Friday, May 20, 2016

Time and the Pelosi-Reid-Obama Debt

The last (and only) year the federal debt was entirely paid off was 1835. On January 20, 2009, the day of Obama’s first inauguration, the federal government’s total hard debt was $6.3T. On March 31, 2014 the hard debt was $12.6T. So under the Pelosi-Reid-Obama axis, the federal government’s hard debt doubled in right around 5 years and 70 days.

During Obama’s first seven years (from Jan. 20 to Jan. 20), the feds borrowed about $7.3T. By the end of the Obama presidency, the hard debt will have risen nearly $8T. That the public debt is not even more is because Speaker Pelosi was relieved of her job in Jan. 2011.

Some of the dire predictions about the steep run-up in debt under Mr. Obama have not come to pass. That’s because the new debt hasn’t come due yet; that is, the new Treasury securities haven’t matured. Inasmuch as most of the federal debt is in the form of T-notes, whose longest term is 10 years, the pressure on the Treasury from the Democrats’ borrowing should start to be felt in fiscal 2018. That’s ten years after Nancy Pelosi’s Democrat Congress took control of the budget and set the first of their record deficits. By the way, FY 2018 begins Oct. 1 of next year.



http://www.americanthinker.com/articles/2016/05/time_and_the_pelosireidobama_debt.html

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