Under Barack Obama, National Debt Increases $100 Million Every Hour of Every Day
by Joe Wolverton, II, J.D.
TheNewAmerican.com
Friday, 29 July 2016
What took other presidents more than 200 years to do, Barack Obama has done in one year, and he continues doing it year in, year out.
During the Barack Obama administration, $1.1 trillion dollars has been added every year to the national debt.
This is not exactly the legacy one would expect from a man who, as a senator in 2006 said that “increasing America’s debt weakens us domestically and internationally. Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren.”
Ironcially, as president, Barack Obama has laid upon the backs of those very children and grandchildren a debt that increases by about $100 million every hour, every day.
It isn’t surprising to learn, then, that Barack Obama is the first president in the history of the United States to not have a single year of three percent growth in gross domestic product (GDP).
According to economist Louis Woodhill, if the U.S. economy continues along its present rate of growth, then Barack Obama will end his term of office with the unimpressive distinction of having the fourth worst economic record in the history of this country.
“Assuming 2.67% RGDP growth for 2016, Obama will leave office having produced an average of 1.55% growth. This would place his presidency fourth from the bottom of the list of 39*, above only those of Herbert Hoover (-5.65%), Andrew Johnson (-0.70%) and Theodore Roosevelt (1.41%),” Woodhill writes. (Emphasis in original.)
And the increase in the national debt is so out of control that some observers reckon that there is no way that the burden will ever be lifted. “At this point, our national debt is more than 30 times larger than it was just 40 years ago, and many (including myself) have argued that it is now mathematically impossible for the U.S. government to ever pay off all of this debt,” explains Michael Snyder of the blog Economic Collapse. “The only thing that we can do now is to keep the party going for as long as possible until the day of reckoning inevitably comes,” Snyder adds ominously.
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