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National debt

Plummeting toward catastrophe: Obama first president to spend $4 trillion in one year

Wednesday, April 17, 2013 by: J. D. Heyes
Tags: national debt, Obama, debt spending

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(NaturalNews) Most presidents in modern history have been profligate spenders when left to their own devices, but none so profligate as President Barack Obama, who has managed to blow through a mind-boggling $4 trillion in one year alone.

Forget all of the talk about you may have heard about past presidents regarding past deficits because they are minor in comparison to what Obama is doing. To be frank, he is spending money like a drunken sailor, and the worst part is, there appears to be no end in sight (this is why voters should demand the president and his part actually pass a federal budget - so they have numbers to live by, so to speak).

What's more, this isn't some partisan attack: Figures supplied by the government prove beyond a doubt that Obama is the nation's biggest spender-in-chief. Ever.

Nothing but deficits as far as the eye can see

The White House Office of Management and Budget (OMB), in releasing the historical tables along with the president's Fiscal Year 2014 Budget April 10, "revealed that in fiscal 2016, under the president's budget proposal, it expects Obama to become the first president in the nation's history to preside over a federal government that spends more than $4 trillion in one year."

In a word, that is obscene.

The OMB's historical tables also show that the office doesn't believe the Obama Administration to ever run an annual deficit below $458.5 billion, which is the amount of deficit spending the government ran during the last full year of the Bush administration, in 2008.

"According to OMB's tables, the federal government would spend $3.7778 trillion in fiscal 2014 under Obama's budget proposal. It would then spend $3.9801 trillion in fiscal 2015; $4.0898 trillion in fiscal 2016; and $4.2474 trillion in fiscal 2017," CNSNews.com reported. "Obama will leave office on Jan. 20, 2017, about four months into fiscal 2017."

As I said, Obama is not the first president in modern history, by far, to add trillions to the national debt. But he is, by far, the only president in U.S. history who has a) added a record amount of debt; and b) added that debt in record time.

To be fair, federal spending began to ratchet upward beginning in fiscal 2007, as the Great Recession began to take shape. That year, the OMB said the government ran a deficit of about $160.7 billion; by the following year, the deficit climbed to $458.5 billion.

Trillions and trillions more in red ink

But it didn't stop there. Obama began to add more spending on top of spending, all in the name of ending the recession in a Keynesian manner - that is, government spending our way to recovery. From CNSNews.com:

President Obama took office on Jan. 20, 2009, about four months into fiscal 2009. A Congress in which Obama sat had already enacted the $700 billion Troubled Asset Relief Program to bailout the financial industry. But, during the first month of Obama's first term, he signed an $830 billion stimulus bill.

From there, Obama's government ran a fiscal deficit in 2009 of .4126 trillion, followed by a deficit of $1.2943 trillion in 2010; in fiscal 2011, it ran a deficit of $1.2995 trillion; in fiscal 2012, it ran a deficit of $1.0869 trillion; and, in fiscal 2013, OMB projects a $972.9 billion deficit.

Moreover, OMB says under Obama, the budget will never be balanced. In fact, some estimates say Obama's on pace to add $1 trillion to the federal deficit - which already stands at nearly $17 trillion (Obama has added more than $6 trillion to the national debt - more than any other president in U.S. history).

What's one way to destroy a country? Destroy its economy. That's what Karl Marx would do.

Sources for this article include:

http://cnsnews.com

http://www.whitehouse.gov/omb/budget/Historicals

http://www.whitehouse.gov

http://www.usdebtclock.org/
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