Image credit: Congressional Budget Office

Image credit: Congressional Budget Office

Today, the national debt is $18,005,549,328,561.45. It was $10,626,877,048,913.08 when Obama became president. That is an increase of more than a 7.4 trillion dollars during the almost six years of the  Obama presidency.

There is much to be disappointed about during Obama’s presidency. But one of the most disappointing things is the incessant, irresponsible and out of control spending.

In 2004, when the deficit was $413 billion and the national debt was $7,419,244,676,835.15 or $7.4 trillion, an amount about equal to the amount Obama has added to our national debt so far, Obama said the “monstrous federal deficit” was an “enormous problem.” On July 3, 2008, presidential candidate Obama said that adding $4 trillion in debt during President Bush’s then six and one-half year presidency was  “irresponsible” and “unpatriotic.”  Nevertheless, President Obama added more than $7.4 trillion to the national debt in almost six years.

President Obama promised to cut the deficit in half by the end of his first time. He made that promise at least five times:

  1. February 23, 2009: Obama Pledged to cut the deficit in half by the end of his first term in office.
  2. February 24, 2009: Obama pledged to cut the deficit in half by the end of his first term in office.
  3. May 26, 2009: Obama pledged to cut the deficit in half by the end of his first term in office
  4. December 8, 2009: Obama pledged to cut the deficit in half by the end of his first term in office.
  5. February 14, 2011: Obama pledged to cut the deficit in half by the end of his first term in office.

Just more lies. Lies like Obama’s oft-repeated line that if Americans liked the health insurance plans they were on, they could keep them after the implementation of ObamaCare.

Despite his promises to cut the deficit in half by the end of his “first” term, Obama  racked up the largest deficits in U.S. history:

You shouldn’t be shocked by Obama’s failure to reduce the deficit in half by the end of his first term in office. He did warn us there would be “trillion-dollar deficits for years to come.”

Interest expense on the national debt is what sinks countries. The zero interest rate environment we have today masks the problem. When we return to normal interest rates, say 6%, our interest expense will jump to approximately to 25% of tax receipts. We have recently seen what happens to countries with debt problems similar to ours. Spain, Portugal, Greece, and Argentina all brought to their knees by excessive debt.

So I ask again, “Just How broke are we?” and “Can the U.S. Avoid Bankruptcy?