As Barack Obama’s tenure as president enters its final year, it’s interesting to look at the national debt, which can be attributed to the failed policies of the White House, Congress and the Federal Reserve. Of course, it’s the system itself that is at fault, too.
Just how much has the national debt gone up since President Obama took office? Here’s a large number: $8,095,869,534,204.95, according to the latest numbers by the U.S. Treasury Department.
Presently, the total federal debt stands at just under $19 trillion. This is equivalent to about $160,000 for every household in the U.S., which has gone up nearly $69,000 per household.
When the president was sworn in in 2009, the federal debt was about $10.6 trillion. Today, that number has expanded to more than $18.7 trillion.
Essentially, debt doubled under President George W. Bush and tripled under President Obama. What did Obama say about debt when he was an Illinois Senator? Something about being unpatriotic. Oh, yeah:
“The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion dollars for the first 42 presidents — number 43 added $4 trillion dollars by his lonesome, so that we now have over $9 trillion dollars of debt that we are going to have to pay back — $30,000 for every man, woman and child. That’s irresponsible. It’s unpatriotic.”
It won’t really matter whoever succeeds President Obama, which will likely be Hillary Clinton. The national debt will just go up and up, while the debt servicing payments will take up a huge chunk of the federal budget.
Leave a Comment