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.
Given that the Census Bureau currently estimates that there are 114,916,000 households in the United States, the $5,805,754,440,941.62 debt increase under Obama equals about $50,521 per household.
When George W. Bush was first inaugurated on Jan. 20, 2001, the total debt of the federal government was $5,727,776,738,304.64. Thus, the total accumulated debt of the federal government was less on the day George W. Bush was inaugurated than the $5,805,754,440,941.62 in additional debt Obama accumulated during his first term.
When Bush left office on Jan. 20, 2009, the total debt of the federal government was $10,626,877,048,913.08. Thus, in George W. Bush’s two terms the total debt of the federal government increased $4,899,100,310,608.44-or by less than the $5,805,754,440,941.62 the debt increased in Obama’s first term alone.
On Oct. 11, 2001, during Bush’ first year in office, the debt rose from $5,805,746,196,414.92 to $5,811,762,115,860.32. Since then it has never dipped below $5,805,754,440,941.62 (the amount the debt increased in Obama’s first term).
Thus, the debt increased more in Obama’s first term than it did during the combined 53 terms of the first 42 presidents (George Washington through Bill Clinton).
President Obama is currently demanding that Congress increase the legal limit on the federal debt without making him agree to corresponding cuts in federal spending.
Source: CNS NEWS