President Obama has increased national debt by $5 TRILLION

By Catholic Online (NEWS CONSORTIUM)
3/23/2012
Catholic Online (www.catholic.org)

Official debt figures released this week paint distressing picture

President Barack Obama has increased the national debt by approximately $5 trillion since his inauguration. These figures are courtesy of the U.S. Treasury released this week. Under the Obama administration, the federal government's debt has increased by $15,824.21 for each of the 313,223,079 million people that the Census Bureau now estimates live in the U.S. This translates to $41,762.92 for each of the nation's 118,682,000 households.

As of the close of business on March 19, 2012, the debt had increased since Obama's inauguration by $4,947,361,319,191.81, slightly below the rounding point of $4.95 trillion.

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LOS ANGELES, CA (Catholic Online) - On January 20, 2009, the day of Obama's inauguration, the federal government's debt was $10,626,877,048,913.08. As of Tuesday, March 20, 2012, it was $15,583,383,846,149.34, which represents an increase of $4,956,506,797,236.26 . rounding out to $5 trillion.

As of the close of business on March 19, 2012, the debt had increased since Obama's inauguration by $4,947,361,319,191.81, slightly below the rounding point of $4.95 trillion.

To illustrate, the $4,956,506,797,236.26 in new debt the U.S. government has accumulated since Obama has been in office is equal to all the debt the U.S. government accumulated between July 4, 1776, when the British colonies declared their independence until August 15, 1995, when Bill Clinton was in the third year of his first term.

In the first 1,156 days of Obama's presidency, the federal debt increased at an average rate of $4,287,635,637.75 per day. Were the debt to maintain that average daily rate of increase through the end of Obama's term on Jan. 20, 2013, the debt will have increased by $6,264,235,666,752.75 during Obama's term.

The total national debt did not exceed $6,264,235,666,752.75 until Oct. 29, 2002, during George W. Bush's first term. Obama, in just four years, will have increased the federal government's debt by more than all presidents from Washington through Clinton combined.

According to a Washington Post article, massive budget deficits and mushrooming pension and health-care entitlements increased the federal government's long-term obligations by $4.2 trillion in 2011 - more than three times the $1.3 trillion official figure for the federal budget deficit. Obama's $800 billion stimulus package, which benefited the public-employee unions that receive lucrative unfunded pensions and health benefits, will actually shrink the size of the economy in the long run, the Congressional Budget Office says, although it temporarily pumped up employment among government employees.

By contrast, two economists argue that it wiped out the jobs of a million private-sector employees by diverting money from the private sector to the public sector.

"Americans now owe $189,000 each in national debt and unfunded entitlements. That's 885 percent of our economy's size (or GDP), exceeding Greece's debts and unfunded liabilities, which amount to 875 percent of its economy (although Greece is worse off than the U.S. now since its economic growth is lower due to factors like greater corruption and a more rapidly-aging population, and its borrowing costs are higher)," the Opposing Views Web site writes.

� 2012, Catholic Online. Distributed by NEWS CONSORTIUM.

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Pope Benedict XVI's Prayer Intentions for January 2013
General Intention: The Faith of Christians. That in this Year of Faith Christians may deepen their knowledge of the mystery of Christ and witness joyfully to the gift of faith in him.
Missionary Intention: Middle Eastern Christians. That the Christian communities of the Middle East, often discriminated against, may receive from the Holy Spirit the strength of fidelity and perseverance.

Keywords: Federal Debt, President Obama, entitlements, public sector jobs

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1 - 10 of 12 Comments

DLL
1 year ago
Just Look at the picture of President Obama in this article. Could that face of America ever be wrong?....-ell no! That folks is the picture of "The Perfect One". It was George Bush alone who has created all of this "Mess"! Another 4 year term for President Obama and another 5 trillion dollars of debt added to the current debt and it is still George Bush and the Republicans! The success of President Obama is that he is now very well traveled,he shoots hoops well and plays a good round of golf. He also throws good White House Parties for liberal supporters and donators to his political campaigns. Point the finger and cast the blame and direct it all away from oneself,that is self justification,my way or the highway. If one can make others support you and believe your self confidence in your very own self justification for most anything right or wrong and that you are always right and never wrong than "Hail to the Chief"! It will be President Obama for another four year term. Father Benedict Groeschel said something interesting in his last Sunday Night Prime Program. He said that when he was young within 2 weeks of birth a Catholic Baby would be baptised and then sworn to be a member of the Democratic Party. So for those that question why Catholics vote Democrat right or wrong it is because of the marriage of a political party to a religious affiliation. This answers a question I have always had. Why are Protestants Republicans and Catholics Democrats? Christianity has allowed itself to be divided by partisan politics from birth to death. Partisan Politics once again will determine who the President will be as will the amount of money invested in that candidate as well. Liberal Democrats cannot help but to be found to be Cafeteria or even loyal Catholic supporters as they are baptised Catholic and they are sworn Democrats. As a Catholic Convert I can now understand why this is so,right or wrong.
Joseph Tran
1 year ago
This article provides us a clear vision on cause and effect. The Baby decreases the debt increases. The birth control creates imbalance workforce.
Theresa H.
1 year ago
Yes, some things are a matter of opinion as to the best solution by government, but facts are facts and bad outcomes should posit a change in position. Moreover, gravely immoral acts by any government speak louder than words. No "Federal Budget" has been put before Congress by the President for the past 3 years, while "federal" expenditures have grown by nearly 5 Trillion Dollars in the same time-frame.as "promised" funding continues to find its way to Planned Parenthood and to oversees countries who are deemed needful of "assistance" for population control! Nothing gravely immoral there...? Now we have the "Affordable Health Care Act." (Have you seen the first communication of the "Better Health Care for You" mailed out by "whoever?"--(This will cost "somebody"--guess who?--an estimated nearly 2 Trillion dollars.) The US Bishops call this type of communication: "evasive language" that "reduces the perceived gravity" of what's going on.... "This is the ecology of law, moral reasoning and language in action. Bad law and defective moral reasoning produce evasive language to justify evil." (Living the Gospel of Life: A Challenge to American Catholics," p.8--it was first published in 1998 and is well worth reading.) The Catholic Church may have to cease engaging in the corporal works of mercy because of the "immoral" impositions (laws) of the people in "power." This is more than a matter of "disagreement" or "opinion" regarding "political" positions. We have seen nothing like this in American History.and we will see the transformation of America--beyond recognition and recovery--if this is not brought to a halt soon!.
Rob
1 year ago
This issue is very simple and it involves something that neither party is willing to do. Neither party is really serious about cutting spending. Sure, the GOP will offer to cut spending, but only as it comports to their platform. The Dem's want to raise taxes and "promise" to cut spending, but won't. We've allowed our politiicians to use our fiscal treasure as a means to party power (notice how some of these guys go to jail after the fact but yet they just fade from memory because it always happens after they leave office). If you want folks of any political strip to tune into to the real issue of our finances, send them the bill. Time to set a tax rate that pays for all this crap so people of both political strips can see what all this crap costs. Want a military empire all over the world...here's the bill. Want to provide healthcare from every American citizen, here's the bill. But we continue to live in this fantasy land where we think we can do all the things we do (and want them to do) but not pay for it. Give a group of accountants one year to set the ship right and it would be done. That entire budget committee should be run out of town with their nonsense. But again, very simple. Send the bill. You'll have a political revolution once that occurs. And you have to really ask yourself, why don't they?
Joseph Pijanowski
1 year ago
Since 1913 when money is added to the economy, it is LOANED in and we have to pay it back.... This causes two HUGE problems. First, this only works if you continue to loan ever increasing amounts of money (actually debt) into the system. If you stop, the loan payments continue to be paid which sucks the money back out of the economy. This is insane and unsustainable. Second, being that the money is loaned in, the vast majority will go to those who have money and assets. We are seeing this play out right before our eyes as the rich get wildly richer and small and medium sized businesses are having their credit llines slashed, forcing them to lay off workers who are foreclosed on, throwing families out in the street....the bottom is getting crushed as the FED furiously loans more money in.....to the top. HR2990 is in congress now. It is worth your time to check it out.....Create over 7Mil jobs and pay off the debt!
mary ann
1 year ago
We can thank George Bush for the immoral and unethical wars he got us into.
Plus the banking crooks etc.

You cannot blame Obama for everything.
anonymous
1 year ago
JoAnn

I agree that fiscal responsibility is a stewardship issue, and this a moral one. Perhaps where I didn't explain myself well is in the concern that one particular style of government spending be promoted over an equally moral one. I should start by saying that I am, in preference, a fiscal and social conservative. I believe it is the most effective way to steward the gifts with which we have been blessed. Culturally, our country and its citizens are not groomed to accept a true socialist economy or anything of the like. That said, there are socialist countries where the citizens would be culturally incompatible with a system like ours. Neither is an immoral form of government in and of itself. The danger of religious sites sparking debates over economy is that you then run the risk of placing moral judgements on terms like socialism or, frankly, the words liberal and conservative which have lost their true meaning in the uneducated hyperpolitcal banter of the media on both sides and the lemmings that leap blindly behind. Fiscal and political responsibility should be promoted. But the discourse has gotten so muddy that morals and preferences are being confused.

Every political party in the world has strengths and weaknesses. But we cannot villainize an entire movement because of one or two values. As an example, I live in an area where one cannot say the word Democrat without dodging the eye-lasers of the pastors and the "good and holy" church goers. As I said, I am a republican. But my best friend is a pro-life democrat. She is in line with all the church's teachings, and is an avid promoter of adoption. She happens to believe that the Democratic party's economic recovery plan is more viable than the republican one. She has been called a heretic, murderer, and far worse names because so many people have assigned a political party to the Catholic Church. The Catholic Church is not Republican. The Catholic Church is not Democrat. The Catholic Church is Catholic. It should promote a moral message in a pure way, not by supporting or attacking a particular party. I have said and will continue to say that there is no candidate with whom I do not have a moral disagreement, regardless of party.

My long and rambling point is, representatives of the church need to focus on moral issues...from BOTH sides. Defend the truth boldly and fearlessly. But please please please be careful when you tread in the areas of economy and non-moral political decisions.
David Carlon
1 year ago
While I am no fan of obummer articles like this piece of sophistry make the publishers of this website lose all street cred with and support of the simple and common man... shame on you for publishing half truths and lies sprinkled with truth... why do you continue the tradition of the Pharisees and mock our Lord with lies?
Brian A Cook
1 year ago
Didn't George Bush have a hand in causing the deficit to grow? Are the writers on this site reaching at any old straw to use to beat liberals?
JoAnn
1 year ago
anonymous: The economy IS a moral issue. It is the biggest threat to a nation's security. Read up on what the Catechism of The Catholic Church says about economic issues. "WE THE PEOPLE"... are actually the keepers of our country's purse and it is our duty to vote with wisdom for those that will be watching over it. Mt: 25:14-30. God bless.

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