So far in his administration, President Barack Obama has added nearly $9 trillion to the national debt, and it’s estimated that he will have doubled the debt by the time he leaves office.
But the real news is the tax revenue he’s brought in — nearly $20 trillion — $19,966,110,000,000, to be exact, collected from February 2009 through July 2016.
“During those same 90 months, the federal debt rose from $10,632,005,246,736.97 to $19,427,694,579,786.64 — an increase of $8,795,689,333,049.67,” Terence Jeffrey wrote for CNS News.
How does one accumulate that much debt while taking in tens of trillions in revenue? Simple, you spend money like a drunken sailor. CNS reported:
In July, according to the Monthly Treasury Statement released today, the federal government took in $209,998,000,000 in taxes and spent $322,813,000,000 — running a one-month deficit of $112,815,000,000.
So far in fiscal 2016, according the Treasury statement, the federal government has collected approximately $2,678,824,000,000 in taxes and spent approximately $3,192,487,000,000 — running a deficit of $513,662,000,000 for the first ten months of the fiscal year.
Remember back in 2008 when Obama called then-President George W. Bush “irresponsible” and “unpatriotic” for the debt he accumulated while in office? Here’s a little refresher for those who may have forgotten.
Bush’s spending made him out to be a piker as compared to Obama’s, as the following graphs illustrate:
Had Bush received the revenue Obama collected, Bush’s debt increase would have given Obama very little room for criticism. And if Bush’s actions were “irresponsible” and “unpatriotic,” what does that make Obama? UnAmerican? Traitorous?
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