug. 5, according to the Daily Treasury Statement, the national debt subject to the limit had grown to $14.536130 trillion.
Over just four days, the debt had 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.
That's quite a legacy the President will be leaving...