It’s official, Obama has accumulated more in deficits than all other Presidents in U.S. history combined!
Although Obama is quick to point out that he has trimmed down the $1.4 trillion budget gap Bush left him – the 2014 projection shortfall is $506 billion and the 2015 number is $469 billion – when you look at his socialist programs, like Obamacare, that are coming online, that improvement will be lost after only one year.
The Congressional Budget Office expects the 2016 gap to grow by 18.6% to $556 billion and will it double the 2015 figure by 2022.
Currently the US the government has over $18 Trillion in US Debt. This is the result of years of overspending. Of the $18 Trillion in US Debt, $13 Trillion is debt owed to the public but $5 Trillion is debt the government owes to other government agencies, like Social Security, where the government borrowed from these agencies when it needed money. 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.
Per www.whitehouse.gov, the accumulative total for all US Deficits combined was $11.6 Trillion through the end of 2014 (see Table 1.1—SUMMARY OF RECEIPTS, OUTLAYS, AND SURPLUSES OR DEFICITS (–):
1789–2020). This $11.6 Trillion along with accumulated interest payables are what account for the $13 Trillion in US debt outstanding.
A closer look at the deficits recorded at www.whitehouse.gov shows that the Obama Administration has accumulated more in deficits in six years than all prior years combined!
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.
The GW Bush Administration racked up $2.0 Trillion in deficits in the 8 years it 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. 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.
There are people that say the Obama Administration is not to blame. Proponents of the current administration argue 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 nonsense since it was passed after Obama was sworn in and Bush was long gone.
Alternatively, most of the TARP funds created in 2008 to ‘stabilize’ the economy and loaned by the Federal government to banks, auto companies and government entities FNMA and Freddie Mac were repaid by these entities in years after 2008 when the first loans were made. The bailout money loaned was $614 Billion and the government receipts to date from these loans are $667 Billion. The Obama administration has benefited from the payoff of these one-off loans since 2009, and would have reported even higher deficit spending over the past six years without these inflows.
Without a doubt and as clearly shown on its own White House website, Obama is king and world record holder of US deficits.
No I don’t. But I don’t think he’s the antichrist like most of the troglodytes on the feed. He numbers don’t lie. He’s doing a decent job considering the amount of obstruction he’s faced!
And of course I don’t think he should or could run for a 3rd term. But none of the republican nominations are going to beat Hillary.
Yea agenda 21…
Sorry it’s actually 1/2… What else is false about the numbers gentlemen?
What a worthless s$#%&!@*bag.
It’s Bush’s fault
This proves that his marxist/socialist way of giving money away doesn’t work, we need to stop the bleeding by first getting him and his lackeys out of office, shut down the EPA, give that control to each state, shut down all the free give away programs for everyone, no give a ways to counties other the Israel. Shut down obamacare and come up with a plan that pays for itself. Then pay off the federal debt and make it a law that the government can only spend what it takes in, you have to live on what you make so should the government.
If Boehner our peaker of the hous was worth a Damn this would not happen.
So let’s double down on the debt.Obama owns it and he never had plans for a balanced budget.We can’t go down the bankrupt road.Our kids and there kids will be saddled with m$#%&!@*ive debt.
Not another Obama clone he is the one who is destroying the middle cl$#%&!@*.Since he’s been president the wages of the middle cl$#%&!@* are down by thousands per year.