Where Did The $9.3 Trillion Go?
“I did not run for office to be helping out a bunch of fat cat bankers on Wall Street”
- President Barack Obama, 2009
“It's not what you are, but what they think you are”
–Joseph P. Kennedy
During Barack Obama's presidency the U.S. federal debt almost doubled, from $10.6 trillion to $19.9 trillion. In other words, from the time America was founded in 1776 until Obama took office – a period of 233 years – US federal debt gradually rose to $10.6 trillion; in only 8 years, Obama managed to add $9.3 trillion more.
So where has all the money gone?
While Barack Obama positioned himself as the champion of the working class, the fact is that during his presidency, the numbers of people living below the poverty line and receiving food stamps increased, the average worker's wages after inflation only increased by about 0.5% per year, and more people were out of work longer than during any time in the last 40 years.
But the rich did extremely well - stock prices for America's biggest companies increased by about 13% per year, and CEO compensation rose by about 50%.
Bottom Line: Obama vastly indebted future generations, did nothing to help the poor or middle class, but his very rich supporters, like Warren Buffett, got much richer. Did Obama mean for his policies to have this affect? No, of course not. But this is the reality of what actually happened when you look beyond the rhetoric.
Not only did Obama help the rich get richer, he did his part to encourage wildly outrageous spending in his taxpayer-funded lifestyle as president.
Barack Obama “fat cat bankers” quote:
FINAL REPORT CARD: Here's how many jobs were created under Obama:
Americans In Poverty: “Latest year” 2009, 2016:
Food Stamps (SNAP): 2009, 2016 (last month surveyed, 11/2016) data: https://www.fns.usda.gov/sites/default/files/pd/SNAPZip69throughCurrent.zip
Average Hourly Wage, Jan. 2009, Jan. 2017 (preliminary)
U.S Federal Debt, 1/2009 and 1/2017:
CEO Pay/Average Worker Pay, 2009 and 2015
S&P 500 History