Do you remember how democrats and the media used to foam at the mouth about Bush’s spending? Well, those same people sit quiet about Obama’s MUCH more spending or say that he needs to spend more. I actually had an Obama supporter tell me that we need to spend more to get out of the mess we are in because of too much spending.
(CNSNews.com) – During Barack Obama’s first term as president of the United States, the debt of the federal government increased by $5.8 trillion, which exceeds the combined debt accumulated under all presidents from George Washington through Bill Clinton.
The new federal debt accumulated in Obama’s first term equaled approximately $50,521 for each of household in the country.
On Jan. 20, 2009, when Obama was first inaugurated, the total debt of the federal government was $10,626,877,048,913.08, according to the U.S. Treasury. As of the close of business on Jan. 17, the last day reported by the Treasury before Obama’s second inauguration, the total debt of the federal government was $16,432,631,489,854.70.
Thus, from Obama’s first inauguration to his second, the federal government’s debt grew by $5,805,754,440,941.62.
Given that the Census Bureau currently estimates that there are 114,916,000 households in the United States, the $5,805,754,440,941.62 debt increase under Obama equals about $50,521 per household.
When George W. Bush was first inaugurated on Jan. 20, 2001, the total debt of the federal government was $5,727,776,738,304.64. Thus, the total accumulated debt of the federal government was less on the day George W. Bush was inaugurated than the $5,805,754,440,941.62 in additional debt Obama accumulated during his first term.
When Bush left office on Jan. 20, 2009, the total debt of the federal government was $10,626,877,048,913.08. Thus, in George W. Bush’s two terms the total debt of the federal government increased $4,899,100,310,608.44—or by less than the $5,805,754,440,941.62 the debt increased in Obama’s first term alone. READ MORE