Many Americans believe Barack Obama was a miserable failure.
But how costly was his failure?
The numbers are mind-boggling.
Barack Obama will leave office having added $9.3 trillion to the national debt.
This $9.3 trillion in debt is almost equal to the amount of debt piled up by the previous 43 presidents combined.
It was also twice as much as stacked up by George W. Bush.
CNS News reports on Obama’s disastrous fiscal policies:
President Barack Obama will leave the federal government approximately $9,335,000,000,000 deeper in debt than it was when he took office eight years ago, according to data released today by the U.S. Treasury.
The increased debt incurred under Obama equals approximately $75,129 for every person in the United States who had a full-time job in December.
The $9,334,590,089,060.56 that the debt had increased under Obama as of the close of business on Wednesday is far more debt than was accumulated by any previous president. It equals nearly twice as much as the $4,889,100,310,609.44 in additional debt that piled up during the eight years George W. Bush served as president.
When Obama took office on Jan. 20, 2009, the federal debt was $10,626,877,048,913.08. As of the close of business Wednesday, it was $19,961,467,137,973.64. The final debt number for Thursday, Obama’s last full day in office, will not be released until after Donald Trump is sworn in as president on Friday.
According to the Bureau of Labor Statistics, there were 124,248,000 people in the United States with full-time jobs in December. The total federal debt of $19,961,467,137,973 equals approximately $160,658 for each one of those workers. The $9,334,590,089,060.56 that the debt has increased under Obama equals $75,128.69 for each one of those workers.
Obama began his administration with the costly and failed stimulus package.
The $763 billion government spending bill was supposed to jump-start the economy after the great recession.
Instead, America suffered through the slowest economic recovery since World War II.
Obama was also the first president since Herbert Hoover not to preside over an economy that grew at three percent for a single year.
While Americans got little bang for the debt-ridden stimulus package, that was just the start of Obama’s fiscal train wreck.
After the 2011 debt ceiling negotiation yielded the Budget Control Act which led the sequestration spending cuts, Obama refused to negotiate any spending reductions for the debt ceiling.
Rather than address America’s fiscal crisis, Obama was happy to leave the train on course for a collision.
Now it’s up to Donald Trump and the Republican Congress to steer America back toward fiscal sanity.
Will they be able to accomplish this task?