Jeff Segor's Web Links - Economics

National Debt

URL Description
17 Trillion Reasons America Needs a Math Lesson
Ayotte Counts the Amount of Debt Accrued by Presidents Bush, Obama

Under President George W. Bush, "we added $4.9 trillion to the debt. Under President Obama … we’ve added $6.5 trillion to the debt." - Kelly Ayotte

Economic Downturn & Legacy of Bush Policies Continue to Drive Large Deficits
GAO Report: ObamaCare adds $6.2 Trillion to Long-Term Deficit
Has National Debt Increased More Under Obama Than Bush?
Is Obama resposible for a $5 Trillion increase in the Debt?
National Debt Bigger than Our Economy?

Debt can be broken into two parts:

  • Held by public: $11.9 Trillion
  • Intragovernmental holdings $4.8 Trillion

GDP as of the writing of article: $15.8 Trillion

National Debt up $6 Trillion since Obama Took Office

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.

It's the largest increase to date under any U.S. president. During the eight-year presidency of George W. Bush, the debt soared by $4.9 trillion.

Without fanfare, the Bureau of Public Debt at the Treasury Department quietly posted its daily debt report showing the total public debt of the U.S. government topped $16.687 trillion. (To be exact: $16,687,289,180,215.37)

On January 20, 2009, the day Mr. Obama took office, the debt stood at $10.626 trillion. The latest posting reflects an increase of over $6 trillion.

Obama has added more to national debt than the previous 43 presidents...

Rated mostly false by PolitiFact.com.

A chain e-mail circulating in New Jersey claims that Obama has "added" $6.5 trillion to the national debt, while his 43 predecessors added $6.3 trillion combined.

But the chain e-mail is wrong to suggest the additional debt during Obama’s tenure already has exceeded the level of his predecessors. In terms of both debt held by the public and total debt, the Obama administration has added less debt than the amounts in place when he took office.

Still, the national debt is projected to keep increasing. The amount of added debt held by the public may exceed Obama’s predecessors by October 2013, according to White House projections.

Obama's National Debt Rate on Track to Double

President Obama likes to say that raising the nation’s borrowing limit “won’t add a dime” to the federal debt, but he neglects to mention that the government already has borrowed the equivalent of more than 60 trillion dimes since he took office.

Tax Cuts, Wars Account for Nearly Half of Public Debt by 2019

Any rational proposal to address the serious issues surrounding the national debt needs to first examine the major causes of that debt. The Center on Budget and Policy Priorities provides updated evidence on the causes of the debt that will surprise many people.

U.S. Has Record 10th Straight Year Without 3% Growth in GDP
US Debt Clock
  • 12-09-2013: $17.221 Trillion
  • 12-14-2013: $17.228 Trillion
United States Public Debt
What the GOP Doesn't Understand about the Debt
Yep, Obama's a Big Spender...Just Like His Predecessors

In reality, the president has been very bad on spending, debt and deficits, but he has not been radically different than previous presidents.