Filed under: Capitalism, Economy, Health Care, Law, Politics, Taxes | Tags: Headed In The Wrong Direction, Obama's Spending Record, The National Debt
The national debt is now up to $14,639,000,000,000, or was a few days ago.
When Barack Obama took the oath of office on January 20, 2009, the national debt was $10,626,000,000,000. Our national credit rating was AAA, and the unemployment rate was 5.7 percent.
In only 945 days, Obama has spent $4,247,000,000,000. And it’s growing by about $3 million a minute.
In 2008, when George W. Bush was president, according to Gallup, 14.9 percent of adult residents of the United States lacked health insurance coverage. That increased to 16.4 percent in 2010, the year that Obama signed the law requiring that all Americans have health insurance. In the first half of this year, the percentage of adults in the United States lacking health insurance increased to 16.8 percent in spite of a concerted effort to sign people up.
Only half of American pay federal income tax.
45.8 million Americans are receiving food stamps
More than 11 million American families own homes where the mortgage now exceeds the value of their homes. The poverty rate has climbed to 15.1% in 2010, up from 14.3% in 2009.
When the Affordable Care Act passed, liberals celebrated because of the way that the bill would spread the wealth. Tackling inequality. Uh huh. The official poverty rate — defined as a family of four earning less than $22,314 — rose to 15.1 %, that’s up from 114.3% in 2009 and 12.5% in 2007. The official rate doesn’t include government income transfers, but this increase is faster than during any 3 year period since the early 1980s.
ADDENDUM: In spite of an executive order from President Obama that was praised as a measure to control over-regulation, the numbers of federal regulations and the costs of those regulations on the economy are growing. The Obama administration has imposed 75 major new regulations that cost over $380 billion over ten years. There are 219 more “economically significant regulations” in the works which will cost businesses $100 million or more each year— at a minimum $21 billion over ten years.
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