National Debt Up More Than $6 Trillion Under Obama

[Nova78]

National Debt Up More Than $6 Trillion Under Obama

The national debt has increased by more than $6 trillion since President Barack Obama took office, marking the largest increase under any president in history.

The Treasury Department's Bureau of Public Debt on Friday published its daily debt report, showing the government's total debt topped $16.687 trillion, CBS News reports. On Jan. 20, 2009, when Obama took office, the debt was $10.626 trillion.

Less than two months into President Obama's second term, new numbers show the national debt increased by more than $6 trillion since he took office. The Office of Management and Budget projects the national debt will continue to increase by more than $800 billion this year alone.


No way out ,no end in sight ,out of control -

 

[waltky]

M' Granny says dat's a lotta debt...

National Debt Stacked in Dollar Bills Would Stretch from Earth to Moon Five Times
July 26, 2013 - The U.S. national debt would reach 1.1 million miles into space if stacked in one dollar bills.

According to the latest available data from the U.S. Treasury, the total public debt outstanding is $16,738,105,803,858.21. A dollar bill is .0043 inches in thickness.

$16,738,105,803,858.21 multiplied by .0043 equals 71,973,854,956.59 inches. 71,973,854,956.59 divided by 12 is 5,997,821,246.38 feet. A mile is 5,280 feet in length.

Thus, the national debt would stretch 1,135,951 miles into the air. To give this length more perspective, the national debt could circle the Earth at the Equator 45.6 times. It would also stretch nearly five times the distance of the Moon from the Earth (238,855 miles).

- See more at: National Debt Stacked in Dollar Bills Would Stretch from Earth to Moon Five Times | CNS News

See also:

Even Before Memorial Defacement, Nat'l Park Service Was $11.5B Short for Maintenance
July 26, 2013 -- The defacement of the Lincoln Memorial, splashed with green paint overnight, comes at a difficult time for the National Park Service, which says it is running way short of money for maintenance projects.

In testimony before the Senate Energy and Natural Resources Committee on Wednesday, the director of the National Park Service said at the end of fiscal 2012, the National Park Service faced an $11.5-billion backlog of deferred maintenance projects. "This amount grows annually at a far greater rate than the Service is able to pay down," Jonathan Jarvis said. Just to hold the backlog at $11.5 billion would require the NPS to spend nearly $700 million a year on deferred maintenance projects, he said. "To place this figure in perspective, the annual operating budget of the entire National Park Service in Fiscal Year 2012 was $2.2 billion."

The park service says it needs more money, not only to repair or maintain existing facilities and roads (half the maintenance backlog is roads and bridges), but also for visitor education and safety, resource protection and wildlife management. "Congress charged the National Park Service with protecting these special places in perpetuity, and it is the fundamental responsibility of Congress to provide annual appropriations commensurate with the responsibilities it has given us to manage these special places," Jarvis said in his written statement to the committee. "We have embraced a number of opportunities to supplement funding through entrance fees, concession-generated franchise fees, and new models of public-private land management. However annual appropriations remain far and away the heart of our operation and are the primary solution for addressing our maintenance backlog."

The National Park Service has endured successive years of reduced appropriations, Jarvis said, noting that in fiscal 2012, it had $444 million available to spend on deferred maintenance projects, far less than the $700 million needed to keep the deferred maintenance backlog from growing. "Resolving the backlog is the fundamental responsibility of the Federal government,” he said. The Senate panel convened Thursday's oversight hearing to consider supplemental funding options. And while the park service is heartily in favor of supplemental funding, Jarvis warned that the potential to raise additional funds “should not be viewed as a way to supplant federal funding.” “Appropriated dollars should continue to serve as the primary means of addressing the deferred maintenance backlog,” he told the panel.

Centennial seen as fund-raising opportunity

 

[rdean]

Republicans complain that I "upset" their sensitive selves. And here they go posting the same old discredited bullshit. At least what I post is "real" backed up by "facts".

 

[jasonnfree]

National Debt Up More Than $6 Trillion Under Obama

The national debt has increased by more than $6 trillion since President Barack Obama took office, marking the largest increase under any president in history.

The Treasury Department's Bureau of Public Debt on Friday published its daily debt report, showing the government's total debt topped $16.687 trillion, CBS News reports. On Jan. 20, 2009, when Obama took office, the debt was $10.626 trillion.

Less than two months into President Obama's second term, new numbers show the national debt increased by more than $6 trillion since he took office. The Office of Management and Budget projects the national debt will continue to increase by more than $800 billion this year alone.


No way out ,no end in sight ,out of control -[/QUOTE

Since obama took office. Sounds like Obama spent the money. What did he spend it on?
Doesn't congress hold the purse strings anyway?

 

[rdean]

National Debt Up More Than $6 Trillion Under Obama

The national debt has increased by more than $6 trillion since President Barack Obama took office, marking the largest increase under any president in history.

The Treasury Department's Bureau of Public Debt on Friday published its daily debt report, showing the government's total debt topped $16.687 trillion, CBS News reports. On Jan. 20, 2009, when Obama took office, the debt was $10.626 trillion.

Less than two months into President Obama's second term, new numbers show the national debt increased by more than $6 trillion since he took office. The Office of Management and Budget projects the national debt will continue to increase by more than $800 billion this year alone.


No way out ,no end in sight ,out of control -[/QUOTE

Since obama took office. Sounds like Obama spent the money. What did he spend it on?
Doesn't congress hold the purse strings anyway?

What did he spend it on?

Good question. What did he spend it on? From the article you linked to:

primarily as a result of two wars, two massive tax cuts, and an unprecedented financial crisis, (which) will have to be paid down

Remember how Republicans literally SCREAMED over reconciliation being used by Democrats for health care? Not a peep when they used it THREE TIMES for that infamous "drugs for votes" bill and twice for the Bush Tax cuts. At least health care does something good. It's likely that companies that benefited from the Bush Tax cuts used that money to move jobs to China.

And one of the very worst things Republicans did, besides Iraq, after Katrina, the drugs for votes bill, filling the Dept of Justice with Christian college graduates, getting rid of dozens of government scientists, bringing down the economy and letting Bin Laden go? It's sticking Obama with all their bills and then blaming those bills on him.

And the worst bill of all is one never discussed. It's bad enough that thousands of Americans died in Iraq. But there is cost of tens of thousands of very young Americans that this country will have to take care of for many decades. With modern medicine, it's not unusual for severe injuries to cost a million dollars or more over 20 years. Multiply that by, oh, say, 35,000. What do you get?

Then there is the depleted military. The millions of jobs moved to China from 2001 to 2008. And Democrats could do nothing for years. Republicans used "reconciliation".

And all that Obama was left with. And Republicans blame it on Obama and block him from fixing anything.

Remember, they even apologized to BP and blocked Obama from investigation.

Republicans Block BP Oil Spill Investigation

 

[rdean]

National Debt Up More Than $6 Trillion Under Obama

The national debt has increased by more than $6 trillion since President Barack Obama took office, marking the largest increase under any president in history.

The Treasury Department's Bureau of Public Debt on Friday published its daily debt report, showing the government's total debt topped $16.687 trillion, CBS News reports. On Jan. 20, 2009, when Obama took office, the debt was $10.626 trillion.

Less than two months into President Obama's second term, new numbers show the national debt increased by more than $6 trillion since he took office. The Office of Management and Budget projects the national debt will continue to increase by more than $800 billion this year alone.


No way out ,no end in sight ,out of control -[/QUOTE

Since obama took office. Sounds like Obama spent the money. What did he spend it on?
Doesn't congress hold the purse strings anyway?

What did he spend it on?

Good question. What did he spend it on? From the article you linked to:

primarily as a result of two wars, two massive tax cuts, and an unprecedented financial crisis, (which) will have to be paid down

Remember how Republicans literally SCREAMED over reconciliation being used by Democrats for health care? Not a peep when they used it THREE TIMES for that infamous "drugs for votes" bill and twice for the Bush Tax cuts. At least health care does something good. It's likely that companies that benefited from the Bush Tax cuts used that money to move jobs to China.

And one of the very worst things Republicans did, besides Iraq, after Katrina, the drugs for votes bill, filling the Dept of Justice with Christian college graduates, getting rid of dozens of government scientists, bringing down the economy and letting Bin Laden go? It's sticking Obama with all their bills and then blaming those bills on him.

And the worst bill of all is one never discussed. It's bad enough that thousands of Americans died in Iraq. But there is cost of tens of thousands of very young Americans that this country will have to take care of for many decades. With modern medicine, it's not unusual for severe injuries to cost a million dollars or more over 20 years. Multiply that by, oh, say, 35,000. What do you get?

Then there is the depleted military. The millions of jobs moved to China from 2001 to 2008. And Democrats could do nothing for years. Republicans used "reconciliation".

And all that Obama was left with. And Republicans blame it on Obama and block him from fixing anything.

Remember, they even apologized to BP and blocked Obama from investigation.

Republicans Block BP Oil Spill Investigation

And right wingers say I can't prove anything. I ask them what proof do they need and they run like dogs.

 

[Auteur]

Two point here:

1) Obama's spending is a result of the previous administrations complete disregard of economic responsibility.

Infographic: U.S. National Debt | The White House

2) Government debt is not like household debt. A government will never go broke if it controls its own currency. Money can, and often is "printed". This is nothing startling. Money is created and destroyed every second of the day in a large, modern economy. The fractional reserve system means banks "create" money whenever they provide a loan. The amount of money in an economy is always in flux, and is not some fixed amount of coins or bills laying in a vault somewhere. What is important is to have people doing things that create real value in society (ie: near full employment in worthwhile sectors of the economy), rather than having idleness, or the fiddling and diddling of those on Wall Street, perhaps something even worse.

Why the U.S. Government Never, Ever Has to Pay Back All Its Debt - Matthew O'Brien - The Atlantic

 

[Rozman]

Will this ever be Obama's presidency?
The day Obama is walking out the door will
the Libs still be defending him saying it's all Bush's fault?

 

[OnePercenter]

Will this ever be Obama's presidency?
The day Obama is walking out the door will
the Libs still be defending him saying it's all Bush's fault?

It is Obama's Presidency. It is Bushes fault. Fixing mistakes that you made by voting Republican, or worse, throwing your vote away by not voting for a (R) or (D) in a national election. It will take a long-long time to fix the fucking that Republicans have done to the middle-class.

 

[OnePercenter]

Two point here:

1) Obama's spending is a result of the previous administrations complete disregard of economic responsibility.

Infographic: U.S. National Debt | The White House

2) Government debt is not like household debt. A government will never go broke if it controls its own currency. Money can, and often is "printed". This is nothing startling. Money is created and destroyed every second of the day in a large, modern economy. The fractional reserve system means banks "create" money whenever they provide a loan. The amount of money in an economy is always in flux, and is not some fixed amount of coins or bills laying in a vault somewhere. What is important is to have people doing things that create real value in society (ie: near full employment in worthwhile sectors of the economy), rather than having idleness, or the fiddling and diddling of those on Wall Street, perhaps something even worse.

Why the U.S. Government Never, Ever Has to Pay Back All Its Debt - Matthew O'Brien - The Atlantic

All while corporate America is sitting on hundreds of trillions in cash.

 

[justme335]

The national debt has increased by more than $6 trillion since President Barack Obama took office, marking the largest increase under any president in history.

The Treasury Department's Bureau of Public Debt on Friday published its daily debt report, showing the government's total debt topped $16.687 trillion, CBS News reports. On Jan. 20, 2009, when Obama took office, the debt was $10.626 trillion.

Less than two months into President Obama's second term, new numbers show the national debt increased by more than $6 trillion since he took office. The Office of Management and Budget projects the national debt will continue to increase by more than $800 billion this year alone.


No way out ,no end in sight ,out of control -

This is true. Yet, you should always remember that the mess created by Bush has its long term effect. Economies are built over years of hard work. In 2009, Obama became the captain of a sinking ship, it actually takes time to repair the damages caused by the wise administration of Bush.

The public debt as % of the GDP is:

2008 37.5%
2009 54.1%
2010 62.9%
2011 67.8%
2012 73.6%

GDP in Trillion dollars
2008 14.64
2009 14.25
2010 15.32
2011 15.60
2012 15.94

Public Debt in Trillion dollars
2008 5.49
2009 7.70925
2010 9.63628
2011 10.5768
2012 11.73184

 

[sealybobo]

Republicans complain that I "upset" their sensitive selves. And here they go posting the same old discredited bullshit. At least what I post is "real" backed up by "facts".

Notice today they aren't so worried about the debt?

 

[deanrd]

National Debt Up More Than $6 Trillion Under Obama

The national debt has increased by more than $6 trillion since President Barack Obama took office, marking the largest increase under any president in history.

The Treasury Department's Bureau of Public Debt on Friday published its daily debt report, showing the government's total debt topped $16.687 trillion, CBS News reports. On Jan. 20, 2009, when Obama took office, the debt was $10.626 trillion.

Less than two months into President Obama's second term, new numbers show the national debt increased by more than $6 trillion since he took office. The Office of Management and Budget projects the national debt will continue to increase by more than $800 billion this year alone.


No way out ,no end in sight ,out of control -

Trump said again and again that the Middle East cost 7 trillion. Thanks Bush, thanks GOP. Can't blame that on Obama.

Trump just said again and again that we spent 7 TRILLION in the Middle East!

 

[deanrd]

Will this ever be Obama's presidency?
The day Obama is walking out the door will
the Libs still be defending him saying it's all Bush's fault?

Who gave us Iraq?

Who gave us millions of jobs moving overseas from 2001 to 2009?

Who gave us the 7 trillion lost in the Middle East?

Who gave us the Bush Tax cuts?

Why was Obama blackmailed?
Unemployment benefits: not until Bush tax cuts pass, Senate GOP says

Why were we losing 750,000 jobs a month before Obama was elected?

Facts are a difficult thing to face.