One year ago, I took office amid two wars, an economy rocked by a severe recession, a financial system on the verge of collapse, and a government deeply in debt.

WHITEHOUSE: The 2010 State of the Union Address

Mr Obama said he had taken office a year ago "amid two wars, an economy rocked by severe recession, a financial system on the verge of collapse, and a government deeply in debt".

BBC: Obama hopes to boost economy with high-speed rail

And our government is deeply in debt after what can only be described as a decade of profligacy.

WHITEHOUSE: Budgeting for a New Era of Responsibility

Even while Governor Brown brags of a balanced budget, he ignores the off-budget pension fund deficit which threatens loss of government services and closure of parks and libraries, prompts municipal bankruptcies, and keeps the state deeply in debt.

FORBES: Move up http://i.forbesimg.com t Move down

The Irish government officially exits its EU bailout in November, but austerity is biting deeply into the Irish recovery and public debt remains on a scary upward path.

WSJ: Review & Outlook: Europe's Hotel California