To: Kenneth E. Phillipps who wrote (179934 ) 3/15/2015 10:57:44 AM From: FJB 3 RecommendationsRecommended By
Respond to It’s Official – Obama’s Deficits in 6 Years more than all Prior US Presidents Combined Guest post by Joe Hoft $18 Trillion in US Debt . This is the result of years of overspending. Of the $18 Trillion in US Debt, $13 Trillion is debt owed to the public but $5 Trillion is debt the government owes to other government agencies, like Social Security, where the government borrowed from these agencies when it needed money. The $13 Trillion in debt owed to the public is due to deficit spending and the accumulated interest payables related to the large amount of debt.www.whitehouse.gov , the accumulative total for all US Deficits combined was $11.6 Trillion through the end of 2014 (see Table 1.1—SUMMARY OF RECEIPTS, OUTLAYS, AND SURPLUSES OR DEFICITS (–):A closer look at the deficits recorded at www.whitehouse.gov shows that the Obama Administration has accumulated more in deficits in six years than all prior years combined! TARP funds created in 2008 to ‘stabilize’ the economy and loaned by the Federal government to banks, auto companies and government entities FNMA and Freddie Mac were repaid by these entities in years after 2008 when the first loans were made. The bailout money loaned was $614 Billion and the government receipts to date from these loans are $667 Billion. The Obama administration has benefited from the payoff of these one-off loans since 2009, and would have reported even higher deficit spending over the past six years without these inflows.
