$18,159,000,000,000 & Counting
It’s Official: Obama is World Champion of Racking Up Debt
… Tea Party News Network — March 15, 2015 …
It’s time to show the Obama apologists the truth; he has officially surpassed all other Presidents since 1789 in accumulating US deficits. In fact, he’s beaten all other administrations combined!
Deficits occurs when annual government spending is greater than its revenues and it must borrow money to stay afloat. Currently the US the government has over $18 Trillion in US Debt. There are two kinds of debt; public debt, which now stands at $13T, and debt owed to other government agencies when it raids their coffers, currently $5T. The $13 Trillion in debt owed to the public is due to deficit spending and the accumulated interest payables related to the large amount of debt.
According to the White House’s own website, the accumulative total for all US Deficits combined was $11.6 Trillion through the end of 2014. This $11.6 Trillion along with accumulated interest payables are what account for the $13 Trillion in US debt outstanding.
Gateway Pundit reports:
At the end of 2008, the accumulated total of all US Deficits for all administrations since 1789 was $5.3 Trillion. For the six years 2009 through 2014, the Obama Administration has racked up an impressive $6.3 Trillion in deficits which are now more than all of the accumulated deficits before he took office.
President GW Bush was not particularly frugal; he racked up $2.0 Trillion in deficits in the 8 years he held the realm (2001 – 2008). The highest annual deficit the Bush administration amassed over its eight years was a $459 Billion deficit in 2008, a record at that time. But this is far less than each of the Obama years. The Obama administration holds the record for the top six annual budget deficits all accumulated in its first six years, with more than $1 Trillion deficits in each of its first four years alone.
Liberals will insist that the Obama Administration is not to blame. It’s Bush’s Fault! His apologists have long argued that because the US fiscal year ends in September, the $1 Trillion ‘Stimulus’ bill passed by Democrats and signed by the Obama administration in early 2009 should be associated with the Bush administration. This is clearly a bunch of malarkey since it was passed after Obama was sworn in and Bush was long gone. Remember “shovel ready jobs” that didn’t actually exist? Obama owns that.
Alternatively, most of the TARP funds created in 2008 to ‘stabilize’ the economy and loaned by the Federal government to banks, auto companies, FNMA and Freddie Mac were repaid by these entities after 2008 when the loans were made. The bailout money loaned was $614 Billion and the government receipts to date from these loans are $667 Billion. Obama has actually benefited from the payoff of these loans since 2009, and would have reported even higher deficit spending over the past six years without these inflows.
There is no longer any doubt; Obama holds the World Championship of US debt.
For fact checking go to https://www.whitehouse.gov/omb/budget/Historicals.