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October 19, 2010
It’s Official: Obama Has Now Borrowed $3 Trillion As He Continues To Destroy America
FBN's David Asman sounds off on what the government must do to kick-start the economy.
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The Obama administration has now borrowed $3 trillion, according to the U.S. Treasury Department. But look what we have for it… 9.6% unemployment and a record national deficit.
It took from 1776, when the United States became an independent country, until 1990, the year after the Berlin Wall fell signaling victory in the Cold War, for the federal government to accumulate a total of $3 trillion in debt, according to the Treasury Department. It only took from Jan. 20, 2009, the day President Barack Obama was inaugurated, until Oct. 15, 2010, for the Obama administration to add $3 trillion to the federal debt.
The overall debt of the federal government, according to the Treasury Department, is now $13.666 trillion.
Each business day, in the afternoon, the Treasury Department’s Bureau of the Public Debt publishes the exact amount—to the penny--of total federal debt as of the close of the previous business day.
At the close of business on Jan. 20, 2009, according to the bureau, the total debt of the federal government was $10,626,877,048,913.08. On Oct. 15, 2010, the federal government borrowed an additional $58,979,549,154.06, bringing the total federal debt at the close of Friday’s business day to $13,665,926,643,255.96—an increase of $3,039,049,594,342.88 since President Obama’s inauguration.
As calculated by the Bureau of the Public Debt, the total federal debt includes two major components: debt held by the public, which includes publicly traded securities such as Treasury bonds, and intragovernmental debt, which is money the government borrows from theoretically dedicated funds within the government itself, such as the Social Security trust fund.
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Opinion: Just How Lousy Is the Economic Recovery?
Indeed, when you compare the current recovery to the recoveries from the two previous worst post-Depression recessions -- the one in 1974-75 and the one in 1981-82 -- the picture is decidedly bleak.
Obama's response to this has been to say that he was dealt a terrible hand, and to say that things could have been worse if it weren't for the all the things he's done since taking office. "The challenge," he said at the Sept. town hall, "is that the hole was so deep that a lot of people out there are still hurting."
But the evidence from past recoveries shows that things could be -- and arguably should be -- much better than they are now. Which strongly suggests that, however bad the recession was, something the federal government is doing today is putting a drag on the normal recovery trajectory.
Only by admitting there's a problem will we ever have a chance of getting the current recovery back on track.
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Wild Thing's comment.......
And that’s just what was borrowed; it doesn’t count the even-higher amount that was raised via taxation and spent.
Posted by Wild Thing at October 19, 2010 05:55 AM
Comments
Obama is an abject failure! Any recovery of this country's finances will only happen after he is removed from the White House. How ever by then it may be too late.
Posted by: MrHappy at October 19, 2010 08:51 AM
This is off subject but is priceless. This is from the obituary of an Air Force Veteran.
The family respectfully asked in lieu of flowers that memorial contributions be made to the American Cancer Society or to the campaign of whoever is running against President Barack Obama in 2012.
http://www.findagrave.com/cgi-bin/fg.cgi?page=gr&GRid=58778609
Posted by: BobF at October 19, 2010 09:34 AM
We will not get out of this economic situation until we grow and expand the private sector.
This is fundamental economics.
All of us either work in the public sector (federal, state, or local government), or we work in the private sector (everywhere else).
Most of the $3 trillion borrowed has gone to the fifty states to prevent public sector layoffs.
Our current state of affairs is quite dire as all this short sighted administration and this congress has done is to postpone the inevitable for a couple years.
We’re coming up against a wall when we can no longer borrow anymore and those public sector layoffs will happen because those jobs are simply unsustainable.
Unemployment will rise even higher than it is now.
In the years to come, this president will be the known in the future as the Hoover of this depression.
The public sector (currently growing unsustainably) derives all of its subsistence from tax revenue;
-taxes imposed and extracted from a struggling and currently diminishing private sector that struggles to survive making its regular private payrolls and paying its recurring expenses including federal, state, and local government taxes just trying to stay in business.
We have today in the White House an administration (including every member of the President's cabinet) made up of elite collectivist public sector central planner types that have no background or experience in the private sector, people who have never run a business or signed the front side of a payroll check, people who have no clue of what it takes to make a payroll or what risk taking is, much less what it takes to make and sustain a single job.
In their ideal world, there would be no private sector, everybody would work for government and we'd all live in collective misery. Think of modern day Cuba after 50 years without a legal private sector.
Again, we will not get of this economic situation until we grow and expand the private sector. This is fundamental economics.
This is not as complicated as the left and their public sector unions have led far too many of us to believe.
As New Jersey Governor Chris Christie has said repeatedly,
“It is the public sector unions that have brought this state and our country to its knees” with higher pay and lifetime retirement benefits that they could never find in the private sector.
Posted by: Carlos at October 19, 2010 09:38 AM
3 Trillion dollars. I have no idea how much money that is and neither does obama. But I know this Vote in two weeks and destroy obama's agenda of destroying the country. He is Typhoid Mary to the free world.
Posted by: Mark at October 19, 2010 04:10 PM
MrHappy, that is what I think too. It would help to be in the majority so we can stop some of the things he does, but the huge part of getting things back on track needs to have a conservative as presidentand a majority that will see we have to do what is right now destruction.
Posted by: Wild Thing at October 19, 2010 05:37 PM
Bob, oh my gosh that is brillant. What a great idea and I never saw anything like that before. Thank you so much Bob for the link and for telling about this.
Posted by: Wild Thing at October 19, 2010 05:39 PM
Carlos, well said thank you for all of what you stated. It has been proven that this is the way it has to be and it works, the other way is a road to destroying everything.
Posted by: Wild Thing at October 19, 2010 05:41 PM
Mark that is exactly what he is.
"He is Typhoid Mary to the free world."
Posted by: Wild Thing at October 19, 2010 05:43 PM
