How has the federal debt fared since the Democrats took over Congress in 2007 and Barack Obama was inaugurated in 2009?
Let’s just say that you wish your savings could mushroom as quickly as his spending has; the debt has grown more than a trillion dollars each of the last five fiscal years.
The US Treasury announced that the debt for 2012 has already gone past one trillion dollars just for the first three quarters of the fiscal year. Prior to the fiscal year 2008, the debt had never amounted to more than a trillion dollars in a year.
Here are the figures:
Fiscal year 2008 debt increase: $1,017,071,524,650.01
Fiscal year 2009 debt increase: $1,885,104,106,599.26.
Fiscal year 2010 debt increase: $1,651,794,027,380.04.
Fiscal year 2011 debt increase: $1,228,717,297,665.36.
And just through the first three quarters of fiscal year 2012, the debt has increased $1,066,026,885,767.29. If the fourth quarter continues at the same pace the rest of the year, the debt for 2012 will be $1,354,106,474,762.13, more than $125 billion over 2011.
Since the beginning of fiscal year 2008, the debt has risen from $9,007,653,372,262.48 to $15,874,365,457,260.40--an increase of $6,866,712,084,997.92.
Would you want the Democrats balancing your checkbook?