The Way To Crush A Nation Is With Unrestrained Debt. One Of Obama's Accomplishments

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Obama on track to double national debt

by Keith Jacobs in News 0

By -NO AUTHOR-

President Obama (White House photo)

NEW YORK – President Obama is on track to double the national debt by the end of his eight years in office.

Currently at $19.4 trillion, the debt is projected to hit $20 trillion by Inauguration Day 2016, up from $10.6 trillion when Obama entered the White House on Jan. 20, 2009.

Put in perspective, it means Obama will have added to the debt as much as all previous 43 presidents have done cumulatively.

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Two graphs illustrate why many financial analysts are concerned. The first shows the steep climb in debt under Obama.

The second shows the sharp rise in total U.S. credit market debt, including household debt and credit card debt, that has occurred since the 1980s. The total U.S. credit market debt hit a high of approximately 385 percent of U.S. Gross Domestic Product in 2009-2010 during the recession brought on by the collapse of the U.S. subprime mortgage market at the end of President George W. Bush’s second term in office.

The graph shows the ratio of total U.S. credit market debt to the GDP has fallen off in recent years, down to a current level of about 355 percent of GDP.

The drop-off has occurred only because household debt has been declining since 2010 while government spending has continued to rise.

Among the many concerns is that the staggering increase in U.S. national debt evident over the past eight years has limited the ability of the federal Click to see the original article