Obama Racked Up More Debt Than All Presidents Combined

by C Serpa  
 

 

 

United States of America is the nation with most debt by far in the history of human civilization. 

The US’s total debt, including personal debt, real estate (mortgage) debt, consumer debt, credit card debt and government debt totals a mega $47,992 Billion USD ($47.9 trillion), roughly 2400 trucks full of money.  

Check it out on this real-time website: US Debt Clock.

With industrialized world economies in crisis, the USA faces little problem to finance its budget deficit in since the world’s money is currently flowing into USA in great numbers, as investors try to find “safety” in which to store their money, since Europe is not safe; neither are banks. As long as USA has access to cheap credit due to scared investors willing to hand over their money in the name of “safety”. USA’s interest payments will remain far below normal. 

This speaks to the recent strengthening of the US Dollar. The dollar index had been hovering in the 70s earlier this year. The strength is due to the fact that Europe’s economy is weakening and the US dollar is still thought to be the safest currency in which foreign countries flee. As long as the US can keep up this confidence in the dollar, we should see strength from foreign investors.  

However, the amount of the debt is dangerous in many ways. One problem is it leads to inflation. 

If  inflation gets high enough, then the antidote to bring it down is to increase interest rates. As we have a ZIRP (zero interest rate policy), any raise in interest rates will make the interest payments on the debt unaffordable. In addition, higher interest rates will stop people from getting mortgages, which will collapse the already increasingly fragile housing market.
 

Yes, the picture to your left is dated last year, time enough for Obama to add another 1/2 Trillion to the debt. When will it stop? Under this President, it won’t.

He loves to spend money, golf and host fundraisers. He schmoozes with Hollywood actors while the world gets beheaded and contracts deadly viruses. Let’s face it. He loves to party and doesn’t really take his job seriously. Unless he can screw Americans, that is.

When President Obama took office on Jan. 20, 2009, the total federal debt was $10,626,877,048,913. As of the close of business on July 30, 2014, it had risen to almost 18 Trillion today–up $7 trillion since Obama’s first inauguration day.

This illustration shows what the current debt looks like, in stacks of money . The picture below shows the stacks and truckloads of money that equal the amount of the current US debt:

 

 

The US (and global) economic growth will never recover and rebound and in fact will [the economy] decline with every passing year.

In fact, 
 

Americans are nearly 60 TRILLION dollars in debt.  When you total up all forms of debt including government debt, business debt, mortgage debt and consumer debt, we are 59.4 trillion dollars in debt.  That is an amount of money so large that it is difficult to describe it with words.  For example, if you were alive when Jesus Christ was born and you had spent 80 million dollars every single day since then, you still would not have spent 59.4 trillion dollars by now.
 

“For a while after the recession it was trendy to cut up your credit cards and get out of debt.

But that fad wore off rather quickly, didn’t it?

It is almost as if 2008 never happened.  We are making the same mistakes with debt that we did before.

Total consumer credit in the U.S. has risen by 22 percent over the past three years alone, and at this point 56 percent of all Americans have a sub-prime credit rating.

And have you noticed that a lot of people are not afraid to extend themselves in order to buy shiny new vehicles these days?  During the first quarter of this year, the size of the average vehicle loan soared to a new all-time record high of $27,612.  Five years ago, that number was just $24,174.

2008 should have been a major wake up call that resulted in massive changes.  But instead, our leaders just patched up the old system and reinflated the old bubbles so that they are now even larger than they were before.

They assure us that they know exactly what they are doing and that everything will be just fine.

Unfortunately, they are dead wrong.”

 

 

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