Well, Obama’s first term has come to an end, and now is the time to add up the tab. I was going to offer a roundup of Obama’s empire of debt, but it looks like Terrence Jeffrey of CNS News has already done so:
During Barack Obama’s first term as president of the United States, the debt of the federal government increased by $5.8 trillion, which exceeds the combined debt accumulated under all presidents from George Washington through Bill Clinton.
The new federal debt accumulated in Obama’s first term equaled approximately $50,521 for each of household in the country.
On Jan. 20, 2009, when Obama was first inaugurated, the total debt of the federal government was $10,626,877,048,913.08, according to the U.S. Treasury. As of the close of business on Jan. 17, the last day reported by the Treasury before Obama’s second inauguration, the total debt of the federal government was $16,432,631,489,854.70.
Thus, from Obama’s first inauguration to his second, the federal government’s debt grew by $5,805,754,440,941.62.
I would add that $5.26 trillion of the debt increase came from the public share of the debt, not the share we owe ourselves. In other words, 91% of the debt increase under Obama is owned by foreign entities. That’s some accomplishment for four years. One can only wonder what the next four years will portend.