$5 TRILLION Dollars. Ok here are the numbers.
In January 2001 when Bush Jr. took reins from Clinton. US debt stood at approx $5 triilion. Annual surplus was $500 billion. Ten year projected surplus - $5 Trillion. According to the projections, the US would have paid off all its obligations by the end of the last decade.
In January 2009, after 8 years of Republican rule (6 of which Republicans controlled all two arms - all of congress and the White House). US debt stood at approx $10 trillion. Annual projected deficit $1.4 trillion. Ten year projected deficit - more than $10 Trillion. According to the projections, the US would remain in debt, indefinitely.
The truth is simply this. The Republicans created a structural crises with their ill-informed tax cuts and health care market re-engineering of the early 2000. Added to that was two Wars of choice. Iraq War should never have been waged. Afghan invasion was not necessary after Taliban was removed. And even if the Wars were justified, there were simply left off balance sheet, using the same accounting gimmicks often employed by Republicans (see Christ Christi of New Jersey).
So, given the perfect storm of the structural deficit created by Republicans and the massive near-depression left by deregulations engineered by same Republicans, here we are.
But wait a minute. No Republican will agree that under Mr. Obama, the nation is gradually healing again. A health care law that will empower entrepreneurs. An economy that has regained almost half of the total jobs lost to the near-depression and an America that enjoys the respect and admiration of the world again. Indeed, no Republican will agree with these facts because its contrast to their record makes them look truly bad and wrong headed. But get this. This NATION IS MOVING FORWARD.