National debt soars under Obama
In 2008, America elected a smooth talker who had never run so much as a Lemonade stand. When Obama took office on Jan 20, 2009, the U.S. had a national debt of $10.627 trillion. As of January 20, 2017, we have a debt of $19.947 trillion, an increase of $9.32 trillion (87.7%) in 8 years.(1) See chart below.
Another way to view Obama’s catastrophic economic policy is the National Debt to Gross Domestic Product (GDP) ratio.(2) The closer to zero, the better. See chart below.
Bankrupting the economy is not the way to save the economy. Deficit spending of this magnitude - with no end in sight - does NOT bring economic prosperity - it brings on bankruptcy!
Some people believe Obama has done the best he could given the mess he inherited from Bush. NOT TRUE. Reagan inherited a mess from Jimmy Carter in 1981 but turned the economy around and rebuilt our military without bankrupting the country.
Obama’s catastrophic economic policy has made a bad situation far worse. According to the Census Bureau, the average American household - adjusted for inflation - earned 4.4 percent less in June 2013 then in June 2009, when the recession officially ended.(5)
Obama refusal to make real cuts in spending - except for our defense - has left our country in a colossal mess.
A Republic can only survive until the voters discover that they can vote themselves money from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that the country goes into unsustainable national debt.
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