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The marketable debt of the U.S. government has more than doubled--climbing by 106 percent--while President Barack Obama has been in office, increasing from $5,749,916,000,000 at the end of January 2009 to $11,825,322,000,000 at the end of January 2014, according to the U.S. Treasury's latest Monthly Statement of the Public Debt
During the eight-year presidency of George W. Bush, the marketable debt of the U.S. government almost doubled--climbing 93 percent--from $2,977,328,000,000 at the end of January 2001 to $5,749,916,000,000 at the end of January 2009.
During the time that Bush and Obama have been in office, the marketable debt of the U.S. government has nearly quadrupled, increasing by $8,847,994,000,000.
reply to post by xuenchen
He needs to be fired already... -_-
That's one HUGE number and it's only going to get worse and worse and worse... But hey, he was going to cut that in half... He's fell a little short of his goal...
It does not include money the Treasury has borrowed out of government trust funds—such as the Social Security Trust Fund—to spend on other government expenses when those trust funds were running surpluses.
Some in our country think that Social Security is a trust fund – in other words, there's a pile of money being accumulated. That's just simply not true. The money – payroll taxes going into the Social Security are spent. They're spent on benefits and they're spent on government programs. There is no trust.
George W. Bush (Source)
Social Security is not an insurance program at all. It is simply a payroll tax on one side and a welfare program on the other. Your Social Security benefits are always subject to the whim of 535 politicians in Washington