Obama Added More to National Debt in First 19 Months
 

http://cnsnews.com/news/article/72404

(CNSNews.com) - 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.

By contrast, President Reagan was sworn into office on Jan. 20, 1981 and left office eight years later on Jan. 20, 1989. At the end of fiscal 1980, four months before Reagan was inaugurated, the federal debt held by the public was $711.9 billion, according to CBO. At the end of fiscal 1989, eight months after Reagan left office, the federal debt held by the public was $2.1907 trillion. That means that in the nine-fiscal-year period of 1980-89--which included all of Reagan?s eight years in office--the federal debt held by the public increased $1.4788 trillion. That is in excess of a trillion dollars less than the $2.5260 increase in the debt held by the public during Obama?s first 19 months.

When President Barack Obama took the oath of office on Jan. 20, 2009, the total federal debt held by the public stood at 6.3073 trillion, according to the Bureau of the Public Debt, a division of the U.S. Treasury Department. As of Aug. 20, 2010, after the first nineteen months of President Obama?s 48-month term, the total federal debt held by the public had grown to a total of $8.8333 trillion, an increase of $2.5260 trillion.

In just the last four months (May through August), according to the CBO, the Obama administration has run cumulative deficits of $464 billion, more than the $458 billion deficit the Bush administration ran through the entirety of fiscal 2008.

The CBO predicted this week that the annual budget deficit for fiscal 2010, which ends on the last day of this month, will exceed $1.3 trillion.

The first two fiscal years in which Obama has served will see the two biggest federal deficits as a percentage of Gross Domestic Product since the end of World War II.

?CBO currently estimates that the deficit for 2010 will be about $70 billion below last year?s total but will still exceed $1.3 trillion,? said the CBO?s monthly budget review for September, which was released yesterday. ?Relative to the size of the economy, this year?s deficit is expected to be the second-largest shortfall in the past 65 years: At 9.1 percent of gross domestic product (GDP), that deficit will be exceeded only by last year?s deficit of 9.9 percent of GDP.?

You supposed to end negative article about Obama by saying "well, under republicans it would have been worse" or "republicans make this mess for Obama". Obama only responsible for hope and change, not for any problems or didn't you get that message?

The business keeps continuing even with huge debts, as long as the cash flows are there. The cash flow is the most important thing. It's comparable to a person who gets a huge mortgage debt. It is possible that a huge business operates on a loss instead of a profit. If you take a look at the financial statements of big public companies, you can see that some of these companies suffer losses on the income statement for several years in a row.

So, it is possible that the survival plan of company depends on getting approved for a loan and paying interest.

Heck if we're going to go back in history we should look at George W. Bush. A person that took office in 2001 when the national debt was $5.73 trillion and when he left in 2009, the debt had increased to $10.63 trillion. That's a $4.9 trillion dollar increase or 85%. This is overall debt, the chart doesn't go back that far on public.

Numbers can be checked here: http://www.treasurydirect.gov/NP/BPD...application=np

Jan 29, 2009 national debt was at: 10,626,297,420,130.85 when Obama took office, today it's at 13,435,355,520,330.43 for a 2.8 trillion dollar increase.

Dang 2.8 billion... Well, the Troubled Asset Relief Program in 2008, Citygroup and BoA bailouts under Bush which went on the 2009 debt was 1.1 trillion.

So Obama is down to 1.7 trillion. This includes the real costs of war without putting the money through emergency spending measures (ie: false increase), a pre-set but not spent 800 billion stimulus and then the already almost 1 trillion a year it costs to run this Country.

It's one thing to show the numbers... it's another to explain them.

haha what a complete dipshit he actually thinks "CNS News" is real news.

wake the FUCK UP - De-Program

Yup..Waiting for the moronic liberals to deflect from the topic and blame Bush/Republicans/Conservatives/Religion. :1orglaugh:1orglaugh

LOL .. Reagan ... how much did you pay a gallon of gas in those years ?


Anybody doing such a comparaison without adjusting for cost of living/value of dollar has a serious problem ... or a specific agenda ....

how much cost a tea bag under Reagan ?

I love articles like that which compare apples to grapes.

I don't see the point of doing that because that would only make your point even less valid and since we don't want to see you lying to yourself, we're going to keep things simple and hope your head doesn't explode. :1orglaugh

[By] contrast, President Reagan was sworn into office on Jan. 20, 1981 and left office eight years later on Jan. 20, 1989. At the end of fiscal 1980, four months before Reagan was inaugurated, the federal debt held by the public was $711.9 billion, according to CBO. At the end of fiscal 1989, eight months after Reagan left office, the federal debt held by the public was $2.1907 trillion. That means that in the nine-fiscal-year period of 1980-89--which included all of Reagan’s eight years in office--the federal debt held by the public increased $1.4788 trillion. That is in excess of a trillion dollars less than the $2.5260 increase in the debt held by the public during Obama’s first 19 months. ...

Between 1981 and 2010 there has been 139.8% Inflation — adjusted for inflation that $1.4788 trillion is now $3.55 trillion. This recession is said to be worse than the 1981 -1983 one.

Inflation Calculator

Let's cut taxes some more and stop the funding of this make work spending ...

Not to mention Reagan created more than 15 million jobs and reved up the necessary spending during the peak of the Cold War.

CNS news?! CNS??

lmfao.. i just spit my drink out when I saw that!

Too funny! thanks for sharing!!

next time post something more solid, like CBN (fairy tale news), or at least something from Faux News...



LOL

I liked Ronald.. he was cool.. but we should bring Clinton back.. lol. he handled the deficit with class.. who cares about BJ's and stains on dresses really?

TheDoc showed up and took care of all that as usual.

More like 22.5 million jobs :thumbsup

And when Reagan was in office he ran up more debt that every Pres from Washington to Carter. So if you adjust for inflation Reagan ran up more debt. Of the interest we are paying on the debt how much of that is interest and interest on top of interest that Reagan ran up that we are still paying for?

Yes he created a lot of minimum wage jobs. Which by the way he never raised ONCE in his 8 years.

STFU already you're not even old enough to remember Reagan being President.

Yep it was a total deflect, bounced right off, I twisted things and took them a totally new direction. Boy, you're a brilliant one.

15 million low paying jobs that didn't last and were funded by the Gov helping create one of the worst debts by any single President in American history, 'he' actually spent more. And with that, the worst ridiculous tax cuts in history that the next Republican had to remove to keep our nation going.

He's the President that broke the camels back and started the fall of the greatest nation on earth, his great economic policies completely failed.

Looks like we will be saying this again!

Shovel Ready!

The deflections and made up bullshit is hilarious, keep them up! Lol@adjusting for inflation. GatorB, you are a moron. TheDoc, those jobs that Reagan created were actual jobs that stuck, not the retarded nonsense Obama is doing with the Census Bureau. Reagan's deficit came from increasing defense spending during the height and towards the end of the Cold War. Obama's deficit spending has no benefits to anything, nor does his census job creation. Reagan is one of the greatest presidents we've ever had while Obama goes in the same category with Bush.