Woah! Obama Added More to Debt in First 19 Months Than All Presidents From Washington to Reagan COMBINED
Posted by Jim Hoft on Wednesday, September 8, 2010, 9:44 PM
WORST. PRESIDENT. EVER.
You may have thought things were bad under Obama… You had no idea.
Obama is the worst jobs president since the Great Depression. The Obama-Pelosi economic plan resulted in a cumulative 7.5 million jobs deficit. By every objective measure the democrat’s Trillion dollar stimulus bomb was a complete disaster.
Barack Obama and Nancy Pelosi tripled the national deficit last year by nearly a trillion dollars – something unheard of in our nation’s history.
After an unheard of record deficit last year of $1.4 Trillion the economy is on track to experience a $1.3 Trillion deficit this year.
Instead of focusing on the economy the past two years the radicals in Washington beat up on business and rammed through an unpopular nationalized health care entitlement program.
Then there’s this…
The Obama-Pelosi regime added more to the national debt in his first 19 months in office than all presidents from Washington to Ronald Reagan… COMBINED.
CNS News reported:
In the first 19 months of the Obama administration, the federal debt held by the public increased by $2.5260 trillion, which is more than the cumulative total of the national debt held by the public that was amassed by all U.S. presidents from George Washington through Ronald Reagan.
The U.S. Treasury Department divides the federal debt into two categories. One is “debt held by the public,” which includes U.S. government securities owned by individuals, corporations, state or local governments, foreign governments and other entities outside the federal government itself. The other is “intragovernmental” debt, which includes I.O.U.s the federal government gives to itself when, for example, the Treasury borrows money out of the Social Security “trust fund” to pay for expenses other than Social Security.
At the end of fiscal year 1989, which ended eight months after President Reagan left office, the total federal debt held by the public was $2.1907 trillion, according to the Congressional Budget Office. That means all U.S. presidents from George Washington through Ronald Reagan had accumulated only that much publicly held debt on behalf of American taxpayers. That is $335.3 billion less than the $2.5260 trillion that was added to the federal debt held by the public just between Jan. 20, 2009, when President Obama was inaugurated, and Aug. 20, 2010, the 19-month anniversary of Obama’s inauguration.
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Published May 24, 2012 at 8:46 pm - 91 Comments
john commented:
a. It’s not his fault.
b. It’s someone else’s fault–probably Bush’s
c. He had to do something because things were bad. Imagine what the US would look like if we didn’t have $1.4 Trillion in new debt.
d. Think of all the jobs saved. Just imagine a number–any number.
e. Hope=hope the High School class of 5010 can pay this debt off.
f. Change=do you have any left in your pocket?
Brooklyn commented:
The Disastrous Democratic Party.
And these Democratic Partisans who made such a mess are going to keep the lies coming, as we all continue to sink further.
A total nightmare, created by Dodd, Pelosi, Obey, Reid, Clinton, Obama, Waters, Boxer, Schumer, etc.
Hey, notice how Chuck Schumer is not on every tv screen anymore?
These Democrats have all, especially those in PBS, NBC, ABC, CBS, etc., have wreaked havoc on the USA.
They all should be removed from any serious influence, and never be allowed to make such a mess again.
Time to pull the plug on the wasteful Democratic Partisan Machine, and investigate everyone of them.
That reckless amount of spending alone, is enough to put more than a few in prison – a crime againt the American Public – ripping off all the taxpayers for their own petty poltical greed.
jd commented:
The deficit problem is theoretical. The Bush/Republican congress problem was real.
Little Nemo commented:
This is just further proof we’ll eventually need at his treason trial for crimes against humanity. To intentionally destabilize a huge state of ~315 million souls and put all of their futures into doubt is a crime that will go into legend.
After this nightmare is over, I for one cry out for the hammer of justice!
Granny commented:
Please note that that “Washington to Reagan” cumulative deficit includes the deficit caused by the war against the Barbary Pirates, the Civil War, the Spanish American War, the First World War, the Second World War, the Korean War, & the Vietnam War as well as the costs of the Berlin Airlift and the Marshall Plan that rebuilt Europe.
Way to go Obama!
Bill Mitchell commented:
I was having a lively discourse with a far left lib on another blog. He was excoriating Republicans for supporting big business and evil corporations.
I said, “You’re welcome”. Of course he didn’t get that.
I asked him for his alternative to huge corporations? I asked him how many things he uses every day that were created by a corporation. I asked him how his life would change if I took those things away from him tomorrow. I asked him to voluntarily give up anything created by a corporation for the next year and donate the money he saved to the poor.
Of course he was speechless except to spout the standard far left insults and platitudes. Actually answering my question was out of the question.
**The best way to argue with a liberal is not to “tell” them anything, but simply to ask them a series of questions which, by their own responses, exposes their marxist ideology and vapid and dangerous.
In closing I told him that I would make him a trade. He could give me all his earnings for the rest of his life and in exchange, I would make him sole heir to the Karl Marx fortune.
Of course, Karl Marx died a pauper, so he wasn’t interested in that deal.
Bill Mitchell commented:
I have often wondered how much of the world’s debt could be eliminated if countries simply erased offsetting obligations to each other from their balance sheets?
If I owe you $1 billion and you owe me $1.2 billion, that’s bad for both of us. If we just say that you only owe me $.2 billion and I owe you nothing, suddenly we are in great shape and any loss of interest, etc, on the capital would be more that offset by our improved balance sheet and the leverage that afforded us.
I am sure this is full of many minefields I haven’t considered, but it is an interesting concept to discuss.
Lightwave commented:
At this point the only thing I want to see out of GOP House leaders are articles of impeachment against Obama and Biden’s resignation, putting a GOP Speaker in as President.
Anything less is unacceptable to the notion of American liberty.
daryl commented:
Full Moon. It’s got to be caused by the Full Moon.
Ken commented:
Well crap, if the presidents from Washington to Reagan had put us in more debt The won wouldn’t look so bad. Can’t a guy get a break.
Joe commented:
At least he didn’t start an unnecessary war.
Do you really think Obama prefers to rescue us from a right-wing created resession? Anyone with sense knows that there are so many things that he should and would like to be accomplishing during this rare time in American history. A time when people had the courage and sense to vote for someone who could have truly improved the world if he didn’t have to spend all of his time and resources cleaning up messes created by industrialist masters and their right-wing puppets.
If Americans reverse the track we’re on now… it will be the end of the middle class.