Obama's legacy: $6.2 TRILLION in Debt in 4 years

[briann]

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Obama on Pace to Borrow $6.2T in One Term—More Than All Presidents from Washington Through Clinton Combined
By Terence P. Jeffrey
January 13, 2012
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President Barack Obama and Treasury Secretary Tim Geithner (AP Photo/Gerald Herbert)

(CNSNews.com) - President Barack Obama has been increasing the national debt during his presidency by an average of $4.24 billion per day ($4,240,506,004.34) putting him on a pace to increase the national debt by $6.2 trillion ($6,195,379,272,340.74) by the end of his term on Jan. 20, 2013, according to the debt figures published by the U.S. Treasury.

That $6.2 trillion is more debt than was accumulated by all U.S. presidents from George Washington through Bill Clinton combined.

In fact, the U.S. national debt did not eclipse the $6.195 trillion level—the amount Obama is on pace to increase it in one term—until August 19, 2002, during President George W. Bush’s second year of office.

The national debt was $10.6 trillion ($10,626,877,048,913.08) on Jan. 20, 2009, the day Obama was inaugurated. As of the close of business on Jan. 11, 2012, it was $15.2 trillion ($15,236,307,075,631.58.) In Obama’s first 1,087 days in office, the debt increased $4.6 trillion ($4,609,430,026,718.50)—or an increase of $4.24 billion ($4,240,506,004.34) per day.

At that daily rate, the debt would increase a total of $6.2 trillion ($6,195,379,272,340.74) over the entire 1,461 days of Obama’s four year term.

[realist26]

The standard liberal believes that the government can wipe the deficit and the debt simply by raising taxes on the 'rich.'  Little do people know that the US Government only collects around $2.0 trillion in taxes per year so raising taxes will hardly make a dent (even ignoring the stifling in consequent economic growth)

[Dr. Dan]

Sounds like most African Americans

[Zelhar]

America now has a debt load that can bring it to a default in case the interest rate climbs from zero to a pretty reasonable level of something like 6%. So far the Fed is bailing out the government buy printing money and buying us debt so that the rates are kept artificially low. But in doing so they are basically robbing the savings of the American public by eroding the dollar. I think this can't last forever and eventually If the Democrats are still in power they might nationalize all the retirement funds so that they could force them keep buying government bonds at ridiculous yields.

[realist26]

That is exactly right.  The next step in the process is the bond investors to stop buying US debt (now they have no choice because Europe and other places are a mess).  Then the Fed will print even more money and once they cannot print anymore (due to high inflation), they will force pension funds and banks into buying US treasuries and eventually nationalize them