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By Catholic Online (NEWS CONSORTIUM)

8/5/2014 (2 years ago)

Catholic Online (www.catholic.org)

Five-and-a-half years under Obama sees nation going further into the red

Thanks, Barack! The total federal debt of the U.S. government has increased more than $7 trillion during the slightly more than five and a half years Barack Obama has been president. That's more than the debt increased under all U.S. presidents from George Washington through Bill Clinton combined.

By the close of business on July 31, 2014, it had risen to $17,687,136,723,410.59, up $7,060,259,674,497.51 since Obama first inauguration day.

By the close of business on July 31, 2014, it had risen to $17,687,136,723,410.59, up $7,060,259,674,497.51 since Obama first inauguration day.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

8/5/2014 (2 years ago)

Published in Business & Economics

Keywords: Barack Obama, national debt, U.S. households


LOS ANGELES, CA (Catholic Online) - That amount is more debt than was accumulated in the first 227 years of this nation's existence -- from 1776 through 2003.

The total federal debt first passed the $7 trillion mark on Jan. 15, 2004, after President George W. Bush had been in office almost three years.

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As an example: When President Obama took office on Jan. 20, 2009, the total federal debt was $10,626,877,048,913.08. As of the close of business this past July 30, 2014, national debt had risen to $17,618,599,653,160.19, up $6,991,722,604,247.11 from Obama's first inauguration day.

By the close of business on July 31, 2014, it had risen to $17,687,136,723,410.59, up $7,060,259,674,497.51 since Obama first inauguration day.

As of June, there were 115,097,000 households in the United States, according to the U.S. Census Bureau. The $17,687,136,723,410.59 in debt the federal government had accumulated as of the end of July equaled $153,671.57 per household.

The $7,060,259,674,497.51 in new debt that the federal government has taken on during Obama's presidency equals A STAGGERING $61,341.82 per household.

The median household income in the United States in 2012 (the latest year estimated) was $51,017. Thus, President Obama has increased the federal debt by more than the typical household's annual income.

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