Skip to comments.Obama's $5 Trillion Moment
Posted on 04/19/2012 2:35:18 PM PDT by Kaslin
I buried this item at the bottom of my early morning post on Romney's rhetoric, but I think this staggering milestone merits a separate post. The Obama legacy:
In the 39 months since Barack Obama took the oath of office as president of the United States, the federal government’s debt has increased by $5,027,761,476,484.56. Although he has served less than a term, Obama is now the first American president to see the federal government's debt increase by more than $5 trillion during his time in office. During the full eight years that George W. Bush served as president, the federal government's debt increased by $4,899,100,310,608.44. (Rising from $5,727,776,738,304.64 to $10,626,877,048,913.08.) The $5,027,761,476,484.56 that the debt has increased during Obama's presidency equals $16,043.39 for every one of the 313,385,295 people the Census Bureau now estimates live in the United States.
This president has accumulated more debt on his watch than the first 41 presidents combined. President Bush -- who inherited a recession, then presided over 9/11, two wars, and a horrific economic collapse at the tail end of his term -- added less than $5 Trillion to the national debt over eight years in office. Obama has eclipsed that mark in less than half the time. When he was a candidate in 2008, Barack Obama assailed Bush's record on the national debt, even using the hyper-charged term "unpatriotic" to describe his predecessor's record:
Obama says adding $4 trillion to debt is unpatriotic.
"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 for the first 42 presidents – #43 added $4 trillion by his lonesome, so that we now have over $9 trillion 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." - Barack Obama, July 3, 2008
If Bush's (unacceptable) debt accrual was "unpatriotic," how would Obama assess his own performance? Two final notes: (1) The annual federal deficit is the difference between outlays and revenues in a given year. The federal debt is every anual deficit rolled up into one figure. Obama has increased the debt by more than $5 Trillion and has racked up annual deficits of over $1 Trillion for four years running -- after pledging to cut the deficit in half by the end of his first term. By Obama's own standard, those two facts represent an "unpatriotic" broken promise of epic proportions. (2) This president's unanimously-defeated FY 2013 budget would add $11 Trillion of additional debt by the end of the decade. By his administration's own admission, this president has no solutions to the coming debt tsunami, but he sure hates other people's ideas. Four more years!
thats 3 years and 3 months
unreal amount of money.
Wish it was unreal..
It is. Just a bunch of ones and zeros in the Feds computors.
And this was too much, as well.
He’ll be breaking that record in the next 9 months just through executive orders.
That’s a great quote by oblunder. I wonder how many of those “ironic” quotes are laying around on various issues?
The worst part about it is that congressional spending is only half the story. The fed has created trillions of dollars out of thin air to buy treasury bonds from the Treasury. They are spending trillions of dollars and taking the money directly out of the purchasing power of the American taxpayers(not just the “evil” rich, we’re talking about devaluing every dollar held by every citizen) and the media can’t be bothered to explain it to the masses. All the focus is on higher gas prices or higher fuel prices or falls in real income, without any discussion of the effect that debt fueled currency manipulation is having on the lower and middle classes. And all that’s without even going into the perverseness of the fed creating money out of thin air to buy mortgage back securities from the banks or holding interest rates under 1% indefinitely.
The last four years are just plain surreal. What is that we’re all missing? Why is this upcoming election on pace to be close? It’s just ridiculous. How loudly do we have to yell, “YOU’RE BEING ROBBED!” to our fellow citizens before it sinks in?
Bush deficit for 2007...177 billion. Obama dedicit for feb.2011 ...223 billion
what? Obama’s deficits have all been OVER A TRILLION DOLLARS
Yes but his one month deficit was 223 billion