That’s right; at the end of the business day on November 16, 2009, the national debt topped $12 trillion for the first time in history. Things only get worse when one looks at the growing rate of the debt:
- Over his first 300 days (209 business days at the Treasury), Obama presided over a $1,404,422,137,377.00 increase in the national debt. That’s right; 11.67 cents of every dollar of debt is on him.
- Speaking of that $1.4 trillion increase in debt on Obama’s watch, that is a 13.22% increase over that 300 days, or 14.38% on an annual basis.
- On a year-to-year basis, the 163 biggest increases of the debt in absolute dollars since January 1993-January 1994, and 144 biggest increases of the debt in percentage terms, had 2009 ending dates, including a high of $2.167 trillion (22.76%) between 9/16/2008 and 9/15/2009, with Obama responsible for $1.207 trillion of that.
- On a quarterly basis, the 1st ($427 billion, 3.99% increase), 2nd ($418 billion, 3.76% increase) and 3rd ($365 billion, 3.16% increase) quarters of 2009 were the 3rd, 4th, and 5th-largest increases in absolute size, and 3rd, 4th and 7th-largest increases in percentage terms, of the debt since 1993. They trailed, in order, the 4th quarter of 2008 and the 3rd quarter of 2008, with 2nd quarter of 2003 and the 4th quarter of 2003 having the 5th and 6th-largest percentage increases. Do remember that, while Obama was not in the Senate for No Child Left Behind and Medicare Part D, he was there to vote for TARP.
- On an absolute basis, six months (February, March, April, June, July and August) had increases in the debt that were in the top 10 since 1993.
- Perhaps the scariest bit of news – the debt is almost certainly higher than total personal income. The Bureau of Economic Analysis pegged personal income at $11.956 trillion in the third quarter of this year and declining, while the debt stood at $11.910 trillion on 9/30/2009. While the debt is still barely under the $14.302 trillion the GDP was estimated to be in the third quarter, it is also catching that.
No wonder why Obama is bowing, groveling, and otherwise licking the boots of any foreign leader perceived to have money.
Revisions/extensions (9:35 pm 11/17/209) – For more reading, head on over to Hot Air, where Allahpundit caught a whiff of the ultimate expiration date/red lips moment trial balloon of repealing every last Bush tax cut which, with all the other non-PlaceboCare tax hikes, would represent a $3 trillion/10 years tax hike (assuming, of course, that the money doesn’t just vanish). I wonder if the White House is paying attention to my last point of confiscating every last dime every last American makes in a year not eliminating the debt.
Also, stop on in CBS News’ Mark Knoller’s place, as it was his Tweet that launched my lenghty math exercise. I do have a math lesson for Mark – Bush’s $4.899 trillion increase in the debt was over 8 years, which makes that an 8.03% annual increase. Even the second term increase of $3.014 trillion represents only a 8.70% annual increase, far less than Obama’s 14.38% annualized rate. It is, however true, that Bush’s last-year increase of $1.438 trillion, which was a 15.65% annual increase, does top Obama’s current annualized rate (just wait for PlaceboCare to hit for that score to change).