Insolvency milepost: Debt accumulated under Obama sails past $7 trillion

posted at 8:01 pm on August 4, 2014 by Guy Benson

Since day one, the Obama administration has enjoyed patting itself on the back for sundry “unprecedented” actions and ambitions — even as they often fail to follow through on said unprecedented-ness, and even though that word more often applies to them within a pejorative context.  Behold, another unprecedented ‘achievement:’

The total federal debt of the U.S. government has now increased more than $7 trillion during the slightly more than five and a half years Barack Obama has been president. That is more than the debt increased under all U.S. presidents from George Washington through Bill Clinton combined, and it is more debt than was accumulated in the first 227 years of this nation’s existence–from 1776 through 2003. The total federal debt first passed the $7-trillion mark on Jan. 15, 2004, after President George W. Bush had been in office almost three years.

By the numbers:

When President Obama took office on Jan. 20, 2009, the total federal debt was $10,626,877,048,913.08. As of the close of business on July 30, 2014, it had risen to $17,618,599,653,160.19–up $6,991,722,604,247.11 from Obama’s first inauguration day. By the close of business on July 31, 2014, it had risen to $17,687,136,723,410.59—up $7,060,259,674,497.51 since Obama first inauguration day. As of June, there were 115,097,000 households in the United States, according to the U.S. Census Bureau. The $17,687,136,723,410.59 in debt the federal government had accumulated as of the end of July equaled $153,671.57 per household. The $7,060,259,674,497.51 in new debt that the federal government has taken on during Obama’s presidency equals $61,341.82 per household.

There’s a reason why the fact-checkers have unanimously affirmed O’s undisputed Debt King status.  When President George W. Bush took office, the national debt hovered just shy of the $6 trillion mark, then exploded by roughly $5 trillion over his eight-year tenure.  Many conservatives have rightly criticized Bush and the Republican Congress for utterly squandering an opportunity to reduce leviathan’s size and scope during that era.  In fairness to their legacy, though, the last budget over which Republicans wielded total control was the FY 2007 blueprint, which featured an annual deficit of “only” $161 billion — not exactly a pittance, but child’s play relative to the shortfalls we’ve grown accustomed to lately.  And that was during two active wars.  Also to his credit, Bush attempted to reform one of our major entitlement programs in order to diffuse an unfunded liability time bomb; his efforts were demagogued and defeated by status quo-defending Democrats. In any case, the debt picture darkened dramatically in the wake of the 2008 financial crisis, triggered when the massive, big-government-inflated, subprime housing bubble finally burst on the US economy.  President Obama has proceeded to institutionalize the resulting emergency-level spending, racking up enormous deficits and causing the national debt to zoom skyward.   But candidate Obama presented himself to the public as a deficit and spending hawk.  During the 2008 presidential debates — post economic meltdown — he vowed to enact a “net spending cut” by poring over the federal budget “line by line” with a “scalpel.”  On the campaign trail, he unloaded on his predecessor’s “unpatriotic” track record on debt accumulation:

“The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents – number 43 added $4 trillion by his lonesome, so that we now have over $9 trillion of debt that we are going to have to pay back — $30,000 for every man, woman and child. That’s irresponsible. It’s unpatriotic.

Let’s retrofit that condemnation, shall we?

“The problem is, is that the way Obama has done it over the last five-plus years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $10.6 trillion for the first 43 presidents – number 44 has added $7 trillion his lonesome (with more than two years to go), so that we now have over $17.6 trillion of debt that we are going to have to pay back — $55,000 for every man, woman and child.  That’s irresponsible.  It’s unpatriotic*.”

Team Obama would like you to congratulate them on their spectacular deficit reduction efforts, which have sliced the annual shortfall down to roughly half-a-trillion dollars….or higher than every single Bush deficit on record — save for FY 2009, and Bush was only partially responsible for those outlays.  Also, the nonpartisan Congressional Budget Office has projected that our annual deficits are on track to once again swell beyond $1 trillion by the end of the current 10-year budget window.  Obama’s solution?  A budget proposal that never balances, and that would add more than $8 trillion to the national debt over the next decade, despite trillions in tax increases.  His advisers laughably touted the plan as an end to Obama’s, um, “age of austerity.”  What about his big idea to stave off and neutralize the towering entitlement spending wave (which he’s admitted is a real threat)?  Well, he doesn’t have one.  But his White House is quite certain they don’t like Paul Ryan’s.  I’ll leave you with this quasi-out-of-context — but fitting — soundbyte from Friday’s pre-vacation presser, which should be manna from heaven for GOP ad makers.  Over to you, President Downgrade:

“We’ve already been very clear. We’ve run out of money.”

*It is a blend of fascism and racism to question this president’s patriotism.


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And the meter is still running . . .

RedPepper on August 4, 2014 at 8:04 PM

If we recover at all (doubtful), it will take generations…and that’s just from his domestic disasters…his foreign policy will actually kill us so far over the edge that there won’t be any more ‘American’ generations in the future. Yep, elections matter.

AUINSC on August 4, 2014 at 8:07 PM

Yeah, but he’s printed a lot more money than that, so it’s all good …

ShainS on August 4, 2014 at 8:08 PM

Nothing a little Ebola won’t cure.

WryTrvllr on August 4, 2014 at 8:09 PM

So, when is obama going to be arrested?

Pork-Chop on August 4, 2014 at 8:11 PM

Who’s surprised? Dude is a community organizer who yaps a lot.

fogw on August 4, 2014 at 8:12 PM

$92,000 per household

faraway on August 4, 2014 at 8:14 PM

Fundamental transformation IIRC.
 
Hey, so what happens next?

rogerb on August 4, 2014 at 8:17 PM

If we recover at all (doubtful), it will take generations…
AUINSC on August 4, 2014 at 8:07 PM

It may take at least 10 years minimum, to slow and then STOP the financial break point…

The downside is, there is a probability that another Recession will occur at that point, Globally. Remember we aren’t the only people spending stupidly here.

IF (note, big IF), we can stop our addiction to earmarks and entitlements, even for a decade, we could actually recover faster than some other countries that are in similar situation. Unshackle the asinine policies in regards to Business that’s been in place for the past 7 years (Keystone, bailouts, etc) and we could do it UNDER the 10 year mark.

Just need a “Leader”, and not an “Organizer” to pull it off.

BlaxPac on August 4, 2014 at 8:17 PM

If I borrowed and spent proportionally I’d be driving around in a Bugatti Veyron as my daily driver and a Ferrari GTO on Sundays.

Something is seriously wrong if you borrow and spend that much dough to to keep up the appearance of mediocrity.

This collapse is gonna hurt.

forest on August 4, 2014 at 8:17 PM

Cloward Piven

Barack Obama

Key West Reader on August 4, 2014 at 8:20 PM

Ned should be dropping in any moment praising Obama for this.

Walter L. Newton on August 4, 2014 at 8:20 PM

$92,000 per household

faraway on August 4, 2014 at 8:14 PM

Snork! Good luck wit dat # in dah hood.

/Uh huh.

Key West Reader on August 4, 2014 at 8:22 PM

A trillion here a trillion there, what diff……oh, to h3ll with it.
*clinking a tin can*
“Brother could you spare a dime?”
(practicing)

31giddyup on August 4, 2014 at 8:25 PM

And we thought Obama would be remembered for passing Obamacare.

When is the next time we’re likely to see one President accumulate more new debt than all his predecessors combined?

RedPepper on August 4, 2014 at 8:25 PM

Nobody said Utopia was gonna’ be cheap ya’ know.

antipc on August 4, 2014 at 8:27 PM

BlaxPac on August 4, 2014 at 8:17 PM

Nah bro…with 40+ percent of the population still thinking what Obama is doing is awesome and another 10-15 percent who think he might be doing a bad job, but don’t want to say so because RACISM! No…couple of generations at the minimum…if we survive as a nation for the next 5 years (doubtful).

AUINSC on August 4, 2014 at 8:30 PM

Once I Built A Railroad – Bing Crosby

Building a dream. Fundamental transformation.

thatsafactjack on August 4, 2014 at 8:30 PM

31giddyup on August 4, 2014 at 8:25 PM

I just saw your post, Rhonda.

Looks like we’re seeing the same vision revealed in the cards we’re being dealt. :)

thatsafactjack on August 4, 2014 at 8:36 PM

It is immoral, but voters have been voting for it for many many years. Bush enabled the spending by setting $850 billion as the new benchmark for government single issue policy proposals.
McCain had a chance to stop it, and likely would have won in a landslide had he done so.
Romney called it just that, and then let the issue drop and die. If he would have embraced that argument and went where it logically would lead to, cut, cap and balance, he too likely could have won in a landslide.
Of course, much of this spending has been enabled by the Republican House of Representatives. They do not have to authorize this spending. But they do, year after year after year.

Is Obama evil and destructive. Sure is. But for some reason it does not cause the Republicans to stand up and stop his evil.
Since they are planning to make his ideology the only viable ideology in politics going forward with amnesty creating net new 10s of million of new socialist voters, it seems they are not our allies either and they really do not want to stop the spigots.

astonerii on August 4, 2014 at 8:36 PM

has there been a signed budget from obama in last 4 yrs?

dmacleo on August 4, 2014 at 8:37 PM

In 2010, John Kitchen of the US Treasury and Menzie Chinn of the University of Wisconsin published a study entitled: ‘Financing U.S. Debt: Is There Enough Money in the World—and At What Cost?’

By 2020, Kitchen and Chinn project the amount of US Treasury debt that foreign governments will have to buy in order to finance our spending and debt will have to rise to about 19 percent of the rest of the world’s GDP, which they say is . . . do-able . . . BUT TOTALLY NEVER GONNA HAPPEN UNREALISTIC.

Whether the rest of the world will want to do it is another matter. A future that presumes the rest of the planet will sink a fifth of its GDP into U.S. Treasuries is no future at all.

Progs always say that we are 5% of the world’s population, but use 25% of the planet’s resources, which, according to them, is a very bad, racist, imperialistic, oppressive, selfish, and mean thing to do.

Evidently, being 5% of the world’s population and expecting the equivalent of the Coolies to build our modern-day railroads, which are known as Obamacare, Social Security, Medicare, free college, subsidised housing, cradle-to-grave welfare, etc., by demanding that the rest of the world spend 19% OF THE GLOBAL GDP EVERY YEAR ON US TREASURIES beginning in 2020 while we sit on our couches eating Twinkies watching American Idol while our solar-panel-generated air conditioners are blasting away because ‘we are so trying to save the planet, man’ is perfectly acceptable.

Resist We Much on August 4, 2014 at 8:37 PM

“It’s unpatriotic!”

Aaaaaaaaaand?

antipc on August 4, 2014 at 8:39 PM

When is the next time we’re likely to see one President accumulate more new debt than all his predecessors combined?

RedPepper on August 4, 2014 at 8:25 PM

The next president (provided there is a next president).

Reason why? Because it isn’t the Executive that controls the purse strings, budgets come from the House of Representatives – and the GOP has demonstrated that they can piss away money just as well as Team Blue.

Blame this on Congress where it belongs.

Mathematically it is impossible for the united States to pay back the debt, discussion about it isn’t just moot, its absurd.

Reuben Hick on August 4, 2014 at 8:49 PM

I have faith our boy President will be able to surmount even this obstacle and will rack up more debt than all other Presidents combined.

It’s nice to have goals.

formwiz on August 4, 2014 at 8:51 PM

He doesn’t care. His entire MO is to provide sugar now and wait for the cavity to appear later when he is not around. He cares not a wit about our future just his. It’s try for foreign policy, fiscal policy, obama care. He puts all the bad stuff down the road when he will not be President. He will be interviewed in the future and say with a straight face “It wasn’t a problem when I was President”. He is worse than a slime ball because he knows all of this – he just don’t care.

warmairfan on August 4, 2014 at 8:52 PM

Kudos to our debtor in chief

cmsinaz on August 4, 2014 at 8:55 PM

Most have no clue..

Sadly, we’re screwed regardless of who we elect..

celt on August 4, 2014 at 8:55 PM

Blame this on Congress where it belongs.

Mathematically it is impossible for the united States to pay back the debt, discussion about it isn’t just moot, its absurd.

Reuben Hick on August 4, 2014 at 8:49 PM

I guess that leaves only default. Can I have my chicken now.

WryTrvllr on August 4, 2014 at 8:55 PM

Given the fact that the ONLY people that even give the slightest SH!T about the debt are Conservatives and the Tea Party, it’s safe to say we’ll be pushing past $20-$22 TRILLION by the end of 2016. WHEEEE!!!!

If we make it that far.

Meople on August 4, 2014 at 8:58 PM

I remember my 1st big political argument with The Wife. It was when Karl Rove was bragging that the national debt was only some percentage of GDP or some nonsense.

I told her that…..that thinking is right out of the progressive’s playbook and if Republicans are yacking such stupid, wait till we get a full blown progressive elected.

Here we are. How many way back when realized that both parties were the same. Not many I suppose.

Now we know. Blame President Obama all you want….he ain’t much different then the Republicans. Difference being, progressives knew all along; not so much those that supported Republicans back then.

HonestLib on August 4, 2014 at 9:13 PM

This is purely criminal.

V7_Sport on August 4, 2014 at 9:18 PM

Insolvency milepost: Debt accumulated under Obama sails past $7 trillion

That’s what happens when you give an irresponsible kid a credit card.

We need to cut up the credit card and require a roll call vote from Congress for each individual expenditure any time the books are in deficit.

landlines on August 4, 2014 at 9:31 PM

Blame President Obama all you want….he ain’t much different then the Republicans. Difference being, progressives knew all along; not so much those that supported Republicans back then.

HonestLib on August 4, 2014 at 9:13 PM

The whole truth and nothing but the truth. So help me God!

Jayrae on August 4, 2014 at 9:34 PM

We need to cut up the credit card and require a roll call vote from Congress for each individual expenditure any time the books are in deficit.

landlines on August 4, 2014 at 9:31 PM

Then they just simply front load the process with all the tough votes and end load it with all the required spending and the super feelgood stuff.
No, the way it needs to be done is to get the balanced budget amendment in place with a cap on government spending at a set and initially decreasing % of GDP.

astonerii on August 4, 2014 at 9:42 PM

Obama needs to give amnesty to those 11 million illegals. Then we can divide the debt by those extra people. Abracadabra – Bush is worse.. Or something.

MistyLane on August 4, 2014 at 9:43 PM

The 7 trillion dollar man. What it amounts to is a shrinking number of middle class workers pay an ever increasing toll to support an ever increasing number of welfare cheats who thank them by calling them “greedy pigs.”

MaiDee on August 4, 2014 at 9:52 PM

The 7 trillion dollar man. What it amounts to is a shrinking number of middle class workers pay an ever increasing toll to support an ever increasing number of welfare cheats who thank them by calling them “greedy pigs.”

MaiDee on August 4, 2014 at 9:52 PM

The top 20% of earners (I’m in the bottom of the group) pay 85% of all income taxes.
Due to the unlimited tax rate on medicare, the rich also outperform on the payroll taxes as a percent of total revenues for the federal government. Here you are looking at the top 20% paying about 43.5% of the payroll taxes. The bottom 40% pay a total of about 14.6% of payroll taxes.
Pretty much in every instance it is not the middle class paying for the living standard of the welfare cheats, but the rich who are footing the bill.
The middle class has it easy. The poor pretty much live on easy street. The rich, well, they have to carry the heaviest burden.

astonerii on August 4, 2014 at 10:16 PM

Yes unpatriotic, and worse. It’s called treasonous.

Yep, because it was intentional. That makes it treason.

This sonofabinch better have a quiet fortress far away to retire to, because when everyone, liberals included, get a full whiff of what he dumped on their heads an army wont keep this jerkoff safe.

Not that I wish him safety. I want him to be standing in the middle of a crowd of liberals when they discover how their country was flushed, with their full, idiotic cooperation.

Diluculo on August 4, 2014 at 10:45 PM

HonestLib on August 4, 2014 at 9:13 PM

As accurate a summation of what went on during the first six years of this decade as possible. The more I read your posts I believe I’m seeing a “Reagan Democrat.” Amirite?

USNCVN on August 4, 2014 at 11:01 PM

Yes unpatriotic, and worse. It’s called treasonous.

Yep, because it was intentional. That makes it treason.

This sonofabinch better have a quiet fortress far away to retire to, because when everyone, liberals included, get a full whiff of what he dumped on their heads an army wont keep this jerkoff safe.

Not that I wish him safety. I want him to be standing in the middle of a crowd of liberals when they discover how their country was flushed, with their full, idiotic cooperation.

Diluculo on August 4, 2014 at 10:45 PM

Secret Service protection for life, on us.

slickwillie2001 on August 4, 2014 at 11:16 PM

Notice that Ned Pepper ain’t touching this thread……

itsspideyman on August 5, 2014 at 1:29 AM

Key West Reader on August 4, 2014 at 8:20 PM

Destabilization underway. Forward.

Kenosha Kid on August 5, 2014 at 2:23 AM

I have an honest question. Where is the money going?

What is driving it up? More employees? Debt servicing? Defense? NSA? Entitlements?

Does anyone actually know what has caused the increase? Are there hard numbers and data available?

mkbruin on August 5, 2014 at 7:24 AM

Where is the money going?

All the usual places. Lining politicians pockets, their families and cronies pockets, and buying votes and support.

Closet Optimist on August 5, 2014 at 7:33 AM

All the usual places. Lining politicians pockets, their families and cronies pockets, and buying votes and support.

Closet Optimist on August 5, 2014 at 7:33 AM

Old people get more than 1/3 of all the federal spending. Then welfare gets about a 1/6 of all the federal spending. Between those two, we account for slightly over 50% of the budget. For a 3.6 trillion dollar budget, 1.940 trillion was spent on wealth transfers to individuals. 54%. Only a small amount of that is legitimate and truly constitutional. That which is sent to retired military and that which is spent on disabled veterans.

astonerii on August 5, 2014 at 8:12 AM

the last budget over which Republicans wielded total control was the FY 2007 blueprint, which featured an annual deficit of “only” $161 billion — not exactly a pittance, but child’s play relative to the shortfalls we’ve grown accustomed to lately.

Exactly.

The last budget by GOP House, GOP Senate & GOP President (passed in 2006 for FY 2007) had a deficit of less than $161 Billion, which represented 1.1% of GDP.

Let’s give the majority of the credit and/or blame for each Fiscal Year to the political party which held the majority (2+ out of 3) of the House, Senate, and Presidency when that FY budget was passed (or NOT passed, in the case of the Harry Reid Senate for FY 2010 to present!).

Average Fiscal Year deficit as % GDP:
——————————————————-
Post-WWII 1947-95: 1.8%
GOP Majorities 1996-2007: 0.8%
DEM Majorities 2008-2014: 6.4%!!

Data Source: http://www.whitehouse.gov/sites/default/files/omb/budget/fy2015/assets/hist01z2.xls

Democrat majorities from FY 2008 to present have been running deficits that are on average EIGHT TIMES LARGER than the average deficits run by Republican majorities for FY 1996-2007.

Also, let’s look the national debt in terms of which party held overall majority control, and not just who held the Presidency.

On September 30, 2007, at the end of FY 2007 (the last FY budget passed by a Republican majority), Here’s what the debt numbers were:

Debt Held by the Public 5,049,305,502,926.48
Intragovernmental Holdings 3,958,347,869,336.00
Total Public Debt Outstanding 9,007,653,372,262.48

Now compare that to July 31, 2014, after six years and 10 months of Democrat majority spending:

Debt Held by the Public 12,651,478,122,995.52
Intragovernmental Holdings 5,035,658,600,415.07
Total Public Debt Outstanding 17,687,136,723,410.59

Data Source: http://www.treasurydirect.gov/NP/debt/search?startMonth=09&startDay=30&startYear=2007&endMonth=07&endDay=31&endYear=2014

Here’s how much those numbers have increased under Democrat majorities starting in FY 2008:

Debt Held by the Public UP 151%
Intragovernmental Holdings UP 27%
Total Public Debt Outstanding UP 96%

After less than 7 years of Democrat majority deficit spending, the Debt Held by the Public is now more than 2.5 times what it was, and the Total Public Debt Outstanding has nearly doubled.

ITguy on August 5, 2014 at 1:08 PM

Republican majorities added $4 Trillion to the total national debt over the course of 12 Fiscal Years (FY 1996-2007)

Democrat majorities added over $8 Trillion to the total national debt over the course of just 6 Fiscal Years (FY 2008-2013).

ITguy on August 5, 2014 at 1:15 PM

Compare the promises and statements made by Democrats in 2006 – 2008, to the reality of what they’ve done in power:

2006:

Over the past decade, the Republican controlled Congress took our nation in the wrong direction. Too many Americans are paying a heavy price for those wrong choices: record costs for energy, health care and education; jobs shipped overseas; and budgets that heap record debt on our children. For millions, the middle-class dream has been replaced by a middle-class squeeze…

Democrats are proposing a New Direction for America…

With integrity, civility and fiscal discipline, our New Direction for America will use commonsense principles to address the aspirations and fulfill the hopes and dreams of all Americans. That is our promise to the American people….

Our federal budget should be a statement of our national values. One of those values is responsibility. Democrats are committed to ending years of irresponsible budget policies that have produced historic deficits. Instead of piling trillions of dollars of debt onto our children and grandchildren, we will restore “Pay As You Go” budget discipline.

Budget discipline has been abandoned by the Bush Administration and its Republican congressional majorities. Congress under Republican control has turned a projected $5.6 trillion 10-year surplus at the end of the Clinton years into a nearly $3 trillion deficit– including the four worst deficits in the history of America. The nation’s debt ceiling has been raised four times in just five years to more than $8.9 trillion. Nearly half of our nation’s record debt is owned by foreign countries including China and Japan. Without a return to fiscal discipline, the foreign countries that make our computers, our clothing and our toys will soon be making our foreign policy. Deficit spending is not just a fiscal problem – it’s a national security issue as well.

Our New Direction is committed to “Pay As You Go” budgeting – no more deficit spending.

2007:

After years of historic deficits, this 110th Congress will commit itself to a higher standard: pay-as-you-go, no new deficit spending. Our new America will provide unlimited opportunity for future generations, not burden them with mountains of debt.

- New Speaker Nancy Pelosi, 01/04/2007

2008:

“The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents – #43 added $4 trillion by his lonesome, so that we now have over $9 trillion of debt that we are going to have to pay back — $30,000 for every man, woman and child. That’s irresponsible. It’s unpatriotic.

- Barack Obama July 3, 2008

In 2006, Democrats complained about Republicans having created the four worst deficits in the history of America. But the reality is that Republicans were responsible for the 3 largest deficits (FY 2003-2005), Democrat House and Senate majorities were responsible for the 4th largest deficit (FY 1992), and thanks to the increased revenues produced by the economic growth following the 2003 Bush Tax Cuts, deficits decreased in FY 2005, 2006, and 2007.

The last budget passed by a Republican House, Republican Senate, and Republican President (passed in 2006 for FY 2007) had a deficit of less than $161 Billion.

The Democrats have held majority control of the budgeting and appropriations process for FY 2008, 2009, 2010, 2011, 2012, 2013, and 2014. In $ amounts, those seven fiscal years have produced the SEVEN worst deficits in the history of America!

The same Democrats who complained of Republicans having created “the four worst deficits in the history of America”, the same Democrats who promised “no more deficit spending”, went on to create the SEVEN worst deficits in the history of America, blowing away previous record deficits by a HUGE margin.

Again,
Republican majorities added $4 Trillion to the total national debt over the course of 12 Fiscal Years
(FY 1996-2007)

Democrat majorities added over $8 Trillion to the total national debt over the course of just 6 Fiscal Years
(FY 2008-2013)

Democrats, after promising “fiscal discipline” and “no more deficit spending”, have done the EXACT OPPOSITE, and have been deficit spending at OVER FOUR TIMES THE RATE of their Republican predecessors.

Democrats made deficit spending and the national debt a campaign issue in 2006 and won both houses of Congress with promises of “fiscal discipline” and “no more deficit spending”.

The Republican “leadership” needs to shine a spotlight on the hypocrisy and lies of the Democrat “leadership”.

It’s not hard to do. Will the Republican “leadership” have the backbone to call out the Democrats’ lies, broken promises, record deficits and over $8.7 TRILLION in NEW debt (nearly doubling the total public debt in just 7 years)?

ITguy on August 5, 2014 at 1:26 PM