Public Debt and Rate of Debt Rapidly Increasing Under Obama
The folks over at CNSNews reported that, according to the US Treasury, Public Debt has increased $6.666 Trillion during Obama’s Presidency.
The amount of debt listed on January 20, 2009 was compared to the amount of debt held January 31, 2014 — the most current day available. Those figures are $10,626,877,048,913.08 and $17,293,019,654,983.61, respectively.
That means the total amount of debt has gone up $6,666,142,606,070.53 under President Obama.
To put it into perspective, public debt first reached $6.666 trillion in July, 2003. CNSNews notes that in slightly more than 5 years, “the U.S. has accumulated as much new debt as it did in it’s first 227 years”.
Now, to make an entirely different comparision:
The public debt held by George W. Bush on the first day of his inauguration (Jan 20, 2001) was $5,727,776,738,304.64. On his last day full day in office, Jan 19, 2009, the debt was $10,628,881,485,510.23.
Therefore, debt during his 8 years increased $4.901 Trillion. One could also argue that debt went up some 85% during his term.
On the other hand, so far, Obama’s debt so far has increased 63% over 5 years.
If one were to take 85% and divide it by 8 years , one would find the average rate of debt increase to be 10.625% a year under Bush. For Obama’s debt to only increase by the rate of Bush’s, Obama’s debt percentage increase would be 53.125%. But Obama’s is more, currently at 63% debt increase — more than a year ahead of the average pace of Bush.
Taking Obama’s current rate of debt increase, 63%, and dividing it by 5 years, the average rate of debt incrase by Obama is 12.5% per year. At that pace, by the time Obama’s Administration is complete after 8 years, the debt increase will be 100.8%.
That means we can expect our Public Debt to increase by at least $10.711 Trillion, or that our public debt will be roughly some $21.337 Trillion at the end of his term. (This is only at the current rate of spending and debt, without taking into account future programs, etc)
In other words, it will have only taken 233 years to spend the first $10 trillion and roughly 8 years to spend the second $10 trillion.