Obama’s parting gift to this country is a transformed society with $20 trillion in debt. The big question is what will Republicans do differently to curb the growth of the debt?
Given recent news about GOP plans on health care and infrastructure, there are no signs things will improve. Meanwhile, the Government Accountability Office has released a new “fiscal health” study, which portends disturbing trends for our fiscal stability.
The gross federal debt now stands at $19.94 trillion — roughly $9.3 trillion more than it was when Obama took office. It took from our nation’s founding until 2008 (including most of the profligate Bush presidency) to accrue the first $9.3 trillion in debt. The public’s share of the debt is now $14.4 trillion, an $8.1 trillion increase since 2009.
Yes, Obama more than doubled the public share of the debt during his presidency!
The gross federal debt, which includes intra-governmental debt comprised primarily of obligations for Social Security, federal pensions, and military pensions, is now 107 percent of the size of our economy and will forever grow larger than our GDP. When Obama was inaugurated, the gross debt was just 74 percent of GDP. If we look at just the public share of the debt, the numbers are even starker. In January 2009, the public share of the debt was just 44 percent of GDP; now it stands at 77.4 percent.
While the media focus on the inaugural attire of the Trump family this weekend, conservatives should begin demanding answers from Trump and Republicans to the $20 trillion question.
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