In the first 19 months of the Obama administration, the federal debt held by the public increased by $2.5260 trillion, which is more than the cumulative total of the national debt held by the public that was amassed by all U.S. presidents from George Washington through Ronald Reagan.
The U.S. Treasury Department divides the federal debt into two categories. One is “debt held by the public,” which includes U.S. government securities owned by individuals, corporations, state or local governments, foreign governments and other entities outside the federal government itself. The other is “intragovernmental” debt, which includes I.O.U.s the federal government gives to itself when, for example, the Treasury borrows money out of the Social Security “trust fund” to pay for expenses other than Social Security.
At the end of fiscal year 1989, which ended eight months after President Reagan left office, the total federal debt held by the public was $2.1907 trillion, according to the Congressional Budget Office. That means all U.S. presidents from George Washington through Ronald Reagan had accumulated only that much publicly held debt on behalf of American taxpayers. That is $335.3 billion less than the $2.5260 trillion that was added to the federal debt held by the public just between Jan. 20, 2009, when President Obama was inaugurated, and Aug. 20, 2010, the 19-month anniversary of Obama’s inauguration.
Read More: By Terence P. Jeffrey, CNS News
Please share this post with your friends and comment below. If you haven’t already, take a moment to sign up for our free newsletter above and friend us on Twitter and Facebook to get real time updates.
Follow @WestJournalism
Loading ...
This Socialist never had a dime of his own, but he can spend our Money like a drunken sailor !!
This Communist never had a dime of his own, but he learned fast how to spend other people's money!
Hot Cougar, I pray every day for the mid term elections. GOD help us if the conservatives do not take both houses of congress.
Carol, Trust me! Your prayers will be answered. More than you could ever imagine!
If we are to SURVIVE as a free nation, this administration; particularly it's leadership and all Democrats and incumbents everywhere in the country need to be given their walking papers on November 2nd. We must also work prior to the election to insure insofar as we may that the Lame Duck Congress is prevented from passing ANY further legislation detrimental to our civil liberties and our national finances. We are already in trouble enough and this CANNOT be blamed on the Republican Party or George Bush. Even former ardent Obama supporters who were not Socialist to begin with have seen the light and rue the day they voted their rights away.Impeachment and trial for treason to follow for CAUSE, in accordance with the Constitution and rule of LAW!
Social security will never get the iou's paid back. They have no right to take the money from
social security for their damn pet projects. Most of it is absolutely stupid.
Not stupid, Dee. just criminal. This was built into the system from the beginning but the nation closed their eyes to truth and just grumbled from time to time. When Social Security was accumulating all that cash that became IOUs what were they supposed to do with the money. When it was being launched it was supposed to earn something like one per cent interest and how are you going to earn interest? There was never much said about how those funds were invested but these IOUs suggest the government loaned the money to itself in order to spend it without congressional approval. I don't remember all those details but I am old enough to remember the start of Social Security and as far as *I can determine it did exactly what it was designed to do, not what it said it was supposed to do. There is considerable information in the Congressional record — And while your at it research what the congressional record has to say about the Old Age Assistance that launched our state sales taxes about 1935. If you have access to news reports published at that time you will find there was considerable resistance but it was pushed through just the same, a la Reid and Pelosi. This history is not going to run you down and demand you hear it our but you will have to search diligently to find it.
What would you expect from the Anti-Messiah(Marxist by definition) at the end of man's age(6,000 years)? Did I mention a forbidden foreigner(non-Israelite) too(Gen. 48:16)? Yes, it is that time isn't it? America is from the seed of Joseph too. Watch! Interesting is that Revelations Two-Witnesses, called Jacob's trouble, have yet to appear, and they are not Beck and the Judge, although they do have it right!
Why did you leave 2001 to 2008 out?
The deficit went fromabout $5.7 to $10.7 Trillion.
Are we being a trifle disingenuous here?
Nobody spent money like Bush and DeLay.
Curious Economist/James McPherson
Have you not heard of Obama?
I suggest that you to return to school & graduate this time.
Now you're accusing me of being yet another person? Despite the fact that you've never been able to say why–even if it were possible–one of the few people who uses his own name here would bother to use others? All while you're afraid to use your own, of course. Funny.
Jimmy Boy every one is onto you on this site so just cut the B/S fake!
I'm one of very few here who uses his own name. You are one of many "fakes" who is afraid to do so.
Jimmy go & try this game you are playing somewhere else! Possibly us say Cuba? That is if Fidel Castro would even want you?
Can you explain your response Hot Cougar… Obama added 2.5 Trillion and Bush added 4.5 Trillion… so, Bush is still winning the race, right?
"Can you explain your response … "
Nice try, but you'll find that s/he can explain almost nothing.
JAMES!
Nice try with the Vlad character but as usual i kicked your butt on the facts!
Vlad / Lol! Whoever you are? Most likely another James McPherson Creation!
No! Good try but your game will not fly!
You have to compare Apples to Apples!
Figures have been rounded!
Bush added 4.899 trillion over 48 months with conflicts for the majority of that time in Iraq & Afganistan. Therefore he added .102 trillion/102 billion as a monthly average.
Obama has added 2.820 trillion to date over 20 months with conflicts in Iraq & Afganistan.
Therefore he is adding .141 trillion/141 billion as a monthly average.
Thus Obama is out spending Bush by .39 trillion/39 billion per month.
So if you are going by who is outspending who on a monthly average then Obama is definitely spending alot more of our tax dollars!
Why did you stop at Reagan… Did you forget that GW Bush added 4.3 Trillion to the National Debt.. so Obama still has along way to go to catch up to Bush. Here's my source,
http://en.wikipedia.org/wiki/National_debt_by_U.S…
Vlad! James McPherson want a be!
This post is total B.S. & you know it!
I suggest that you read my response above!
Obama is outspending Bush Monthly by a average of $39 Billion Dollars!
My source Treasury Direct! http://www.treasurydirect.gov