President Obama’s Economic Record

 

 

 

 

 

October, 2012: Deficit Tops $1 Trillion for Fourth Straight Year Under Obama

 

 

 

 

 

On September 4, 2012, the U.S. national debt passed $16 trillion. On President Barack Obama's watch, the debt has increased by 50 percent, as campaign promise after campaign promise has drowned in a sea of federal spending.

When he was running for President, Obama condemned George W. Bush for adding $4 trillion to the national debt over eight years, calling it "irresponsible" and "unpatriotic." Now—in less than four years—Obama's Administration has already added almost $6 trillion to the debt. That means he is on track to triple Bush's debt increase over eight years.

It is important to understand the magnitude of this debt increase and what it means for the country. Several terms are often used to describe the debt, but they are not interchangeable. Here is a quick guide to the U.S. debt.

National debt or "gross debt," which just passed $16 trillion: This includes what we think of as federal debt plus intergovernmental debt—money the U.S. government has loaned itself from one part of the budget to another. An example of intergovernmental debt is transfers from the general fund to Social Security.

  • The "debt ceiling" applies to this measure of the debt. At this rate, it will hit the ceiling again—meaning Congress will have to act and will likely raise the limit again—perhaps as early as November of 2012.
  • At $16 trillion, this number has passed total U.S. gross domestic product (GDP), the measure of all that is produced in the economy.
  • Since Obama took office, the national debt has increased from about $10.6 trillion to more than $16 trillion—a 50 percent increase.
  • Debt per taxpayer:  $111,414 and counting


Publicly held debt or "debt held by the public," which stands at about $11.3 trillion: The debt held by the public is publicly traded debt, so it can be bought and sold in the credit markets. It does not include the intergovernmental loans mentioned above.

  • Since Obama took office, publicly held debt has increased from about $6.3 trillion to about $11.3 trillion—a nearly 80 percent increase.
  • This total—and the 80 percent increase—is actually more significant, because President Obama has added more to the publicly held debt than any previous President.


The federal budget deficit, which is on track to top $1 trillion for the fourth straight year: The deficit shows how much government spending has exceeded revenue in a given year, or the money the government is taking in from taxes. In contrast, the publicly held debt is the total of all past deficits and surpluses. The U.S. government spends more than it takes in. To cover the deficit and continue spending, government bonds and notes—essentially IOUs—must be issued.

 


These numbers are staggering. In just a few years, the U.S. will be spending more on just the interest on the national debt than on our entire national defense budget. As Romina Boccia explains:

Countries like Greece and Italy demonstrate the economic pains that result from procrastinating on solving a nation's major spending and debt challenges.

 

 

 

The Truth about Obama’s Budget Deficits, in Pictures

 

According to the United States Department of Agriculture, 45.8 million (1 in 7) Americans are now on food stamps, which represents a new all-time record. That's up 12 percent from a year ago, 34 percent higher than two years ago, and nearly 61 percent higher than four years ago, when Barack Obama was preparing to take his Presidential oath.  [Source]

 

 

 

 

President Obama’s Economics is Crushing Seniors

 

 

 

 

Gas Prices Have Doubled Since President Obama Took Office

 

 

 

 

President Obama’s Depression Coming Our Way

 

 

 

 

1,035,000 Construction Jobs Lost Under Obama

President Barack Obama vowed in February 2009 that the economic stimulus legislation he was signing would create construction jobs for 400,000 people building and rebuilding the nation's infrastructure. [These were part of his “shovel-ready” jobs.]

But despite a price tag now estimated at $833 billion, there are 925,000 fewer construction jobs in the United States than in February 2009, and 1,035,000 fewer than when Obama was inaugurated, according to the Bureau of Labor Statistics (BLS).

And there are even 484,000 fewer jobs than when the last recession officially ended in June 2009.

When Obama signed the stimulus bill in Denver, Colo., he told a crowd: "Because we know we can't build our economic future on the transportation and information networks of the past, we are remaking the American landscape with the largest new investment in our nation's infrastructure since Eisenhower built an Interstate Highway System in the 1950s.

"Because of this investment, nearly 400,000 men and women will go to work rebuilding our crumbling roads and bridges, repairing our faulty dams and levees, bringing critical broadband connections to businesses and homes in nearly every community in America, upgrading mass transit, building high-speed rail lines that will improve travel and commerce throughout our nation."

But in September 2012, according to the BLS, 5,523,000 Americans had jobs in the construction industry, down from 6,558,000 in January 2009, when Obama took office, and down from 6,448,000 in February 2009, when Obama signed the stimulus.

It is also down from 5,564,000 in January of this year, when Obama started the fourth year of his term.

Construction jobs in the United States peaked at 7,726,000 in April 2006.

- Newsmax.com  

 

 

 

 

 

 

Trigger a Crisis—U.S. Debt on Track to Fuel Economic Crisis: One need not peer into tomorrow to see the effects that rampant government spending can have on a nation’s economy. Greece is in the midst of a continuing fiscal crisis brought about by years of irresponsible spending. The light blue chart area is the current and projected U.S. publicly held debt as percentage of Gross Domestic Product (GDP).

 

 

 

 

 

Four Ethical Reasons to Vote

 

 

Many question President Obama’s Agenda

 

 

 

 

Understand our need for govern-ment and its real nature.

 

 

 

 

Understand Socialism's Real Nature

 

 

 

 

Note that socialism and communism are forms of capitalism as well. It’s important to understand the two systems of capitalism. The simple explanation is captured in just five-minutes of a video production here. Simply fast-forward to timestamp 18:30.

 

 

 

 

See “Are We Causing Global Warming?”

 

 

 

 

Pray For President Obama

 

 

 

Review Barack Obama’s Early Years

 

 

 

Pray for the United States

 

 

 

See the 21-fold Plan of God

 

 

 

 

”A government big enough to give you everything you want, is big enough to take away everything you have.”  - Thomas Jefferson

 

 

 

 

As you may know, Jesus the Christ gave specified prophecies (predictions) for the ‘end times’ church to look for just before His return. Author Frank DiMora has been documenting these specified predictions for more than 25-years in a book entitled The Last Chronicles of Planet Earth. Download a free copy here.

Pages 47 - 82 of that book explains the Bible end times prediction that the world’s leading power will be Europe. That means that the world’s leading power—the United States—needs to tumble and therefore be transferred to Europe before the return of Jesus the Christ. Be encouraged to consider that when you read the verifiable reports above. Decide for yourself.

Barack Hussein Obama is most likely unaware of his role in fulfilling Biblical end times’ prophecy.