By Bill Wilson — Obama has added more debt in a single term than any president in American history — indeed, any leader in world history. By the end of this calendar year, the Obama Administration, through its policies, will have added $4.925 trillion to the national debt. That includes $185 billion of 2009 ‘stimulus’ spendingand when Obama’s first continuing resolution went into effect at the end of the 2009 fiscal year.
By the time his fiscal year 2013 spending has fully gone into effect, Obama will have added a full $5.823 trillion to the debt.
Obama cannot blame his predecessors. By his policies alone — which include a failure to rein in our unsustainable fiscal trajectory — Obama will have increased the national debt by 46.9 percent by the end of calendar year 2012, and 55.4 percent by the end of fiscal year 2013. That is unacceptable to taxpayers and future generations that are expected to foot the bill.
Overall, since Obama took office, the debt has increased by a whopping $5.061 trillion, reflecting his failure to restore order to the nation’s fiscal house. The national debt is now larger than the entire economy for the first time since World War II, and is growing by about a 10 percent annual rate, far faster than the economy. No nation can long endure on such a basis, and time is running out to steer the Ship of State from the fiscal Abyss that Europe is presently sinking into.
Bill Wilson is the President of Americans for Limited Government. You can follow him on Twitter at @BillWilsonALG.
