Barack Hussein Obama’s presidency is described by many as the worst in US history, and if we’re talking about the National Debt, “they” really make a solid point.
In his 8 years as POTUS, Obama added roughly one trillion dollars per year to the National Debt, a sum which amounts to a 68% increase from the $11,6 trillion debt level accrued by the end of George W. Bush’s terms in office.
There are several methods for determining a president’s contribution/influence to the National Debt, yet the most precise figure is calculated by combining the budget deficits from every fiscal year, then adding the resulting sum to the total amount of the last president’s debt level, i.e. the National Debt figure after G.W. Bush left office.
For example, when G.W.Bush entered the White House for the first time, the US National Debt was 5.8 trillion dollars and during his 2 terms in office, he added another 5.8 trillion to the National Debt. Hence, when Barack Hussein Obama was sworn in, the US National Debt level was approximately 11.6 trillion dollars.
The irony is that while running for POTUS, Barack Obama criticized heavily G.W. Bush’s deficit spending, referring to it as being unpatriotic and irresponsible. To quote Obama’s 2008 presidential campaign event speech:
The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents — 43 added $4 trillion by his lonesome. So we now have over $9 trillion of debt that we are going to have to pay back — $30,000 for every man, woman and child. That’s irresponsible. It’s unpatriotic.
While Bush did pretty good when it comes to adding to the US taxpayer’s burden, via his 5.8 trillion dollars tacked onto the US National Debt, Barack Obama smoked him, winning in a landslide so to speak, with his nearly 8 trillion of new debt, a performance which makes him the worst US President in history, or the best at spending, depending from one’s point of view.
Currently speaking, the US National Debts stands at 19,94 trillion dollars.
Source: The Balance