Obama’s 100 Days: $65 Billion in New Debt Each Day

Hey — anybody remember the origin of the phrase, “the hundred days”?

If you guessed Franklin Roosevelt’s burst of New Deal activism in 1933 — you guessed wrong.
.
The phrase came into common use a century earlier, to describe the period from Napoleon Bonaparte’s escape from exile on Elba on March 20, 1815, through his defeat at Waterloo, to the restoration of the Bourbon Monarchy on July 8, 1815.

In other words: the original 100 days were a total debacle and disaster.

Barack Obama’s hundred days have not gone as badly as Napoleon’s. In money terms, however, they have been considerably more expensive. Since his inauguration on January 20, 2009, President Obama has proposed new spending programs that will add over the next 10 years $6.5-trillion (all figures U.S.) to the American national debt. That’s $6.5-trillion over and above the debt that would have been incurred had the existing policies been left alone. (Not that those existing policies were so great either.)

That’s $65-billion in new debt every single day of the first 100. Expensive.

And this figure is surely too low, because it is based on (1) almost certainly unduly optimistic assumptions about the growth of the U.S. economy over the next few years and (2) unduly optimistic assumptions about the costs of President Obama’s health-care ideas.

Read the rest by David Frum
National Post:
http://network.nationalpost.com/np/blogs/fullcom
ment/archive/2009/04/25/david-frum-the-ear
th-the-moon-and-the-stars-all-for-a-mere-u
s-6-5-trillion.aspx

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