Barack Obama’s presidential campaign slogans included “Hope” (2008) and “Forward” (2012). Moving forward, it appears the outgoing 44th President of the United States has achieved his goal before leaving the White House on Jan 20, 2017 – kind of. He has added US$8 trillion (£6.5 trillion; RM35.9 trillion) to the U.S. national debt in just 8 years of his presidency.
When Obama took office on January 20, 2009, the debt was US$10,626,877,048,913.08 (that’s US$10.626 trillion). As of December 23, 2016, the debt has ballooned to a staggering US$19,887,188,017,177.11 (that’s US$19.887 trillion). Essentially, he has successfully accumulated US$9.26 trillion to the country’s national debt, with less than a month to go.
However, the fiscal budget year in Washington D.C. starts on October 1 and ends on September 30. Therefore, the debt accrued by Obama’s predecessor – President George W. Bush – was a cool US$11.909 trillion by the end of his presidency budget on September 30, 2009, although Bush officially left on January 20, 2009.
Obama’s 8 years budget would have cost Americans additional US$7.918 trillion to the debt. That’s roughly US$1 trillion burnt by Barack Hussein Obama every year in office. Obviously, the new US$8 trillion of national debt will be paid by American taxpayers. On average each American will share the US$25,000 national debt based on 320-million populations.
Percentage-wise, Obama has added 68% of national debt since he took office. His predecessor, George W. Bush increased it by 105% in 2-terms (2001 – 2009), primarily due to war in Afghanistan and Iraq. But Bush added only US$6.103 trillion in national debt. Bill Clinton increased the national debt by merely 36.7% during his 2-terms from 1993 to 2001.
Amusingly, Obama had criticized President Bush’s deficit spending, calling it “irresponsible” and “unpatriotic”, while running for his presidency in 2008. Now, Obama has not only spent 31% more than the “irresponsible” Bush, but he has also burnt 38% more in national debt than the country’s first 42 presidents combined.
In other words, the first 43 presidents, including the “irresponsible” and “unpatriotic” Bush, had accumulated a combined US$11.909 trillion national debt, only to skyrocket by 67% by Obama to US$19.887 trillion. With 10 more months to go before the fiscal budget ends on September 30, it could easily breach the US$20 trillion mark.
If calculated based on presidential term which starts and ends on January 20th, Barack Hussein Obama has almost doubled the national debt – US$19.887 trillion as of December 23, 2016 as compared to US$10.626 trillion on January 20, 2009 during his inauguration day. But there’s something else which is quite puzzling.
During Bush administration, his “War on Terror” had cost America US$921 billion, thanks to Iraq War and Afghanistan War where U.S. troops were flown there. After Obama took over, he dropped the phrase “War on Terror”, befriended the Arab world and rubbed shoulders with every Muslim leader and was even awarded the Nobel Peace Prize for pulling troops out of Iraq in 2010.
Still, the Muslim apologist Obama’s spending on OCO (Overseas Contingency Operations) is US$857 billion since financial year 2010. That’s nearly as much as Bush’s expenditure. What this means is Obama’s policy of being kind to terrorists so much so that he refuses to use the three magic words – radical Islamic terrorist – is proven to be not working!!
Under Obama administration, the cost for Social Security, Medicare, and other mandated programs has increased substantially. His Obamacare has been drilling a huge hole of national debt. Such benefits have exceeded US$2 trillion a year since financial year 2011. Of course, there was the US$787 billion economic stimulus package to bail out “too big to fail” irresponsible banks.
– Finance Twitter