Mitt Romney Debt Speech Ignores Key Facts

Source: AP

WASHINGTON (AP) — When Republican presidential hopeful Mitt Romney decried the "prairie fire" of U.S. debt Tuesday, he ignored some of the sparks that set it ablaze. One was the Great Recession that took hold before Barack Obama became president. That landmark event went unmentioned in Romney's speech. Another was a series of Bush-era tax cuts that Romney wants to follow with even lower rates.

Instead he laid the blame on Obama, a president who has certainly increased the nation's eye-popping debt — but not, as Romney claimed, by nearly as much as all other presidents combined. A look at some of Romney's assertions and how they compare with the facts:

ROMNEY: "America counted on President Obama to rescue the economy, tame the deficit and help create jobs. Instead, he bailed out the public sector, gave billions of your dollars to the companies of his friends, and added almost as much debt as all the prior presidents combined."

THE FACTS. Hardly. Presidents from George Washington through George W. Bush ran the national debt up to $10.62 trillion, the amount it was on the day Obama took office. Today, it is $15.67 trillion, according to the Treasury Department's Bureau of Public Debt. So it has gone up by $5.05 trillion under Obama. That's roughly half of the amount amassed by all the other presidents combined. In short, the debt has gone up by about half under Obama. Under Ronald Reagan, it tripled.

Read more: http://www.huffingtonpost.com/2012/05/15/mitt-romney-debt-speech-inferno_n_1519253.html