When Barack Obama signed the newest Congressional budget bill on Nov. 2 that would last through March of 2017, he added to his ongoing legacy of being one of the least fiduciary responsible President’s in history as the portion within the bill that raised the debt ceiling will see America’s future obligations rise to just under $20 trillion. And perhaps the irony of it all is that President Obama is still making the claim that he is lowering the annual budget deficit despite the fact that his administration has borrowed more money each year than President Bush ever did during his eight year tenure.
When Obama took office in January of 2009, the national debt stood at $10.6 trillion. And by the sixth year of his administration the debt had increased by more than $1 trillion per year to a total of $18.2 trillion before yesterday’s new increase.
President Obama has signed a budget deal for the next two years that will raise the national debt ceiling from $18.5 trillion to $20 trillion, putting the US debt at almost twice the level it was when he first took office.
The deal passed overwhelmingly in both chambers of the Republican-controlled Congress, with the House voting 266-167 on Wednesday and the Senate approving the package 63-35 on Friday. It allows for the Treasury Department to borrow another $1.5 trillion until March 2017, two months after Obama leaves office. At that point, the country’s public debt will be around $20 trillion and the debt ceiling will need to be raised once again.
When President Barack Obama entered office in 2009, US debt obligations stood at around $10.6 trillion dollars. The debt currently stands at almost $18.2 trillion, and is expected to approach the newly agreed-upon limit by the time Obama leaves the White House in January 2017. – Russia Today
In contrast to his predecessor George W. Bush, President Obama has blown away the prior President’s record debt increase of $5 trillion over his eight year tenure, which had even included monies borrowed to engage in two decade long wars in Iraq and Afghanistan. And yet these debt increases by Obama have done little to help improve the nation’s decaying infrastructure, or shore up the nation’s healthcare system which has been rocked now by scandals both at the V.A., and in Obamacare providers declaring bankruptcy less than two years after the massively unpopular system went live.
Obama’s legacy will be one of unprecedented cronyism and waste, with billions alone lost to green companies that went bankrupt within a couple years of receiving Federal funds and guaranteed loans. And while the U.S. can get away with increasing their debts for now because they still control the checkbook that is the global reserve currency, should this hegemony ever go away, or should interest rates rise to any significant level, then our $20 trillion debt will rest like a millstone around America’s neck, and act as the tombstone for the once great economic empire.
Kenneth Schortgen Jr is a writer for Secretsofthefed.com, Examiner.com, Roguemoney.net, and To the Death Media, and hosts the popular web blog, The Daily Economist. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.