In 2008, Barack Obama promised to cut the federal deficit and federal debt by as much as half. Instead, he has increased the national debt more than all 43 presidents before him, from George Washington to George W. Bush. When Obama took office in January 2009, the federal debt was $10.6 trillion. At the time of this writing, the federal debt was $15.98 trillion, meaning that Obama has added $5.92 trillion to the national debt for an increase of 55.8%.
He has the worst domestic financial record of any president in history. When it comes to foreign finances and America’s foreign debt, Obama has equally failed big time as he has with domestic debt. In January 2009 when Obama was sworn in as President of the United States, America’s foreign debt was $3.07 trillion. The most recent report places our foreign debt at $5.29 trillion, and increase of $2.22 trillion or 72.3% increase.
The bulk of our foreign debt is owed to China ($1.16 trillion) and Japan ($1.12 trillion). While most of us believe that our debt to China has been increasing more than any other, that is not what the figures show. In June 2011, the U.S. debt owed to China was $1.31 trillion indicating that our debt to China has actually decreased in the past year by $140 billion. One year ago, our debt owed to Japan was only $881 billion, which means it’s increased by $239 billion.
Now add the fact that Obama has 42 consecutive months of unemployment over 8%, also the worst in U.S. history, including the Great Depression. Foreclosures and bankruptcies are among the highest levels in history. Under Obama’s leadership, America’s middle class has been decreasing at an alarming rate and the number of Americans living in poverty is equally increasing at an alarming rate. Obama also has one of the lowest overall approval ratings for any president since Harry Truman.
With the economy and jobs being the top two issues in this presidential campaign, one would wonder why anyone would even consider voting for Obama with his failed first term. Unless they are blinded by their liberal lusts and perversions, there is no logical reason why anyone would vote for Obama and the Romney campaign would do well to just make campaign ads relating these facts. There is no way the Obama campaign could effectively counter the real facts of Obama’s performance record.