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Obama Added More to National Debt in First 19 Months Than All Presidents from Washington Through Reagan Combined, Says Gov’t Data


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Obama Added More to National Debt in First 19 Months Than All Presidents from Washington Through Reagan Combined, Says Gov’t Data
Wednesday, September 08, 2010
By Terence P. Jeffrey, Editor-in-Chief


President Barack Obama speaks in Seattle on Tuesday, August 17, 2010. (AP Photo/Carolyn Kaster)
(CNSNews.com) - In the first 19 months of the Obama administration, the federal debt held by the public increased by $2.5260 trillion, which is more than the cumulative total of the national debt held by the public that was amassed by all U.S. presidents from George Washington through Ronald Reagan.

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.snip
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I wish they would get it right...JUST once...

Obama and the U S Congress Added More to National Debt in First 19 Months Than All Presidents from Washington Through Reagan Combined.

 

Obama couldn't do Jack without his sycophant congress doing his dirty work.

 

Prophetic quote from the past:

 

"What I find interesting is that no one looks back to when the Democrats took control of Congress. In January 2007 the economy was strong, the Dow Jones Industrial Average stood above 10,000 and was rising, and unemployment was 4.3%. The mess that Mr. Obama is now trying to clean up is the result of the 2007 Democratic Congress. And if you think that is bad, wait until you see the mess created by this Congress."

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