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$18,000,000,000,000

- December 2, 2014

Another "Unpatriotic" Milestone In Obama's Ever-Increasing Legacy Of Debt

Under Obama's Watch, The National Debt Has Now Surpassed $18 Trillion. (U.S. Department Of The Treasury, Accessed 12/2/14)

Obama Has Presided Over "The Largest Increase" In National Debt "To Date Under Any U.S. President." "Less than two months into president Obama's second term, new numbers show the national debt increased by more than $6 trillion since he took office. It's the largest increase to date under any U.S. president." (Mark Knoller, "National Debt Up $6 Trillion Since Obama Took Office," CBS News, 3/1/13)

FLASHBACK: In 2008 - When The National Debt Was $9.5 Trillion - Obama Said Adding $4 Trillion To The National Debt Was "Irresponsible. It's Unpatriotic." OBAMA: "The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents - #43 added $4 trillion by his lonesome, so that we now have over $9 trillion of debt that we are going to have to pay back -- $30,000 for every man, woman and child. That's irresponsible. It's unpatriotic." (Sen. Barack Obama, Remarks At A Campaign Event, Fargo, ND, 7/3/08)

OBAMA HAS AMASSED TRILLIONS IN NEW DEBT, DESPITE WARNINGS FROM ALL CORNERS

CBO: "The Large Budget Deficits Recorded In Recent Years Have Substantially Increased Federal Debt, And The Amount Of Debt Relative To the Size of The Economy Is Now Very High By Historical Standards." ("The Budget And Economic Outlook: 2014 To 2024," The Congressional Budget Office, 2/4/14)

Obama Presided Over The Five Highest Deficits In U.S. History. (Office Of Management And Budget, Accessed 12/2/14)

  • "All The Trillion-Dollar Deficits Have Taken Place Under President Obama." "The federal government ran up a $293 billion deficit in the first quarter of fiscal 2013, which ended Dec. 31, the nonpartisan Congressional Budget Office estimated Tuesday. The government's fiscal year starts on Oct. 1st. At this pace, the deficit would be on pace to top $1 trillion for the fifth-straight year in 2013. All the trillion-dollar deficits have taken place under President Obama." (Eric Wasson, "First-Quarter Deficit Was $293 Billion, CBO Says," The Hill, 1/8/13)

Debt Held By The Public Has Doubled Since Obama Became President. (U.S. Department Of The Treasury, Accessed 12/2/14)

  • The Amount Of Debt Held By The Public Is Only Matched By The Years Around World War II. "Still, the current level of debt held by the public is almost twice what it was in 2008, and matched in U.S. history only by a brief span around world war ii." (Bernie Becker, "CBO Says US Deficit Levels Are Unsustainable," The Hill, 7/15/14)

Since 2008, Debt Held by The Public Has Grown Sharply From 39% Of GDP To A Projected 74% Of GDP By The End Of The Year. "At the end of 2008, federal debt held by the public stood at 39 percent of GDP, which was close to its average of the preceding several decades. Since then, large deficits have caused debt held by the public to grow sharply-to a projected 74 percent of GDP by the end of 2014. Debt has exceeded 70 percent of GDP during only one other period in U.S. history: from 1944 through 1950, when it spiked because of a surge in federal spending during World War II to a peak of 106 percent of GDP." ("The 2014 Long-Term Budget Outlook," Congressional Budget Office, 7/14)

  • The Last Time Debt Held By The Public Has Reached This Percentage Of GDP Was In 1950. "Nevertheless, measured relative to the size of the economy, debt held by the public will increase for the seventh year in a row, reaching 74 percent of GDP by the end of 2014, the highest ratio since 1950." ("An Update To The Budget And Economic Outlook: 2014 to 2024," Congressional Budget Office, 8/27/14)

Over The Next Ten Years Deficits Are Expected To Rise To Nearly 4 Percent Of GDP Compared To The 2.3 Percent Average For The 40 Years Before The Recession. "As a percentage of GDP, deficits are projected to rise from 2.6 percent in 2015 to almost 4 percent near the end of the 10-year period. By comparison, the deficit averaged 3.1 percent of GDP between 1974 and 2013 and 2.3 percent in the 40 years before fiscal year 2008, when the most recent recession began." ("An Update To The Budget And Economic Outlook: 2014 to 2024," Congressional Budget Office, 8/27/14)

Experts Agree: The Current State Of The Debt Poses A Huge Threat To The Country

CBO Director Doug Elmendorf Warned That A "Large And Growing Federal Debt" Increases The "Risk Of A Fiscal Crisis." "Such large and growing federal debt could have serious negative consequences, including restraining economic growth in the long term, giving policymakers less flexibility to respond to unexpected challenges, and eventually increasing the risk of a fiscal crisis (in which investors would demand high interest rates to buy the government's debt)." ("The Budget And Economic Outlook," Congressional Budget Office, 2/4/14)

Then-Chairman Of The Joint Chiefs Of Staff Admiral Michael Mullen In 2010: "The Single-Biggest Threat To Our National Security Is Our Debt." "And then thirdly, we're going through -- and I've said publicly. I'll restate it now. I think the single-biggest threat to our national security is our debt. We are going to pay interest on the debt -- I think it's in 2012 -- of close to $600 billion. That's one year's worth of Defense budget." (Admiral Mike Mullen, Remarks At A Detroit Economic Club Luncheon, Detroit, MI, 8/26/10)

OBAMA'S POLICIES HAVE SET AMERICA UP FOR AN "UNSUSTAINABLE" FUTURE OF HIGH DEBT, INCREASED CHANCE OF CRISIS, AND LOWER GROWTH

CBO: Federal Debt Path "Unsustainable." "With deficits as big as the ones that CBO projects, federal debt would be growing faster than GDP, a path that would ultimately be unsustainable." ("The 2014 Long-Term Budget Outlook," Congressional Budget Office, 7/14)

FLASHBACK: Obama's 2009 Address To A Joint Session Of Congress: "There Is, Of Course, Another Responsibility We Have To Our Children. And That Is The Responsibility To Ensure That We Do Not Pass On To Them A Debt They Cannot Pay." (President Barack Obama, Address To Joint Session Of Congress , Washington, D.C., 2/24/09)

The Path Obama Has Set The Country On Could Result In Federal Debt Passing GDP

By 2039 The Federal Debt Is Projected To Be Higher Than The Nation's GDP, Reaching 106 Percent. "U.S. public debt remains on an unsustainable path and will reach 106 percent of economic output in 25 years versus about 74 percent currently, the Congressional Budget Office said on Tuesday, marking a slight increase from projections made last September." (David Lawder, "UPDATE 1-U.S. CBO Forecasts 2039 Public Debt At 106 Pct Of GDP," Reuters, 7/15/14)

  • By 2039, CBO Expects The Debt To Be A Larger Share Of The Economy Than At Any Time Other Than 1946. " By 2039, the deficit would equal 6.5 percent of GDP, larger than in any year between 1947 and 2008, and federal debt held by the public would reach 106 percent of GDP, more than in any year except 1946-even without factoring in the economic effects of growing debt." ("The 2014 Long-Term Budget Outlook," Congressional Budget Office, 7/14)

The Chance Of A Fiscal Crisis Has Only Increased Under Obama's Watch, While Incomes And Economic Growth Have Fallen

According To The CBO, "The U.S. Risks A Fiscal Crisis If It Doesn't Get Large And Continuously Growing Federal Debt Under Control." "The U.S. risks a fiscal crisis if it doesn't get large and continuously growing federal debt under control, the Congressional Budget Office said Tuesday." (Robert Schroeder, "U.S. Risks Fiscal Crisis From Rising Debt: CBO," MarketWatch, 7/15/14)

  • "The Large Amount Of Debt Would Restrict Policymakers' Ability To Use Tax And Spending Policies To Respond To Unexpected Challenges, Such As Economic Downturns Or Financial Crises." ("The 2014 Long-Term Budget Outlook," Congressional Budget Office, 7/14)

The Rising Federal Debt Projected By The CBO "Would Have Significant Negative Consequences For Both The Economy And The Federal Budget." "Even before that point was reached, the high and rising amount of federal debt that CBO projects under the extended baseline would have significant negative consequences for both the economy and the federal budget." ("The 2014 Long-Term Budget Outlook," Congressional Budget Office, 7/14)

CBO: Large Federal Debt Would Result In Lower Income And Economic Growth, As More Money Goes To Buying Government Debt. "The large amount of federal borrowing would draw money away from private investment in productive capital in the longer term, because the portion of people's savings used to buy government securities would not be available to finance private investment. The result would be a smaller stock of capital and lower output and income than would otherwise be the case, all else being equal." ("The 2014 Long-Term Budget Outlook," Congressional Budget Office, 7/14)

  • Under Obama, Median Household Income Has Already Declined By $2,484, To $51,939 In 2013. (Current Population Survey, Census Bureau, 9/16/14)

"Federal Spending On Interest Payments Would Rise, Thus Requiring Higher Taxes, Lower Spending For Benefits And Services, Or Both To Achieve Any Chosen Targets For Budget Deficits And Debt." ("The 2014 Long-Term Budget Outlook," Congressional Budget Office, 7/14)


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