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America Can't Afford Obama's Legacy Of A Skyrocketing National Debt

- May 23, 2017

The National Debt And Deficit Skyrocketed During President Obama's Term, Which Earned Him The Title Of "Undisputed Debt King"


TOP TAKEAWAYS

  • Under President Obama, the U.S. experienced the most rapid increase in the debt and largest total deficit increase under any President, nearly doubling our national debt to approximately $20 trillion and adding $7.3 trillion to the deficit.
  • This came after President Obama pledged to cut the deficit in half and control the debt, because he believed our economy would suffer and the U.S. could fall into recession again.
  • President Obama's fiscal policies were a factor in the downgrade of the U.S. credit rating for the time in 1941, which dealt an "unprecedented blow" to the economy.

PRESIDENT OBAMA IS "THE UNDISPUTED DEBT KING OF THE LAST FIVE PRESIDENTS" AND ADDED TRILLIONS TO THE DEFICIT

President Obama Was Responsible For "The Most Rapid Increase In The Debt Under Any President"

Politifact Characterized President Obama As "The Undisputed Debt King Of The Last Five Presidents." "So by this measurement -- potentially a more important one -- Obama is the undisputed debt king of the last five presidents, rather than the guy who added a piddling amount to the debt, as Pelosi's chart suggested." (Louis Jacobson, "Nancy Pelosi Posts Questionable Chart On Debt Accumulation By Barack Obama, Predecessors," Politifact , 05/19/11)

Under The Obama Administration, The National Debt Increased By 87 Percent, A Total Of $9.3 Trillion, From $10.627 Trillion In 2009 To $ 19.947 Trillion As Of January 20, 2017. ("Daily History Of The Debt," U.S. Department Of Treasury , Accessed 05/17/17)

Obama Is Responsible For "The Most Rapid Increase In The Debt Under Any U.S. President." "The latest posting by the Treasury Department shows the national debt has now increased $4 trillion on President Obama's watch. The debt was $10.626 trillion on the day Mr. Obama took office. The latest calculation from Treasury shows the debt has now hit $14.639 trillion. It's the most rapid increase in the debt under any U.S. president." (Mark Knoller, "National Debt Has Increased $4 Trillion Under Obama," CBS News , 08/22/11)

The Washington Post : "[Obama's] Record On The Growth Of National Debt Is The Worst Of Recent Presidents." "But the fact remains that under basic economic measures, not phony ones, his record on the growth of the national debt is the worst of recent presidents." (Glenn Kessler, "The Facts About The Growth Of Spending Under Obama," The Washington Post , 05/25/12)

The Washington Post's Fact Checker: Every Year In Office, Obama Wanted To Spend More Money Than Congress Would Allow. "So in every case, the president wanted to spend more money than he ended up getting. Nutting suggests that federal spending flattened under Obama, but another way to look at it is that it flattened at a much higher, post-emergency level - thanks in part to the efforts of lawmakers, not Obama." (Glenn Kessler, "The Facts About The Growth Of Spending Under Obama," The Washington Post , 05/25/12)

President Obama Racked Up The Largest Total Budget Deficit Of Any U.S. President

Over Eight Years, President Obama's Budget Ran A Projected Deficit Of $7.3 Trillion, Which Makes Him "The President With The Largest Budget Deficit." "The first is to look at each president's term or terms in office, total the deficits run over the course of their four or eight years and base your conclusions on those numbers. According to this method, Barack Obama's budget is projected to run a deficit of $7.3 trillion over his eight years, making him the president with the largest budget deficit." ("Which United States Presidents Have Run The Largest Budget Deficits?" Investopedia , 01/19/17)

PRESIDENT OBAMA OPENLY ACKNOWLEDGED THE HARMFUL ECONOMIC IMPACTS OF OUT OF CONTROL SPENDING

President Obama Believed That Failure To Control The Debt Would Hinder Economic Growth And Could Lead To A "Double Dip Recession"

President Obama Recognized That If We Failed To Control Our Debt It Could Lead To A Double-Dip Recession. PRESIDENT OBAMA: "It is important though to recognize if we keep on adding to the debt, even in the midst of this recovery, that at some point, people could lose confidence in the U.S. economy in a way that could actually lead to a double-dip recession." (Fox News, " Interview With Major Garrett ," 11/18/09)

Obama Believed That A Failure To Control The Deficit Would "Make It Harder For The Economy To Grow." "Obama wants to reduce the deficit because he's concerned that over time, federal borrowing will make it harder for the U.S. economy to grow and create jobs, said the official, speaking on the condition of anonymity." (Hans Nichols, "Obama Plans To Reduce Budget Deficit To $533 Billion By 2013," Bloomberg, 02/21/09)

In 2008, 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, 07/03/08)

President Obama Repeatedly Pledged To Cut The Deficit In Half, But He Didn't Even Come Close

In 2009, Obama Pledged To Cut The Deficit In Half By The End Of His First Term. PRESIDENT OBAMA: "And that's why today I'm pledging to cut the deficit we inherited by half by the end of my first term in office." (President Barack Obama, Remarks At The Fiscal Responsibility Summit , Washington, D.C., 02/23/09)

  • In 2009, One White House Official Told Politico "We'll Cut It At Least In Half." "Under White House projections, this year's inherited budget deficit of $1.3 trillion will be cut to $533 billion by fiscal year 2013, the end of the first term. 'So we'll cut it at least in half,' the official said." (Mike Allen, "Obama Vows To Cut Huge Deficit In Half," Politico , 2/22/09)
  • President Barack Obama Reaffirmed His Pledge To Halve The Deficit In 2011. OBAMA: "And that's what we've done with this year's budget. When I took office, I pledged to cut the deficit in half by the end of my first term. Our budget meets that pledge and puts us on a path to pay for what we spend by the middle of the decade." (President Barack Obama, Press Conference , 02/15/11)

In 2012, It Was Reported That Obama Would Fall "Far Short Of His Goal To Halve The Deficit In Four Years." "President Obama's proposed 2013 budget will forecast a $901 billion deficit for next year, falling far short of his goal to halve the deficit in four years." (Richard Wolf, "Obama Budget To Miss Deficit Goal," USA Today , 02/10/12)

Politifact Rated The Claim That Obama "Hasn't Even Come Close" To Halving The Deficit As He Promised As "True" In 2012. "Obama indeed made the pledge on Feb. 23, 2009, following a 'Fiscal Responsibility Summit' shortly after his inauguration. (Watch more of his remarks that day.) He said then that the nation's $1.3 trillion deficit was the largest in the nation's history. It was mostly unchanged through fiscal year 2011. In 2012? It's expected to be $1.17 trillion. So not cut in half. That's according to the nonpartisan researchers at the Congressional Budget Office in a March 2012 report." (Katie Sanders, "Obama Promised To Cut The Deficit By Half By The End Of His First Term But He 'Hasn't Even Come Close,'" Politifact , 05/16/12)

PRESIDENT OBAMA'S IRRESPONSIBLE FISCAL POLICIES CAUSED THE U.S. CREDIT RATING TO DECLINE FOR THE FIRST TIME SINCE 1941

In 2011, Standard & Poor's Lowered The U.S. Credit Rating In An "Unprecedented Blow" To The American Economy

In 2011, "In An Unprecedented Blow To The World's Largest Economy," The U.S. Lost Its AAA Credit Rating From Standard & Poor's. "The United States lost its top-tier AAA credit rating from Standard & Poor's on Friday in an unprecedented blow to the world's largest economy in the wake of a political battle that took the country to the brink of default." (Walter Brandimarte and Daniel Bases, "United States Loses Prized AAA Credit Rating From S&P," Reuters , 08/06/11)

  • Standard & Poor's Cited Concerns About The U.S. Government's "Budget Deficit And Rising Debt Burden" As Reasons For The Downgrade. "S&P cut the long-term U.S. credit rating by one notch to AA-plus on concerns about the government's budget deficit and rising debt burden." (Walter Brandimarte and Daniel Bases, "United States Loses Prized AAA Credit Rating From S&P," Reuters , 08/06/11)
  • The Standard & Poor's Credit Rating For The U.S. Had Not Dropped Since 1941. "The move reflects the deterioration in the global economic standing of the United States, which has had a AAA credit rating from S&P since 1941, and it could have implications for the U.S. dollar's reserve currency status." (Walter Brandimarte and Daniel Bases, "United States Loses Prized AAA Credit Rating From S&P," Reuters , 08/06/11)
  • Standard & Poor's Evaluated The Outlook For The U.S. Credit Rating As "Negative." The outlook on the new U.S. credit rating is 'negative,' S&P said in a statement, indicating another downgrade was possible in the next 12 to 18 months. (Walter Brandimarte and Daniel Bases, "United States Loses Prized AAA Credit Rating From S&P," Reuters , 08/06/11)

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