Obama’s Debt Bomb: The Power of One President
Friday, August 24th, 2012 and is filed under Blog, Debt
The office of President of the United States was intended to be a limited position of power, especially as it relates to domestic affairs. Yet Obama has accomplished more than any other president in less than 4 years. He is obviously proud of his accomplishments. Let’s reexamine some of the “historic” aspects of Obama’s debt accumulation. Nice going, Mr. President:
- Obama has accrued more debt in 3 ½ years than Bush did in 8 years – and Bush was a big spender. When President Bush was sworn in on January 20, 2001, the total federal debt stood at $5.728 trillion. On January 20, 2009, the day he left office, the debt had increased to $10.629 trillion, a jump of $4.9 trillion. Just 43 months later, the debt has increased another $5.331 trillion to a grand total of $15.960 trillion (as of August 22)!
- Amazingly, $4.88 trillion, or 91.5% of Obama’s debt increase comes from the public share of the debt, which now stands at $11.18 trillion.
- We are on pace to breach the $16.394 trillion debt limit before Obama’s term expires. That means that he will have amassed almost (or more than) $6 trillion in debt by the time he, God willing, leaves office next January. It took from our country’s founding until 2002 to amass $6 trillion in debt.
- The debt has increased $1.66 trillion in the past 12 months since we “solved” the debt crisis with the Budget Control Act. That’s more than the top 1% of income earners make in 12 months.
- When Obama took office, the gross federal debt was 76.5% of GDP, while the public share of the debt stood at 45% of GDP. Now, those numbers stand at 104% and 73% respectively.
- The debt per taxpayer stands at $139,954, up from $89,330 just 4 years ago.