President Obama has increased national debt by $5 TRILLION

President Barack Obama has increased the national debt by approximately $5 trillion since his inauguration. These figures are courtesy of the U.S. Treasury released this week. Under the Obama administration, the federal government's debt has increased by $15,824.21 for each of the 313,223,079 million people that the Census Bureau now estimates live in the U.S. This translates to $41,762.92 for each of the nation's 118,682,000 households.

As of the close of business on March 19, 2012, the debt had increased since Obama's inauguration by $4,947,361,319,191.81, slightly below the rounding point of $4.95 trillion.

LOS ANGELES, CA (Catholic Online) - On January 20, 2009, the day of Obama's inauguration, the federal government's debt was $10,626,877,048,913.08. As of Tuesday, March 20, 2012, it was $15,583,383,846,149.34, which represents an increase of $4,956,506,797,236.26 . rounding out to $5 trillion.

As of the close of business on March 19, 2012, the debt had increased since Obama's inauguration by $4,947,361,319,191.81, slightly below the rounding point of $4.95 trillion.

To illustrate, the $4,956,506,797,236.26 in new debt the U.S. government has accumulated since Obama has been in office is equal to all the debt the U.S. government accumulated between July 4, 1776, when the British colonies declared their independence until August 15, 1995, when Bill Clinton was in the third year of his first term.

In the first 1,156 days of Obama's presidency, the federal debt increased at an average rate of $4,287,635,637.75 per day. Were the debt to maintain that average daily rate of increase through the end of Obama's term on Jan. 20, 2013, the debt will have increased by $6,264,235,666,752.75 during Obama's term.

The total national debt did not exceed $6,264,235,666,752.75 until Oct. 29, 2002, during George W. Bush's first term. Obama, in just four years, will have increased the federal government's debt by more than all presidents from Washington through Clinton combined.

According to a Washington Post article, massive budget deficits and mushrooming pension and health-care entitlements increased the federal government's long-term obligations by $4.2 trillion in 2011 - more than three times the $1.3 trillion official figure for the federal budget deficit. Obama's $800 billion stimulus package, which benefited the public-employee unions that receive lucrative unfunded pensions and health benefits, will actually shrink the size of the economy in the long run, the Congressional Budget Office says, although it temporarily pumped up employment among government employees.

By contrast, two economists argue that it wiped out the jobs of a million private-sector employees by diverting money from the private sector to the public sector.

"Americans now owe $189,000 each in national debt and unfunded entitlements. That's 885 percent of our economy's size (or GDP), exceeding Greece's debts and unfunded liabilities, which amount to 875 percent of its economy (although Greece is worse off than the U.S. now since its economic growth is lower due to factors like greater corruption and a more rapidly-aging population, and its borrowing costs are higher)," the Opposing Views Web site writes.

? 2012, Catholic Online. Distributed by NEWS CONSORTIUM.

Pope Benedict XVI's Prayer Intentions for March 2012
General Intention: Contribution of Women.
That the whole world may recognize the contribution of women to the development of society.
Missionary Intention: Persecuted Christians.
That the Holy Spirit may grant perseverance to those who suffer discrimination, persecution, or death for the name of Christ, particularly in Asia.

Source: http://www.catholic.org/politics/story.php?id=45344&wf=rsscol

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