With the U.S. economy supposedly in recovery mode and the unemployment numbers sitting at records lows, one would assume that former U.S. President Barack Obama had done an amazing job of helping the country recover from 2009’s devastating recession. As encouraging as everything might look, there’s still an elephant in the room that the democrats would just as soon not talk about.
With the clock still ticking, the U.S. National Debt is nearing $20 trillion. In fact, the number sat at $19.97 trillion as of the moment Donald Trump took office as the new President of the United States. At $19.97 trillion, it would mean that the national debt increased by more than $9.3 trillion since Obama took office in January of 2009. That’s an astonishing increase of 86% and almost equal to the total debt incurred by every president that came before Obama combined.
Looking back over the last eight years, it is clear that stimulus programs initial by both former Presidents George W. Bush and Obama added more that a trillion to the debt number. Many economists have laid claim that such programs were absolutely necessary to mediate the effects of the mortgage disaster that dragged the economy down over 3 years from 2009-2012.
Beyond that, much of the blame for the increase can be attributed to the rise in costs related to welfare programs such as food stamps. Despite the increase in the debt, the Obama administration loves to point out that the annual deficit has decreased each year of his presidency. While that might be true, one has to look at where the deficit started in order to fully appreciate the staggering amount of money the administration spent in eight years. It is nice to note the US’ credit rating is still listed as good, thanks to the Feds ability to keep printing money.