Want a quick and easy way of assessing just how much of a net loss Obama 1.0 has been for working Americans? $50,521
And that’s just in terms of the national debt he added. We’re not counting the lost jobs, the higher prices, the economic devastation and the loss of savings due to inflation combined with low interest rates.
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.
But I’m sure we’ll be paying that off any day. As soon as our economy begins growing as fast as China’s.