I’ve had to write about the deficit and debt too much this election season (and no, Republicans, they're not the same thing), but there are a few things everyone should know:
1. President Obama is barely responsible for the current level of debt. In fact, the only two presidents since 1980 to have seen an overall reduction in deficits were Clinton and Obama. It is also an absolute falsehood to claim, as Karl Rove’s Crossroads GPS says in an ad and Romney claimed at both debates, that Obama has added $5 trillion to the debt.
2. Almost all of the $16 trillion in debt we see right now was put there by Republicans, not Democrats. In fact, a case can be made that even most of the current deficits are the responsibility of George W Bush and Congressional Republicans, not President Obama and Democrats.
3. The current level of national debt is not unprecedented and it is not catastrophic. It is actually manageable, as long as we get it under control within the next few years, and that is not possible through spending cuts only.