Obama's Legacy - Debt

Since President Obama entered office on January 20, 2009, U. S. government debt held by the public has risen 89.879% — or approximately 90% — according to the last Daily Treasury Statement for Fiscal 2013 released October 1. Terry Jeffrey at CNSNews.com writes:

At the close of business on Sept. 30, 2013—the last day of fiscal 2013—the Daily Treasury Statement said the U.S. government debt held by the public was $11,976,279,000,000.

The $11,976,279,000,000 in U.S. government debt held by the public on September 30, 2013 was $5,668,968,000,000 more than the $6,307,311,000,000 in debt held by the public on Obama's first inauguration day.

That's an increase of 89.879 percent—or approximately 90 percent.

The U.S. Treasury divides the U.S. government's debt into two general categories: debt held by the public and intragovernmental debt.

Debt held by the public consists primarily of U.S. Treasury securities—including bills, notes and bonds—that the Treasury sells on the open market to everybody from individual families and investors to government entities in the People's Republic of China.

Intragovernmental debt is money the Treasury has borrowed from the Social Security Trust Fund and other government sources to pay for current government expenses.

Under Obama, intragovernmental debt has increased only about 10 percent, starting at $4,319,566,000,000 on January 20, 2009 and increasing to $4,761,904,000,000 by the close of business on Sept. 30, 2013.

Federal government debt, it appears, will be the Obama Administration's most notable legacy.

U.S. Debt Now Equal to Economy (USAToday)

"The soaring national debt has reached a symbolic tipping point," reports USA Today. "It's now as big as the entire U.S. economy."

"The amount of money the federal government owes to its creditors, combined with IOUs to government retirement and other programs, now tops $15.23 trillion."

"The total national debt topped the size of the economy for three years during and after World War II. It dropped to 32.5% of the economy by 1981, then began a steady climb under President Reagan, doubling over the next 12 years. The combination of recession and stimulus spending caused it to soar again under Obama."

The US Debt in an Easy-to-Understand Graphic

Most of us have a tough time understanding how enormous the US debt has grown in the last few years. One group cuts through the fog with a graphic that visualizes it.

"If you live in USA this is also your personal credit card bill; you are responsible along with everyone else to pay this back," writes the group. "The citizens of USA created the U.S. Government to serve them, this is what the U.S. Government has done while serving The People." Check it out if you dare.