As we come to the one month mark to the presidential election I will from time to time write on it from a nonpartisan (hopefully) angle.
The Obama administration closed the books on the 2016 fiscal year September 30th. The total debt level of the US now stands at $19,573,444,713,936.79.
The White House added $1,422,827,047,452.46 of debt during 2016, during a year when according to the feds the economy expanded.
In FY 2016 the federal budget saw the 3rd largest increase in government debt in US history, rising 7.5%. The only two previous times were in 2009 and 2010 when government debt increased due to spending during the financial crisis.
So the Obama Democratic White House has the three largest spikes in US debt, while being the first president in history not to have at least one year with more than 3% GDP growth.
Even FDR at the height of the Great Depression had +3% growth in 1933.
I’m not sure we can survive the economic miracle from the Obama administration, with its near full employment and near-zero interest rates.
Neither candidate has addressed how they would handle Social Security or Medicare, which are the largest budget lines and makes all other federal spending programs look like chump change.