The National Debt Road Trip – Complaint 1
May 16, 2009
I had a commenter for the National Debt Road Trip call BS on some of my numbers, so I wanted to run some sample numbers to make sure that I’m being as transparent as possible.
Complaint: “Obama’s projected to add about 9 trillion. That isn’t three times as much as Bush’s nearly 5 trillion.”
First of all, let’s get the numbers right. In raw unadjusted dollars, Bush increased the debt from $5.674 trillion to $10.024 trillion. That is $4.35 trillion, not five. And Obama has projected that he will increase it from $10.024 trillion to $20.004 trillion, which is $9.979 trillion… far closer to $10 trillion than to $9 trillion.
(Because I’m using the numbers from the TreasuryDirect site, I’m calculating from two months before Bush was elected (September 2000) until two months before Obama was elected (September 2008) for Bush’s data. I know that these calculations are somewhat clumsy, but I don’t think it is fair to assign Bush the debt responsibility for the Stimulus bill, which was entirely Obama’s baby.)
But still, $10 trillion is not three times $4.35 trillion. But that’s where inflation adjustment comes in. According to this inflation calculator, $5.674 trillion in 2000 dollars is the same as $7.035 trillion in 2008 dollars. This makes the inflation adjusted difference between the 2000 debt and the 2008 debt $2.94 trillion. It’s not pocket change, but it is certainly a downward revision.
I gave Obama a break by assuming that his team didn’t adjust for future inflation, so I made adjustements to his numbers, which meant cutting about $1.6 trillion off the debt leaving us with $18.4 trillion. This means he plans on increasing the debt by about $8.2 trillion (rounding down).
8.2 / 2.94 = 2.79 (the coefficient determining the speed calculation)
64 mph * 2.79 = 178.37 mph
Which is actually a shade faster than I said Obama was going.
I know most liberals aren’t going to believe this, but I really am trying to give the president the benefit of the doubt. In this video alone, I underestimated the inflation adjusted debt and I rounded everything down for him. If he doesn’t look good, it’s not my fault.
I know these kinds of posts are exceedingly boring for most people… even if I find them interesting. I’m doing them in the interest of transparency… so if someone says that my math is full of s***, they can look at this and do all the math themselves.