US not wealthy any more: economy in doldrums since Obama took office

Sunday, March 30, 2014
By Paul Martin
30 March 2014

The American economy has been deteriorating significantly since Barack Obama took office. Medium incomes are the lowest since 1995 and real unemployment rates are 16.6 percent. But what is most disturbing is the $17.5 trillion debt.

When Ronald Reagan took office in 1981, the national debt was less than $1 trillion. After his retirement, it amounted to $3 trillion. Under George H.W. Bush, the national debt reached $4 trillion, and under Bill Clinton – $5.6 trillion. During George W. Bush’s term of office, the debt nearly doubled and amounted to more than $10 trillion. But Barack Obama surpassed them all as during the first four years of his presidency, the debt increased by more than $7 trillion. And according to Harvard economic historian Niall Ferguson, future unfunded debt liabilities are estimated to top $125 trillion — or $398,000 per each American citizen.

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