Yes! Mr.Obama Has Now Increased Debt More than All Presidents Combined
Yes! Mr.Obama Has Now Increased Debt More than All Presidents Combined from George Washington Through George H.W. Bush. President Barack Obama speaking to children at the Children's Laboratory School in Mesquite, Texas, on Oct. 4, 2011.
(CNSNews.com) - The Obama administration passed another fiscal milestone this week, according to new data released by the Treasury Department. As of the close of business on In Nov 30, 2011 the total national debt was $16.4 trillion —up about $54.8 billion from Sept. 30.
That means that in the less-than-three-years Obama has been in office, the federal debt has increased by $4.212 trillion--more than the total national debt of about $4.1672 trillion accumulated by all 41 U.S. presidents from George Washington through George H.W. Bush combined.
This $4.212-trillion increase in the national debt means that during Obama’s term the federal government has already borrowed about an additional $35,835 for every American household--or $44,980 for every full-time private-sector worker. (According to the Census Bureau there were about 117,538,000 households in the country in 2010, and, according to the Bureau of Labor Statistics, there were about 93,641,000 full-time private-sector workers.)
When Obama was inaugurated on Jan. 20, 2009, according to the Treasury Department, the total national debt stood at $10,626,877,048,913.08.
At the end of January 1993, the month that President George H. W. Bush left office, the total national debt was $4.1672 trillion, according to the Treasury. Thus, the total national debt accumulated by the first 41 presidents combined was about $44.8 billion less than the approximately $4.212 trillion in new debt added during Obama’s term.
As of Monday, Obama had been in office 986 days—or about 32 and a half months. During that time, the debt increased at an average pace of $4.27 billion per day. Were that rate to continue until Obama’s term ends on Jan. 20, 2013, the debt would then stand at about $16.86534 trillion—an increase of more than $6.2 trillion for Obama’s four years.
That would equal nearly $53,000 for each American household or more than $66,000 for each full-time private-sector worker. http://www.cnsnews.com/news/article/obama-has-now-increased-debt-more-all-presidents-george-washington-through-george-hw The true facts speak for themselves. Recent US Federal Debt Numbers Under President Obama Gross Federal Debt Debt Held by Public FY 2012 $16.4 trillion $9.7 trillion FY 2011 $14.8 trillion $8.5 trillion FY 2010 $13.5 trillion $8.2 trillion FY 2009 $11.9 trillion $6.8 trillion FY 2008 $10.0 trillion $5.3 trillion Gross Federal Debt is the total debt owed by the United States federal government. It comprises “debt held by the public” and “debt held by federal government accounts,” such as IOUs owed to the Social Security trust fund. “Debt held by the public” includes debt actually held by the public and foreign governments, and also debt held by the Federal Reserve System, i.e., monetized as part of the monetary base. http://www.usgovernmentspending.com/federal_debt_chart.html
Wow!! Another Obama Broken Deficit Promise! This is very big, wrote White House director of new media Macon Phillips in a February 23, 2009 blog post, "the President today promised that by the end of his first term, he will cut in half the massive federal deficit we've inherited. And we'll do it in a new way: honestly and candidly." Indeed, President Obama did make that promise that day, saying, "today I'm pledging to cut the deficit we inherited in half by the end of my first term in office. This will not be easy. It will require us to make difficult decisions and face challenges we've long neglected. But I refuse to leave our children with a debt that they cannot repay - and that means taking responsibility right now, in this administration, for getting our spending under control." The 2013 budget the president submitted today does not come close to meeting this promise of being reduced to $650 billion for fiscal year 2013. The president noted in that 2009 speech the Obama administration inherited a $1.3 trillion deficit. The deficit was similarly $1.3 trillion in 2011, is projected to be $1.15 trillion in 2012, and the president's budget claims it will be $901 billion in 2013. George Stephanopoulos asked White House Chief of Staff Jack Lew about this yesterday: STEPHANOPOULOS: Now, tomorrow's budget's going to make it clear that that promise will not be kept, not even close, really. The deficit will be well over $1 trillion for the fourth year in a row. Why? LEW: You know, George, as I think you know, when we took office, the economy was falling so fast that the first thing we had to do was put a bottom in. That cost money in the Recovery Act. It cost money in terms of lost revenue and slower economic growth. We're on track now. We've seen several months of sustained economic growth and job creation, but we're not out of the woods yet. That's one of the reasons that we still need even this month for Congress to take action and pass the extension of the payroll tax cut. The president's budget is a plan for 10 years, and over the 10 years, what it would do is bring the deficit down to below 3 percent of the economy, which means that we won't be adding to the deficit based on current spending. Secondly, it'll bring the debt as a percentage of the economy down to a point that all international financial organizations look at and say is what you need to do to have stability. STEPHANOPOULOS: But not even as quickly as you were projecting several months ago. LEW: Well, look, the economic projections in a time of - of recovery from the deepest recession in a generation are going to fluctuate. Frankly, in the last three months, we've had better news than we expected in terms of job growth. That's a good thing. I think that what we have to do is focus on the long term and the short term at the same time. In the short term, we need to keep the economy growing. In the long term, we need to get the deficit under control in a way that builds the economy that can last for the future, where we build a manufacturing base, we have