Yesterday’s talking point from David Axelrod, John Kerry, and others was that Friday’s Standard and Poor’s decision should be considered a “Tea Party Downgrade.”
From January 20, 2009 (the day Obama took office) to January 3, 2011 (the day the 112th Congress was sworn in), the total federal debt increased from $10,626,877,048,913.08 to $13,997,932,781,828.89. That is an increase of $3,371,055,732,915.81, or $3.3 trillion.
From January 3 to yesterday, the debt increased from $13,997,932,781,828.89 to $14,564,970,167,709.38.
That is an increase of $567,037,385,880.49, or $567 billion.
So in Axelrod’s world, somehow the $3.3 trillion debt increase under President Obama and Speaker Pelosi in the two years their party had complete control of the spending process is NOT responsible for the credit downgrade, but the $567 billion spent since January IS responsible.