Wednesday, September 08, 2010
By Terence P. Jeffrey, Editor-in-Chief
The U.S. Treasury Department divides the federal debt into two categories. One is “debt held by the public,” which includes U.S. government securities owned by individuals, corporations, state or local governments, foreign governments and other entities outside the federal government itself. The other is “intragovernmental” debt, which includes I.O.U.s the federal government gives to itself when, for example, the Treasury borrows money out of the Social Security “trust fund” to pay for expenses other than Social Security.
At the end of fiscal year 1989, which ended eight months after President Reagan left office, the total federal debt held by the public was $2.1907 trillion, according to the Congressional Budget Office. That means all U.S. presidents from George Washington through Ronald Reagan had accumulated only that much publicly held debt on behalf of American taxpayers. That is $335.3 billion less than the $2.5260 trillion that was added to the federal debt held by the public just between Jan. 20, 2009, when President Obama was inaugurated, and Aug. 20, 2010, the 19-month anniversary of Obama's inauguration.
By contrast, President Reagan was sworn into office on Jan. 20, 1981 and left office eight years later on Jan. 20, 1989. At the end of fiscal 1980, four months before Reagan was inaugurated, the federal debt held by the public was $711.9 billion, according to CBO. At the end of fiscal 1989, eight months after Reagan left office, the federal debt held by the public was $2.1907 trillion. That means that in the nine-fiscal-year period of 1980-89--which included all of Reagan’s eight years in office--the federal debt held by the public increased $1.4788 trillion. That is in excess of a trillion dollars less than the $2.5260 increase in the debt held by the public during Obama’s first 19 months.
When President Barack Obama took the oath of office on Jan. 20, 2009, the total federal debt held by the public stood at 6.3073 trillion, according to the Bureau of the Public Debt, a division of the U.S. Treasury Department. As of Aug. 20, 2010, after the first nineteen months of President Obama’s 48-month term, the total federal debt held by the public had grown to a total of $8.8333 trillion, an increase of $2.5260 trillion.
In just the last four months (May through August), according to the CBO, the Obama administration has run cumulative deficits of $464 billion, more than the $458 billion deficit the Bush administration ran through the entirety of fiscal 2008.
The CBO predicted this week that the annual budget deficit for fiscal 2010, which ends on the last day of this month, will exceed $1.3 trillion.
The first two fiscal years in which Obama has served will see the two biggest federal deficits as a percentage of Gross Domestic Product since the end of World War II.
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JMC Ministries Response
Written By Miranda Caverley
Just 2 days ago as we listened to hundreds possibly thousands of people attend President Obama's Speech Live and millions listen and watch via tv and internet in Madison Wisconsin We heard people yelling, "YES WE CAN!!" and "I LOVE YOU OBAMA" as the president spoke about spending billions more money for stimulus funds and giving tax cuts to the poor while raising taxes for the rich! And Still they Yelled and Chanted like a bunch of brainwashed zombies "YES WE CAN, YES WE CAN" Not caring that the President has put America in the largest debt in the history of our country in just 2 years of his presidency. And we still have 2 more years to go, will these same people still be yelling and chanting this after they start being affected by these soon to be gone tax cuts and see taxes increased beyond what has ever been seen before in the U.S. Because some way some how somebody has to pay for all this debt, and it surely won't be those in the White House. It will be us the U.S Citizen, we will be paying for the rest of our lives for the choices our current President and Leaders are making.
Do those chanting "I LOVE YOU OBAMA" and cheering for every promise he makes that so far he really hasn't kept other than that he promised that he was going to make sure he spent more money dispite the disapproval of the Republicans and end the War in Iraq. After all this money has been spent and all these bills have been passed we are still seeing Americans struggle day by day to make ends meet. Americans losing their homes and living in homeless shelters. Warnings from WallStreet That they fear the Stock Market may crash and spiral us into the Biggest Depression since the Great Depression. And Unemployment rates still rising and hard working Americans still being out of work. I guess when Obama promised Change he kept that promise America has certainly Changed in just 2 years....and for the worse. I am very afraid of just how much more President Obama will Change Before he is either voted out of office or serves another term and has to forfeit his reign over the United States To Someone Else. Where do you think The U.S will be in another 2 or 6 years. Frankly I see a very bleak future, nothing but destruction and anarchy people rioting and civil war returning to America. We can only pray that as the time draws closer the the elections that we as Americans really think about who we are voting for and pray, pray for discernment that God allow us to know who is lying to us and who is telling the truth and is really here for the U.S Citizen and not just themselves and their own personal agenda's. May God Bless You The American Citizen and May God Help The U.S.A
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