During President Barack Obama’s presidency, the national debt has soared $8.3 trillion, something that the President would have once described as being “irresponsible and unpatriotic.” The national debt is now over $18.9 trillion.
That equals $70,612.91 in net federal borrowing for each of the 117,480,000 households that the Census Bureau estimates were in the United States as of September.
During President George W. Bush’s eight years in office, the federal debt increased by $4,899,100,310,608.44, according to the Treasury. That equaled $44,104.65 in net federal borrowing for each of the 111,079,000 households that, according to the Census Bureau, were in the country as of Jan. 20, 2009, the day that Bush left office and Obama assumed it.
The national debt isn’t the only thing that reached a record high. In fiscal year 2015, the federal government took in record tax revenues, according to CNS News:
The federal government took in a record of approximately $3,248,723,000,000 in taxes in fiscal 2015 (which ended on Sept. 30), according to the Monthly Treasury Statement released today.
That equaled approximately $21,833 for every person in the country who had either a full-time or part-time job in September.
It is also up about $212,927,100,000 in constant 2015 dollars from the $3,035,795,900,000 in revenue (in 2015 dollars) that the Treasury raked in during fiscal 2014.
When Barack Obama was campaigning for president in 2008, he was critical of how President George W. Bush had added over $4 trillion to the national debt. He stated:
“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 that 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.”
When Barack Obama took office in January of 2009, the national debt was around $10.6 trillion. By the time the next president moves into the White House, the national debt very well could be double what it was eight years before.