|created 4/19/2012 - 8:01 pm by Chris Mangrum|
That is a lot of zeros. Wanna see what that would look like in stacks of $100 bills? It would be five times more than depicted here. Notice the little dude in the lower left...
In the 39 months since Barack Obama took the oath of office as president of the United States, the federal government’s debt has increased by $5,027,761,476,484.56.
Although he has served less than a term, Obama is now the first American president to see the federal government's debt increase by more than $5 trillion during his time in office.
During the full eight years that George W. Bush served as president, the federal government's debt increased by $4,899,100,310,608.44. (Rising from $5,727,776,738,304.64 to $10,626,877,048,913.08.)
The $5,027,761,476,484.56 that the debt has increased during Obama's presidency equals $16,043.39 for every one of the 313,385,295 people the Census Bureau now estimates live in the United States.
And while it keeps growing and growing, news that Obamacare has been found to add to the deficit is being hidden by mainstream media. I guess there's no hiding who's side they're on. Hot Air reports:
Washington Post ombudsman Patrick Pexton recently defended the WaPo’s decision to run a major story on page A3, rather than the front page. The story — which revealed that Obamacare will actually add to the deficit rather than subtract from it, as the administration has claimed since before the passage of the massive health care takeover — quickly became a sensation nevertheless, as blog after blog picked up on the information and disseminated it rapidly. Pexton sounded at best ambivalent and at worst peeved that the story — despite WaPo’s best attempt to downplay it — attracted the volume of attention it did. Writes Pexton:
Putting the story on A3 was the right judgment for a print publication. Montgomery urged her editors, correctly, not to put it on the front page: it wasn’t worth that.
But that’s so old-media. On The Post’s Web site, the story took off, even though it was prominent on the home page for only a short time. It immediately entered the partisan spin cycle of exaggeration, distortion and hyperbole. …
But I’m not sure the truth wins. The truth is that every complex law change, every annual federal budget, is a risk. They’re all based on assumptions and forecasts that may or may not come true. And when they don’t, Congress and the president have to adjust.
As the Medicare actuary wrote in his 2011 testimony: “The Affordable Care Act improves the financial outlook for Medicare substantially. However, the effects of some of the new law’s provisions on Medicare are not known at this time, with the result that the projections are much more uncertain than normal, especially in the longer-range future.”
Investor Business Daily’s Sean Higgins thinks the story should have run on the frontpage and I’m inclined to agree with him. A3 was OK, too, though. Kiosk passersby might not have seen it, but anyone who cracked the cover of the paper surely did. But Pexton’s all-but-admission that he thinks the subsequent back-and-forth discussion about the story was somehow destructive to the truth is a little insulting.
Other stories that might interest you:
- Federal debt increased $50,521 per household in the last four years
- Congressional Budget Office predicts $21.7 trillion in debt by 2022
- Turns out "Affordable Care Act" is not so affordable
- Oh, the irony: Government $15.6T in debt runs 16 different programs teaching Financial Literacy
- New record predicted for deficit, and it isn't a record low either :-(
- Another debt ceiling hike? Looks like we need another $1.2 Trillion
- Obama Administration by the numbers
- Funding for future obligations behind by trillions
- Entitlements aren't the biggest problem, it's the discretionary spending
- True amount of debt much higher than reported