Current Affairs

National Debt Doubled, What all presidents couldn’t do in 233 years Obama did in eight 

Bob Bryan

As part of the broader economic legacy of President Barack Obama, from jobs to the stock market, one of the most notable changes has been the increase in the national debt.

Based on quarterly data released by the US Treasury, the debt at the end of 2008 - just before Obama took office - stood at roughly $10,699,805,000,000 or 10.6 trillion (trn) dollars.

As of the third quarter of 2016, the most recent data available, the debt as Obama prepared to leave office stood at $19,573,445,000,000, or $19.5 trn.

Based on the website USdebtclock.com, which extrapolates the US national debt in real time based on committed government spending, the debt will be roughly $19.97 trillion the day Donald Trump takes office, January 20.

Thus, the national debt under Obama will have grown by about $9 trillion, or an increase of 86%. That is the National Debt almost doubled. What all presidents couldn’t do in 233 years Obama did in eight 

Some of this debt is attributable to bills passed by Obama's predecessor, George W. Bush. Both Bush and Obama rolled out large investment bills to help the US recover from the depths of the financial crisis.

On the other side, a majority of economists agree that debt-financed government-spending during the depths of a recession is a good way to help mitigate the impact of the crisis and help return the country to economic growth. In addition, the debt may not be as scary as some think, since the US was (supposed to be) still in good credit standing and prints the reserve currency of the world. (However, if the trend continues the nation’s credit standing will be hit hard.)

Despite that the administration kept claiming that the annual deficit has decreased each year of the Obama presidency. 

With those facts in mind, the size of the debt increase is quite staggering. 

Yeah Obamas have been great for the USA, doubled the debt and have increased racial tension. At least he gave Iran its money so they can fund their nuclear program. We know Iran can be trusted, and that money is for ‘peaceful purposes’ only.

To Obama and all of his fellow democrats: Great job! You almost doubled the national debt in only 8 years.

It is time for the government (hopefully the new one) to stop spending money that it does not have and balance the national budget. Cut out the freebies, and provide only those things that the disabled (and the deserving ) need, not what everybody wants but do not need.

[". . .since the US is still in good credit standing. . ." Good standing, yes, but how convenient for Obama that the article doesn't also say that under his tenure our credit rating was downgraded.

What did we get for our tax dollar under Obama?  $9 trillion more debt and lot of low pay part-time jobs. Good job!

 

 

(Andy Kiersz/Business Insider)