Obama's Administration Collected $20 Trillion In Taxes And Still Increased National Debt $9 Trillion

Tyler Durden's picture

Submitted by Joseph Jankowski via PlanetFreeWill.com,

During the 90 months that President Obama has been in office, the federal government collected a total of $19,966,110,000,000 in tax revenues (in non-inflation-adjusted dollars) and still managed to drag the country into almost 9 trillion dollars of new debt, according to the Monthly Treasury Statements.

There is no better example of how big government ruins prosperity than the numbers above.

Siphoning such enormous sums of wealth out of the economy only leads to the government mishandling and misallocation of what would otherwise be well spent or well-saved wealth for individual American’s who are on average struggling to get by financially.

From CNS:

During those same 90 months, the federal debt rose from $10,632,005,246,736.97 to $19,427,694,579,786.64—an increase of $8,795,689,333,049.67.

 

In July, according to the Monthly Treasury Statement released today, the federal government took in $209,998,000,000 in taxes and spent $322,813,000,000—running a one-month deficit of $112,815,000,000.

 

So far in fiscal 2016, according the Treasury statement, the federal government has collected approximately $2,678,824,000,000 in taxes and spent approximately $3,192,487,000,000—running a deficit of $513,662,000,000 for the first ten months of the fiscal year.

If the Bureau of Labor Statistics is correct when they reported there were 151,517,000 people employed in the United States in July, the amount of taxes the Treasury has collected during Obama’s first 90 full months in office would amount to $131,775 per worker.

The amount of new debt created under the Obama Administration’s first 90 months equals approximately $58,051 per worker.

Compared to the first full 90 months of president George W. Bush, the treasury under Obama collected $3.9 trillion more in taxes in the first 90 months.

The engine of big government is sucking the life out of the American economy.

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SomethingSomethingDarkSide's picture

Clearly, he is The First Black President.

thesonandheir's picture

The golfer in chief sure had a taxing round 

macholatte's picture

 

The engine of big government is sucking the life out of the American economy.

Yes. And that is exactly what they have planned for a long, long time.

 

 

Destroying America will be the culmination of my life's work.
– George Soros

 

Escrava Isaura's picture

“Reagan proved that deficits don't matter.” – Dick Cheney

 

CheapBastard's picture

Any Republican who does not support the people's choice, Donald Trump, will not get elected not time around. people are furious that some republcians are undermining the democratic process.

max2205's picture

Who didn't think the neighborhood wouldn't go to shit with him in office....thug 

boattrash's picture

With a credit line like that, I guess the cocksuckers really don't need the $30K they're dogging my ass for...

Cognitive Dissonance's picture

They may not 'need' it, but they sure as hell 'want' it.

WTFUD's picture

Every little helps, Patriot!

wizteknet's picture

TAX this, TAX that, TAX us even AFTER where dead in OUR graves, fkrs.... GOVT need's to cut wages, BS.... Fkng Vampires

Escrava Isaura's picture

macholatte: Destroying America will be the culmination of my life's work. – George Soros

 

Soros never said that and you know better.

 

Soros did say this about America: The main obstacle to a stable and just world order is the United States. This is a harsh — indeed, for me, painful — thing to say, but unfortunately I am convinced it is true……. There is no other country that can take the place of the United States in the foreseeable future. If the United States fails to provide the right kind of leadership our civilization may destroy itself. That is the unpleasant reality that confronts us.

 

https://en.wikiquote.org/wiki/George_Soros#The_Age_of_Fallibility_.282006.29

 

 

JRobby's picture

He is a lost, demonic fucker.

All the Satanists are all about control mechanisms. Randomness frightens them.

FireBrander's picture

"Obama's Administration Collected $20 Trillion In Taxes And Still Increased National Debt $9 Trillion"

Um, no sorry...WRONG!

The Republican Controlled Congress collected $20T in taxes, spent $29T and Obama signed off on it...that's the truth; deal with it.

not dead yet's picture

Obama had the veto pen and did not use it so he is the one responsible.

FireBrander's picture

Obama is not innocent; but he's not the main culprit...Obama can only sign or veto what Congress sets on his desk...Congress funded everything and then some...and Obama signed off...Congress is the enabler, Obama is the addict.

Beltain's picture

Sorry most of the time Obummer didn't even submit a budget and gave zero accounting for the discretionary spending he lavished on his big government cronies and hangers on. The rest was mandatory spending that the current congress has few options but to sign off on unless they want more "Throwing Grandma off the cliff" BS from the Femocrats.

 

Also the Republicans have only controlled congress for a bit over half of those 90 months. Most of the damage was done with Obummer-care.

 

So deal with it.

 

FireBrander's picture

Oh Bullshit.

Most of the Damage comes from Military spending, Medicare, Medicaid, and Social Security; ObamaCare isn't even on the radar at $100B..chump change.

Republicans have been in charge of the purse for 6 years and have added about $6 Trillion to the debt...DOUBLE what the Democrats added...stop lying to yourself.

wizteknet's picture

Somewhere I smell 40 Trillion spent somewhere....

Beltain's picture

Hardly. Most of the damage comes from Education spending especially in the form of mandatory spending enforced on local governments by the Fed, followed by pensions with military (the only Constitutionally valid national spending I might add) coming in third.

 

This spending started under Obummer and the Femocrats with the porkulus bill and never stopped. The Republican congress only managed to keep it from growing but by then the dmaage was done.

 

EscapeKey's picture

and now we need a president - whose main qualification is (allegedly) having a vagina - to finish the job

JRobby's picture

"There is no better example of how big government ruins prosperity than the numbers above."

Drive I95/495/395 from Baltimore to just below DC. If you are old enough, compare what you experience to 15 to 20 years ago. Try to find any other metro area in the USA where they have upgraded the roads to get all the GOVT WORKER DRONES to the office convieniently. You won't find one anyplace else. Go ahead, take the $7.00 expressway ($14 both ways) every day of the week to get to work. You can afford it. You have not had a pay cut like the rest of us.

GOVT IS TOO BIG.

IT NO LONGER SERVES.

IT DICTATES.

IT HAS IT'S CONTINUED EXISTENCE AND THE RICHES THAT EXISTENCE GENERATES AS ITS MAIN AND OFTEN TIME ONLY OBJECTIVE.

Escrava Isaura's picture

But if you have three or more people in the car these roads are free.

 

JRobby's picture

You may have missed the point?

TROLL

 

 

ExplodingEntropy's picture

You people, are favorite people.

This is like a community that doesn't even require the gate! The finance talk IS the gate!

Angry White Guy's picture

That escape key is bit stickey, ain't it?

EscapeKey's picture

hah if it is it certainly isn't due to ole' cankers

booboo's picture

Well look on the bright side, at least him and his crew "di'ent" trash the local McDonalds

junction's picture

If the United States were a bank and Obama the bank president, Obama would be in in manacles on his way to SuperMax for aiding and abetting in the largest embezzlement operation in world history.  An operation enforced by Obama's use of his Kill List to bump off his domestic enemies, something he learned from Bill "Trail Of Death" Clinton.

Son of Loki's picture

Obama and Hillary have never worked in the private sector. They are life-long political parasites who only know ho to spend other people's money.

 

One more reason to vote for Donald Trump.

Escrava Isaura's picture

Son of Loki: only know how to spend other people's money.

 

So how do you explain this “other money”: US Private Debt

https://fred.stlouisfed.org/series/TCMDODNS

 

Let me guess: only know how to spend other people's money.

 

By the way: Trump is the king of rent taker and usury. If the government (Trump or Hillary) doesn’t find a way to subsidize through fiscal stimulus “helicopter money” the whole scheme collapses. So will Trump real estate because Trump won’t find renters.   

 

You post tells us that you are confused of how money systems works.   


 

mygameon's picture

Escrava. I cannot down vote you enough on this. You have to be a free shit Bernie supporter to try to make this comparison between public sector Hillary and private sector Trump. Please use a sarc tag next time

FireBrander's picture

"If the United States were a bank and Obama the bank president, Obama would be" filthy rich, announcing his retirement, walking away with a Platinum parachute and living a life of luxury on the backs of "Main Street".

 

Bankers, like politicians, don't go to jail for the crimes they commit because, even though they did commit a crime, they didn't set out intending to commit a crime; and even if they did, what difference does it make now?

FireBrander's picture

Someone told me Trump is all about getting back to the "Rule of Law".

Ok, so is Trump promising to find a prosecutor that will prosecute Hillary for her emails? Comey said he couldn't find anyone willing to do it; seriously, not a single one...maybe Trump should find one...where's Christie?

THE DAY AFTER Comey said "our judgment is that no reasonable prosecutor would bring such a case" Trump should have been on stage with 50 prosecutors willing to "bring such a case"...AND...another 50 that HAVE brought such a case and WON!

F-A-I-L

WorkingFool's picture

The US Peso being devoured by a black hole. How poetic.

Caledonian's picture

That's fucked up like a n*gger's checkbook.

blue51's picture

He may be 1/2 Black , but he is no American .

N0TaREALmerican's picture
N0TaREALmerican (not verified) Aug 11, 2016 5:46 PM

No debt,  no asset bubble, no wars, no welfare, no 401k's,  no Big-OldFart cruises and hip-replacements.

Freedom In Your Lifetime's picture

Let that settle in. Nearly 10% of GDP each year is newly created .gov debt (i.e. inflation), yet GDP barely increases by ~2-3%/year. It doesn't take very much brain power to realize how fucked up things are.

EscapeKey's picture

so long as jamie dimon collects his $75m/yr, then everything is fine

Duc888's picture

 

 

Look at the Grace Com Report.  Look where your tax money goes.  This was in the 1980's.  I'm sure it's much better now.  Not.

 

"The report said that one-third of all income taxes are consumed by waste and inefficiency in the federal government, and another one-third escapes collection owing to the underground economy. “With two thirds of everyone’s personal income taxes wasted or not collected, 100 percent of what is collected is absorbed solely by interest on the federal debt and by federal government contributions to transfer payments. In other words, all individual income tax revenues are gone before one nickel is spent on the services [that] taxpayers expect from their government."

https://en.wikipedia.org/wiki/The_Grace_Commission

 

 

N0TaREALmerican's picture
N0TaREALmerican (not verified) Duc888 Aug 11, 2016 5:52 PM

Those wars are really lucrative too, and that doesn't even count as "waste". 

What's the vig going to Big-Ag, Big-MIC, Big-PoliceState, & Big-Energy.  

What's the vig going to Big-Ed hidden under "non-wasteful" student loans.

Life in a Crony-Capitalist state is about getting the vig on a good scam.   The smart-n-savvy people learned this generations ago (they told their kids too).

Hohum's picture

One person's waste is another's job.

new game's picture

no one president can save the titanic from a direct hit. too late, my friends. full thrust fwd at 20 trillion knots is the best solution because it might as well be a quick sinker and the band will be thrust about and not play another tune. just sayin...

Consuelo's picture

 

 

I must assume your 'taxes are too low' comment is pure, unadulterated /s...

 

Taxes are Never too low.   .gov spending on the other hand...?    Say like, the early Reagan years (not to lay the blame on him alone), where it was damn the torpedoes all the way to Reykjavik...?

 

And I just love this last line:

"...and a gradual relaxation of both private and public concern about debt."


Gee, can't imagine for the life of me where that 'relaxation' mindset regarding .gov profligacy came from...   Hey wait, something happened in the early 1970's - why, this month in 1971 to be precise...!!!   But hey, that event couldn't possibly have any effect on all this fancy data...

 

Fuck me.

 

 

SelfGov's picture

Yes and that something is...

 

The first peak in US oil production. The event you're referring to is only (ONLY) a symptom of that resource production peak.

Chuckster's picture

It's too late now......they could have sent him back to be retrained....like they do with the police.

Crash Overide's picture

It's disgusting.

Criminal racketeering, theft, extortion... all things that come to mind when I think of government.