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The new federal debt accumulated in Obama's first term equaled approximately $50,521 for each of household in the country. On Jan. 20, 2009, when Obama was first inaugurated, the total debt of the federal government was $10,626,877,048,913.08, according to the U.S. Treasury. As of the close of business on Jan. 17, the last day reported by the Treasury before Obama’s second inauguration, the total debt of the federal government was $16,432,631,489,854.70. Thus, from Obama’s first inauguration to his second, the federal government’s debt grew by $5,805,754,440,941.62. Given that the Census Bureau currently estimates that there are 114,916,000 households in the United States, the $5,805,754,440,941.62 debt increase under Obama equals about $50,521 per household.
When George W. Bush was first inaugurated on Jan. 20, 2001, the total debt of the federal government was $5,727,776,738,304.64. Thus, the total accumulated debt of the federal government was less on the day George W. Bush was inaugurated than the $5,805,754,440,941.62 in additional debt Obama accumulated during his first term. When Bush left office on Jan. 20, 2009, the total debt of the federal government was $10,626,877,048,913.08. Thus, in George W. Bush’s two terms the total debt of the federal government increased $4,899,100,310,608.44—or by less than the $5,805,754,440,941.62 the debt increased in Obama’s first term alone.
On Oct. 11, 2001, during Bush’ first year in office, the debt rose from $5,805,746,196,414.92 to $5,811,762,115,860.32. Since then it has never dipped below $5,805,754,440,941.62 (the amount the debt increased in Obama’s first term). Thus, the debt increased more in Obama's first term than it did during the combined 53 terms of the first 42 presidents (George Washington through Bill Clinton). President Obama is currently demanding that Congress increase the legal limit on the federal debt without making him agree to corresponding cuts in federal spending.
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At the same time, the number of retired workers collecting Social Security increased by only 4,234,480. The increase in Americans opting out of the labor force during Obama’s first term resulted in a decrease in the labor force participation rate from 65.7 percent in January 2009, the month Obama was first inaugurated, to 63.6 percent in December 2012, the latest month reported. Before Obama took office, the labor force participation rate had not been as low as 63.6 percent since 1981, the year President Ronald Reagan took over from President Jimmy Carter. To be in the labor force a person must either have a job or actively sought one in the previous four weeks.
When Obama was inaugurated in January 2009, there were 80,507,000 American civilians age 16 or older who did not have a job or seek one. In December 2012, there were 88,839,000—thus, the increase of 8,332,000. Also, in January 2009, there were 32,484,808 retired workers collecting Social Security benefits, according to the Social Security Administration. By December 2012 that had risen to 36,719,288, and increase of 4,234,480. The increase in the number of Americans not participating in the labor force during Obama’s presidency outstripped the increase in the retired workers collecting Social Security by 4,097,520 persons.
In the comparable period of George W. Bush’s second term, the number of Americans choosing not to participate in the labor force went from 76,808,000 in January 2005 to 80,380,000 in December 2012—an increase of 3,572,000. At the same time during Bush’s second term, the number of retired workers collecting Social Security rose from 30,086,392 to 32,273,145, and increase of 2,186,753. During this period, the increase in those not participating in the labor force outstripped the increase in retired workers collecting Social Security by only 1,385,247. The rate of participation in the labor force was the same in January 2005 that it was in December 2008—65.8 percent.
In Bush’s first term, the number of Americans choosing not to participate in the labor force went from 70,088,000 in January 2001 to 76,581,000 in December 2004, an increase of 6,493,000. In January 2001, the labor force participation rate was 67.2 percent. In December 2004, it was 65.9 percent. The Bureau of Labor Statistics has been tracking the labor force participation rate since 1948. Since then, the rate peaked at 67.3 percent, a level it maintained for the first four months of 2000. Before President Obama took office, the labor force participation rate had not been as low as 63.6 percent since 1981, which was the year President Ronald Reagan took over from President Jimmy Carter.
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Chastened by its last brush with the debt limit, Congress on Thursday approved a waiver allowing the government to run up as much debt as it needs over the next 3½ months but senators also prodded themselves to finally write a budget for the first time in four years. Indeed, the debt bill includes language that will begin to halt lawmakers pay if they dont pass budgets through the House and Senate by April 15.
Some analysts have raised questions about the constitutionality of withholding salaries, which appears to conflict with the 27th Amendment. But senators brushed aside those concerns, hoping to make the budget deadline so they never have to face the penalty, and focusing instead on the debt-limit increase, which they said staved off another last-minute showdown. A short-term solution is better than another imminent, manufactured crisis, Senate Majority Leader Harry Reid, Nevada Democrat, said of the bill, which was approved by a 64-34 vote.
The measure passed the House last week and now goes to President Obama, who has said he will not block it from becoming law. The federal government is bumping up against its $16.39 trillion debt limit, and the Treasury Department is using extraordinary measures to delay hitting that level. If the limit is breached, the government would instantly have to cut spending by as much as 40 percent. Congress usually sets a dollar amount for the debt limit, but this time House Republicans took a different approach. They said the government can add debt up through May 18, and at that point the debt limit will be adjusted to include whatever spending has taken place likely to be an extra $450 billion, based on previous years history.
The goal, Republicans said, was to create the space for both the House and Senate to write budgets, which will give voters a chance to evaluate the two parties priorities. In 2011, House Republicans and Mr. Obama brought the country to the brink of a debt crisis when they couldnt agree on a way to increase the borrowing limit. In the end, they struck a deal to allow more than $2 trillion more in immediate debt authority in exchange for an equal amount of cuts over 10 years. Those cuts included the automatic spending sequesters with which Congress is still grappling. It has been four years since the Senate passed a budget, and House Speaker John A. Boehner, Ohio Republican, who drove the debt legislation, said this bill will change that. Senate Democrats are now required to do their job for the American people and pass a budget, or lose their pay, he said.
Read more: Congress gets 3½ months to run up debt - Washington Times
At the close of business on Jan. 20, 2009, the day Obama was first inaugurated, the debt of the federal government was $10,626,877,048,913.08. At the close of business on Thursday, Feb. 28, the debt of the federal government hit $16,687,289,180,215.37. That means that so far during Obamas presidency, the total debt of the federal government has increased by $6,060,412,131,302.29.
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According to the latest estimate from the Census Bureau, there are 115,031,000 households in the United States. Thus, the debt of the federal government has increased by approximately $52,685 per household during Obama's time in office. Under Obama, the debt has already increased by more than it increased under all U.S. presidents from George Washington through Bill Clinton.
The total federal debt did not finally exceed $6.06 trillion until June 28, 2003, during President George W. Bushs first term. At the close of business on June 27, 2002, the total federal debt was $6,018,752,489,419.85. By the close of business on June 28, it was $6,126,468,760,400.48. In the less-than eleven years that have passed since June 27, 2002, the federal debt has increased by more than $10 trillion.
- See more at: The $6 Trillion Man--Debt Up That Much Under Obama | CNS News
Over 10 years, the bill would add another $7.2 billion to the deficit. Known as the American Family Economic Protection Act, the bill was introduced by Senate Majority Leader Harry Reid (D-Nev.) on Wednesday. CBO estimates that S. 388 would increase direct spending by $62.4 billion and revenues by $55.1 billion over the 2013-2023 period. Thus, the cumulative deficit would increase by $7.2 billion from those changes, the CBO said in its report on Wednesday. The bill would add $41.5 billion to the deficit in 2013, $15.9 billion in 2014, and $5.2 billion in 2015 before its tax increases are scheduled to begin lowering yearly deficits. However, because it raises spending more than it raises taxes, it would still add a total of $7.2 billion to the deficit, according to the CBOs calculations.
The spending increases come, unsurprisingly, from replacing the sequestration cuts scheduled to go into effect on Friday. The bill raises taxes by implementing the so-called Buffett Rule imposing a 30 percent minimum tax on anyone making more than $5 million per year, as well as extending a $0.08-per-barrel tax on oil to cover oil produced from tar sands. Combined, the CBO estimates that the Buffett Rule tax would raise $53 billion over 10 years and the oil tax would raise just $2 billion. A third provision blocking companies from taking tax deductions if they move production facilities overseas would raise just $200 million. The bill was formally filed on Tuesday, but has yet to come up for a vote.
President Obama praised the measure as an example of what he termed a balanced approach. Congress should pass a smaller package of spending cuts and tax reforms that would prevent these harmful cuts [sequestration] -- not to kick the can down the road, but to give them time to work together on a plan that finishes the job of deficit reduction in a sensible way, Obama said in a speech on February 19. I know Democrats in the House and in the Senate have proposed such a plan -- a balanced plan, one that pairs more spending cuts with tax reform that closes special interest loopholes and makes sure that billionaires cant pay a lower tax rate than their salary -- their secretaries, said Obama. The automatic sequester cuts scheduled to start on Friday will trim $44 billion from increased federal spending in 2013, about 1.2 percent of the federal budget, which is $3.6 trillion.
- See more at: CBO: Democrat Sequester-Replacement Plan Adds $42B to Deficit This Year | CNS News
Granny says she ain't payin' it - he made the debt, let Obama pay fer it...
First Term: Obama Increased Debt $50,521 Per Household; More Than First 42 Presidents in 53 Terms Combined
January 19, 2013 - During Barack Obamas first term as president of the United States, the debt of the federal government increased by $5.8 trillion, which exceeds the combined debt accumulated under all presidents from George Washington through Bill Clinton.
The new federal debt accumulated in Obama's first term equaled approximately $50,521 for each of household in the country. On Jan. 20, 2009, when Obama was first inaugurated, the total debt of the federal government was $10,626,877,048,913.08, according to the U.S. Treasury. As of the close of business on Jan. 17, the last day reported by the Treasury before Obamas second inauguration, the total debt of the federal government was $16,432,631,489,854.70. Thus, from Obamas first inauguration to his second, the federal governments debt grew by $5,805,754,440,941.62. Given that the Census Bureau currently estimates that there are 114,916,000 households in the United States, the $5,805,754,440,941.62 debt increase under Obama equals about $50,521 per household.
When George W. Bush was first inaugurated on Jan. 20, 2001, the total debt of the federal government was $5,727,776,738,304.64. Thus, the total accumulated debt of the federal government was less on the day George W. Bush was inaugurated than the $5,805,754,440,941.62 in additional debt Obama accumulated during his first term. When Bush left office on Jan. 20, 2009, the total debt of the federal government was $10,626,877,048,913.08. Thus, in George W. Bushs two terms the total debt of the federal government increased $4,899,100,310,608.44or by less than the $5,805,754,440,941.62 the debt increased in Obamas first term alone.
On Oct. 11, 2001, during Bush first year in office, the debt rose from $5,805,746,196,414.92 to $5,811,762,115,860.32. Since then it has never dipped below $5,805,754,440,941.62 (the amount the debt increased in Obamas first term). Thus, the debt increased more in Obama's first term than it did during the combined 53 terms of the first 42 presidents (George Washington through Bill Clinton). President Obama is currently demanding that Congress increase the legal limit on the federal debt without making him agree to corresponding cuts in federal spending.
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See also:
First Term: Americans Not in Labor Force Increased 8,332,000
January 20, 2013 - The number of Americans age 16 or older who decided not to work or even to seek a job increased by 8,332,000 to a record 88,839,000 in President Barack Obamas first term, according to the Bureau of Labor Statistics.
At the same time, the number of retired workers collecting Social Security increased by only 4,234,480. The increase in Americans opting out of the labor force during Obamas first term resulted in a decrease in the labor force participation rate from 65.7 percent in January 2009, the month Obama was first inaugurated, to 63.6 percent in December 2012, the latest month reported. Before Obama took office, the labor force participation rate had not been as low as 63.6 percent since 1981, the year President Ronald Reagan took over from President Jimmy Carter. To be in the labor force a person must either have a job or actively sought one in the previous four weeks.
When Obama was inaugurated in January 2009, there were 80,507,000 American civilians age 16 or older who did not have a job or seek one. In December 2012, there were 88,839,000thus, the increase of 8,332,000. Also, in January 2009, there were 32,484,808 retired workers collecting Social Security benefits, according to the Social Security Administration. By December 2012 that had risen to 36,719,288, and increase of 4,234,480. The increase in the number of Americans not participating in the labor force during Obamas presidency outstripped the increase in the retired workers collecting Social Security by 4,097,520 persons.
In the comparable period of George W. Bushs second term, the number of Americans choosing not to participate in the labor force went from 76,808,000 in January 2005 to 80,380,000 in December 2012an increase of 3,572,000. At the same time during Bushs second term, the number of retired workers collecting Social Security rose from 30,086,392 to 32,273,145, and increase of 2,186,753. During this period, the increase in those not participating in the labor force outstripped the increase in retired workers collecting Social Security by only 1,385,247. The rate of participation in the labor force was the same in January 2005 that it was in December 200865.8 percent.
In Bushs first term, the number of Americans choosing not to participate in the labor force went from 70,088,000 in January 2001 to 76,581,000 in December 2004, an increase of 6,493,000. In January 2001, the labor force participation rate was 67.2 percent. In December 2004, it was 65.9 percent. The Bureau of Labor Statistics has been tracking the labor force participation rate since 1948. Since then, the rate peaked at 67.3 percent, a level it maintained for the first four months of 2000. Before President Obama took office, the labor force participation rate had not been as low as 63.6 percent since 1981, which was the year President Ronald Reagan took over from President Jimmy Carter.
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