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Depressing statistic of the day: The 7/11 presidency

FILE - In this July 13, 2012 file photo, President Barack Obama speaks during a campaign stop in downtown Roanoke, Va. New figures released Friday by the White House predict this year s federal budget deficit will end up at $1.2 trillion. That would make the fourth consecutive year of trillion dollar-plus deficits during President Barack Obama s administration.Credit: AP

Today's honor goes to the Weekly Standard's Jeffrey Anderson who writes today about the growth of our national debt under President Obama.

It's an utterly depressing statistic for us fiscal conservatives, but an important one to share with friends as we get closer and closer to the election (emphasis mine):

In the wake of the Treasury Department’s newly released summary of federal spending for 2012, it’s now possible to detail just how profligate the Obama years have been.  Here’s the upshot:  Under Obama, for every $7 we’ve had, we’ve spent nearly $11 (or, to be more exact, $10.95).  That’s like a family that makes $70,000 a year — and is already knee-deep in debt — blowing nearly $110,000 a year.

To illustrate this a bit differently, for every Jackson ($20) we’ve had available to spend under Obama, we’ve also borrowed a Hamilton ($10) and a Washington ($1) and spent those too.  The only thing is that, under Obama, we’ve (literally) spent the equivalent of 342 billion Jacksons, 342 billion Hamiltons, and 342 billion Washingtons — borrowing all of the Hamiltons and Washingtons.

One last thing…
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