5 Takeaways from Obama’s Parting Present: Eye-popping debt Daniel Horowitz
July 13, 2016
https://www.conservativereview.com/commentary/2016/07/5-takeaway-from-obamas-parting-present-eye-popping-debtIn his waning months as emperor-in-chief, Barack Obama appears to be taking a page out of Louie XV’s playbook in which the French king declared: “After me, the deluge.” Yesterday, CBO released its latest long-term budget projection, and made it quite clear that there will indeed be a fiscal deluge after Obama’s drive-by presidency comes to an end.
The gross federal debt now stands at $19.366 trillion, roughly $8.7 trillion more than it was when Obama took office. It took from our nation’s founding until 2007 (which includes most of the profligate Bush presidency) to accrue the first $8.7 trillion in debt. The public’s share of the debt is just shy of $14 trillion, a $7.7 trillion increase since 2009. Yes, Obama more than doubled the public share of the debt during his presidency!
The gross federal debt, which includes intra-governmental debt comprised primarily of obligations for Social Security, federal pensions, and military pensions, is now 106 percent of the size of our economy and will forever grow larger than our GDP. When Obama was inaugurated, the gross debt was just 74 percent of GDP. If we look at just the public share of the debt, the numbers are even starker. In January 2009, the public share of the debt was just 44 percent of GDP; now it stands at 75.4 percent.
{..snip.. lots of good data at the site..}
