Mr. Obama will also leave behind a difficult economic climate in which to start a business. According to a recent Brookings Institutionstudy, every year of his presidency more American businesses have died—closed, merged or gone bankrupt—than have been created.
The national debt has risen to 74.1% today from 40.8% the month he took office. This is the largest increase in a six-year period since World War II. The Congressional Budget Office says that within 25 years the public debt will exceed 100% of GDP unless Washington changes its policies.
The ballooning debt reflects the administration’s—and the Democratic Party’s—deficit spending. Mr. Obama compliments himself on reducing the deficit to 2.8% of GDP in fiscal year 2014, down from 8.7%, 8.5%, 6.8%, and 4.1% in the proceeding fiscal years. But 2.8% only matches the average deficit for the last 50 years, and the decline is attributable in large part to Republicans’ controlling the House since the 2010 midterms and slowing spending.