President Obama has added $4 trillion to the debt. At the rate he is going, he will add $13 trillion by the end of a second term. The bad economy, with more money going out for welfare and food stamps and less revenue coming in, is partly responsible.
According to CBS News, the latest posting by the Treasury Department shows the national debt has now increased $4 trillion on President Obama’s watch. The debt was $10.626 trillion on the day Mr. Obama took office. The latest calculation from Treasury shows the debt has now hit $14.639 trillion. It’s the most rapid increase in the debt under any U.S. president. The national debt increased $4.9 trillion during the eight-year presidency of George W. Bush. The debt now is rising at a pace to surpass that amount during Mr. Obama’s four-year term.
The Gross National Debt now stands at 97.6 percent of the nation’s Gross Domestic Product – the total value of goods and services produced by labor and property in the U.S.
Obama blames the two wars, the prescription drug plan (a Democratic initiative that Bush bought into), and Bush tax cuts.
He left out a few things:- Clearly, President Obama has expanded the parameters for welfare eligibility. The Stimulus included clauses that rolled back some of the Clinton improvements to welfare, such as requiring able-bodied applicants to show they made an effort to find employment. Most of Obama’s increases in welfare spending are permanent expansions of the welfare state, not temporary increases in response to the current recession. According to the long-term spending plans set forth in Obama’s FY 2010 budget, combined federal and state spending will not drop significantly after the recession ends. In fact, by 2014, welfare spending is likely to equal $1 trillion per year.
Illegals are eligible for entitlements since we can’t ask if they are here legally.
The Stimulus, purposed to add jobs to the economy, added $800 billion to the debt with little evidence of success. 2 million + jobs have been lost since it was instituted.
We added $1 billion in debt by pounding Libya with drones. The figure spent on Yemen is not readily available. The budget was burgeoning with two wars, that’s true, and he added two more wars or, as they say, kinetic actions.
Obama has doubled our donations to foreign charity.
Unemployment was extended at great cost.
The unsustainable Obamacare entitlement, which requires everyone to pay for everyone’s every medical need, hasn’t even been figured into the equation. We will be Zimbabwe.
And there is so much more, but why go on, Paul Krugman says we need to spend more, so what do I know.