$5,027,761,476,484.56 in debt!

By Catholic Online (NEWS CONSORTIUM)
4/18/2012
Catholic Online (www.catholic.org)

National debt has spiraled to $5 TRILLION under President Obama

Just call U.S. President Barack Obama the "$% Trillion Man." It may sound funny, but a lot of people are crying right now. In the 39 months since Barack Obama took the oath of office as president of the United States, the federal government's debt has increased by a whopping $5,027,761,476,484.56.

'Today's analysis serves as a disappointing reminder of this administration's broken promises and failed leadership when it comes to averting the most predictable economic crisis in our history,' House Budget Committee Chairman Paul Ryan (R-WI) says.

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LOS ANGELES, CA (Catholic Online) - While Obama has served less than a single term, the president is now the first American president to see the federal government's debt increase by more than $5 trillion during his time in office.

While George W. Bush served as president, the federal government's debt increased by $4,899,100,310,608.44, rising from $5,727,776,738,304.64 to $10,626,877,048,913.08. This was during his full eight years in office.

The $5,027,761,476,484.56 that the debt has increased during Obama's presidency equals $16,043.39 for every one of the 313,385,295 people the Census Bureau now estimates live in the United States.

On Jan. 20, 2009, the day Obama was inaugurated, the federal government's debt was $10,626,877,048,913.08, according to the U.S. Treasury. By the close of business on April 16, 2012, the date typically used by Americans to file their last-minute income tax returns - U.S. debt had reached $15,654,638,525,397.64.

"The $5,027,761,476,484.56 in additional debt that the U.S. government has taken on during the 39 months that Obama has been president is more debt than the federal government accumulated in the first 219 years of the Republic," reporter Terence P. Jeffrey declares.

The total federal debt did not exceed $5,027,761,476,484.56 until March 14, 1996, when President Bill Clinton was in the last year of his first term in office. On that day, the national debt rose from $5,025,887,531,178.79 to 5,035,165,720,616.33.

"Today's analysis serves as a disappointing reminder of this administration's broken promises and failed leadership when it comes to averting the most predictable economic crisis in our history," House Budget Committee Chairman Paul Ryan (R-WI) said. "When it comes to our generation's greatest challenges, the President refuses to take accountability or demonstrate much-needed leadership."

� 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: President Obama, national debt, taxes

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1 - 10 of 14 Comments

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1 year ago
Doris, thank you for your reply. God bless. There are so many people saying the same thing as you are saying. I am a Baby Boomer and I heard many warnings over the years about the evils of Growing Government/Big Government/Creeping Socialism. Those messengers where demonized by the Marxist Democrat Party. Now, WE HAVE ARRIVED!! I hope and pray with you that we will have CHANGE this November and see the end of Obama and Harry Reid.
Tafur
1 year ago
Brian Cook

What do Bush's policies have to do with the topic of the above article?

Many people objected to Bush's spending.

However, the main thing you need to keep in mind is that Obama campaigned against Bush's policies and won the election. The issue in question is a lack of integrity of Obama.

How does wrongdoing of the past excuse more wrongdoing of the present and future? Please explain.
Tafur
1 year ago
David Carlon,

I do not see any factual errors in the above article. If you see them please identify them and provide sources.
Tafur
1 year ago
The debt concerns in the above article is the shallow end of the Ocean.

In 1968, the Federal government began looting the Social Security, Medicare, and Medicaid trust funds and today those trust funds are full of IOUs backed by the full faith and credit of the US governemnt.

Social Security has IOUs of about $90 trillion.
Medicare has IOUs of about $30 trillion.
and
Medicare - I don't know because I haven't seen that reported on anywhere. But it really doesn't matter because I do not see how any of it can ever be paid off.
DLL
1 year ago
The government can do,and has to do more with less fat. New taxes will make them fatter and more extravagant and completely foolish. It is all a little like giving a kid full opportunity to get anything he wants from ITunes. The costs are unsustainable. Obama doesn't know the value of a dollar. Just print more money as long as we have trees we can all remain on the paper standard. Going off the gold standard was a huge mistake so many years ago. What do they want you to do these days? Buy gold to maintain your portfolio! The more paper money is printed and that with stagnat incomes for the middle class,it is no wonder that even working harder and harder one is just treading water. The dollar is simply worth less and less. When treading water and you can't move your extremities any more,due to pure exhaustion because of a continuing devalued dollar,than you will simply sink. The government is the hand that helps to hold your head underwater until you drown. Living on credit cards without sound financial backing,is financial death as intrest rates and principal will never be paid off the more one depends on credit alone. Basic Christianity says that one must live within their means so you simply don't buy what you can't afford. There is simply no way to help someone who lives continually in debt,even for the well intentioned who would like to. God help us,so pray! Obama? Really Pray,especially if he gets re-elected,by the time he leaves officein another 4 years,we will be 24 trillion in debt and the value of the dollar will be less than 10 cents thanks to the paper standard. With stagnant incomes for all the middle class and the escalating price of gas everyone will need food stamps and entitlement programs. Heaven help us! No wonder they want to remove the God out of the in God we trust on all of US Currency. It is all diabolical,bad business.
DORIS HARTSOCK
1 year ago
DEAR VANCE-i agree with you 100%.it's frightning to see people have ther heads in the sand.if this guy and liberals are reelected(GOD FORBID)our country is in bad shape now because of these evil people i shutter to think what's in store.obumer and pelosi both say they want to amend our constituion.remember obuma said he wanted to transform america.he and pelosi and the liberal want to destroy our country.the have done alot already.obama and pelosi are pro abortion,marriges for homeosexuals and other immoral things.i'm a 80 year old women and i never seen what;s going on in my life time.i hope and pray the'll be gone come election day in november .
Rob
1 year ago
Thanks for the probing econimic analysis vance. Geez.
MikeMayen
1 year ago
Exponential hockey stick curve that is where we are at with the debt. Money is a man made tool to facilitate trade. Those that control the supply of money control the world. Democrats and Republicans are just puppets, two sides of the same coin. Follow the money, how it is created and destroyed. The entire debt could be wiped out in a moment if we would stop playing this Federal Reserve game. First people need to know the truth about Money. Watch the "Secret of Oz". Then Audit the Fed and get rid of it. Next prevent the Federal Government from ever borrowing money again, instead print debt free money based on a set amount like $200K per US citizen, no more no less then the current population. End fractional reserve lending, banks should never make money out of nothing. Last Corporations and Unions should go, worker owned coops should be the large scale model just as G.K. Chesterton, Bishop Fulton Sheen, and Dorthy Day advocated. Watch Horizon The Mondragon Experiment.
Brian A Cook
1 year ago
Didn't Bush's policies get the ball rolling?
Rob
1 year ago
Glad the picture was changed. I would love an article that discusses what exactly is driving our debt. I think folks are more interested in totals than they are the causes. And we wonder why we can't solve these issues?

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