CBS News reports that the debt racked up by the administration of Barack Obama has now topped $4 trillion. It’s the quickest debt increase under a single president in American history.

Driving the conversation: CBS News White House correspondent Mark Knoller marked a grim milestone for President Obama in a post on the network’s website last night. “The debt was $10.626 trillion on the day Mr. Obama took office. The latest calculation from Treasury shows the debt has now hit $14.639 trillion,” Knoller writes. “It’s the most rapid increase in the debt under any U.S. president.”

Where did it all go? Well, there was a failed $820 billion stimulus. Bailouts for auto companies and auto unions. The establishment of new entitlement programs. The launching of another, unauthorized war. And the largest budgets in American history.

And yet somehow, despite all of that spending, we still have 9.2% unemployment, falling house prices, and stock market volatility. Why, it’s almost like Keynesian policies don’t work.