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National Debt

A New Record - $16 Trillion in National Debt

  • September 05, 2012

    This week our National Debt for the first time ever hasexceeded $16 trillion. This astronomical sum is greater than the debt of anyother nation on the face of the earth. The person who is responsible for thisnew American and global record – President Barack Obama.

     

    Under President Obama's watch, each American’s share ofthe National Debt has risen $17,454, to a total of $51,874, according to the TreasuryDepartment. He has added an average of $ 4,073,237,142 to the National Debtevery day since taking office in January of 2009. That is on average, anadditional $1 trillion to the National Debt every 245 days.

     

    Even more troubling is that the non-partisanCongressional Budget Office (CBO) has stated this August that “The amount ofFederal debt held by the public has skyrocketed in the past few years, risingfrom 40 percent of GDP at the end of 2008 to an estimated 73 percent by the endof this year.” According to the CBO, Federal debt held by the public will reachthe highest levels since the 1950’s: “Federal debt held by the public willreach 73 percent of GDP by the end of this fiscal year-the highest level since1950 and about twice the 36 percent of GDP that it measured at the end of 2007,before the financial crisis and recent recession.” Recall that this followed anunprecedented borrowing spree by the Government to finance World War II.

     

    It’s no wonder that Politifact has labeled President Obama“The Undisputed Debt King of the Last Five Presidents.” They went on to statethat: “So by this measurement -- potentially a more important one -- Obama isthe undisputed debt king of the last five presidents, rather than the guy whoadded a piddling amount to the debt, as Pelosi's chart suggested.”

     

    These are all troubling truths. It is well past time thatthis nation examine it’s budget and how it spends and borrows money. Soon, theGovernment will once again reach it’s Debt Limit, and President Obama will beforced to ask for another blank check. The question to consider since the lasttime he asked for a blank check is this – “Did he use that new borrowingauthority to find a path towards a balanced budget, or did he squander it onfurther spending?” $16 trillion later, and unfortunately we all know theanswer.


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