Obama Fails To Breach $20 Trillion

Tyler Durden's picture

Over the past several years, a raging debate among debt-watchers was whether Obama would leave the presidency with more than $20 trillion in US national debt. We now have the answer, and can report that Obama failed in this particular endeavor... but just barely. According to the US Treasury, as of the most recent update, total Federal debt was some $39 billion short of the key "psychological level", clocking in at precisely 19,961,467,137,973.64.

This means that both "Dow 20,000" and "Debt $20,000,000,000,000" accomplishments will belong to Trump. It is still unclear which comes first.

And while some may be disappointed, Obama's achievement is still quite impressive: in exactly 8 years, total US debt has increased by $9.3 trillion, or 88% since Obama's first day in office.

On Obama's first day, Jan. 20, 2009, federal debt was $10,626,877,048,913.08.  As of the close of business Wednesday, it was $19,961,467,137,973.64. The final debt number for Thursday, Obama’s last full day in office, will not be released until after Donald Trump is sworn in as president on Friday, although it is unlikely to surge by $40 billion.

The total debt added on Obama's almost doubled America's total indebtedness, and was nearly double the $4.9 trillion piled up during the presidency of George W. Bush. It also means that the total debt "owed" by each of America's 124,248,000 full-time employed workers amounts to $160,658, having increased by $75,129 during Obama's tenure.

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jomama's picture

Now FED policy was also Ofailure's fault.

Gotcha.

TwelveOhOne's picture

20k and 20tril: now that's what I'm talking about!

I am of the opinion that Dow 20k is very likely tomorrow afternoon.

jeff montanye's picture

well i'll take that bet.  i say we get to the debt first.  and i'll acknowledge your victory here if i'm wrong (unusual in this putative fight club: tap outs are rare indeed).

TwelveOhOne's picture

Oh hey I'm with you -- I want the debt done as well.  But I just have this feeling tomorrow will be historic, and that perhaps there are White Hats within the Plunge Protection Team to help make it so.

The Alarmist's picture

The level of disperson around federal debt on any given day is such that $39m is within the range of error of what constitutes the debt at any point of time.  It would be reasonable to state that Obama achieved $20T of debt.

fbazzrea's picture

the PPT may leave with Obomber.

could be grand day for a CNY sliiiiide. anything goes in fight club 

Automatic Choke's picture

off topic, but isn't he running out of time to issue his blanket pardon to HRC?

fbazzrea's picture

i think he's leaving her pinned to the clothesline for AG Sessions to fold and put away. 

agreed, seems the time to have done that has passed. i think this "oversight" is his flying fickle finger of fate f*cking the Clintons in a final farewell. peter piper picked... (;

feels great... i like it. 

popcorn for sale!

wee-weed up's picture

 

 

His debt is easily over $20T...

his minions fudged the numbers...

Just like they have with everything else.

The_Dude's picture

All of those student loans are marked as assets on the US balance sheet.  Straighten out the books by marking those loan defaults correctly and it easily pushes this past $20T.

A Nanny Moose's picture

0'Babwe fails at fucking up? How is that even possible?

1777's picture

With a wave of the magic wand about 4 TRILLION dollars on the Fed balance sheet was double speak disappeared!

What a stupid title, they blew past 20 Trillion a long way back. 

AlaricBalth's picture

“The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion dollars for the first 42 presidents — number 43 added $4 trillion dollars by his lonesome, so that we now have over $9 trillion dollars of debt that we are going to have to pay back — $30,000 for every man, woman and child.
That’s irresponsible. It’s unpatriotic.”

Barack Obama, July 3, 2008

Thanks for doubling it President Obama. Nice job in selling out our future.

fbazzrea's picture

awesome quote... thanks for dragging it in here. 

should be engraved on the cornerstone of the Obomber Library

wee-weed up's picture

Of course, this is way over the heads of his dumbed-down (by design) voters, who don't understand and could give a shit less. And his MSM will squealch that quote every time it comes up to cover for him.

fbazzrea's picture

yeah, i remember when i was young, we had the $6 million man on tv. now we have the $20 trillion man--had. lol

VD's picture

we may not hit dow 20k and beginning of the final crash kicks off tomorrow, while the debt will exceed $20T rather quickly....

Donald J. Trump's picture

If the real numbers are anything like other .gov statistics, the debt is much much bigger than 20 trillion. A "glitch" will probably soon be discovered and these "glitches" are never programmed to be in the people's favor.

TwelveOhOne's picture

I haven't felt like this on an "eve" since I was very little.  It's weird, I have hope for the future again.  So long to the fear porn! :)

fbazzrea's picture

me too, at least, for a day. (;

BTFDemocracy's picture

US Debt visualized in $100 bills:

http://demonocracy.info/infographics/usa/us_debt/us_debt.html

I must now make a new graphic for Trump's $20 Trillion.

TwelveOhOne's picture

Very nice.  Note you have a typo, "Abovet" in the 122.1 trillion dollar graphic's text.  Loved the video.  Thanks!

swampmanlives's picture

Don't worry. Trump will continue Obama's legacy and add another $10 trillion.

youarelost's picture

in 4 years..  double to 40 trillion in 8

SHEEPFUKKER's picture

Probably just accounting gimmicks that it didn't crack 20T. I'm sure the MSM will have a field day when it ticks over just after Trump takes office. 

wisebastard's picture

what a fucking sell out nwo bitch........wtf couldnt crash an f35 before trump gets inaugerated...tisk tisk tisk

bobdog54's picture

Rounding error, give it to him! He deserves it, worked damn hard putting us in the ditch!!

CunnyFunt's picture

"I didn't build that debt ..."

Sphira's picture

Peak dollar for the last time ... then peak inflation seems possible just up ahead

At least everyone can refinance with the haarp program

https://m.youtube.com/watch?v=JqhME0dD5Ds

 

Whoops .. wrong haarp

Infinite QE's picture

Can't he pre-pay another 8 years worth of vacations for he and the wookie?

fbazzrea's picture

oh, don't worry... he has, i'm sure. the lecture circuit for a past-president residing in DC????

how 'bout a lifetime's worth?

2_legs_bahhhhhd's picture

In perspective, he's only short 39 bux, to get to 20,000$ A mere rounding error at this point.

JusticeTBuford's picture

Manipulated.  Like his whole presidency.

Normalcy Bias's picture

BULLSHIT. Just wait until the 'revised' numbers are released...

Lynx Dogood's picture

Just add it to the list of Obamas failures. Am sure the list will keep growing as every one knows that every thing Trump runs into will be Obamas fault or is it still Bush. We shall see.

mcsean2163's picture

What a load of crap.  Bush destroyed the economy in 08 and handed a broken state over to Obama.

hoist the bs flag's picture

 nope. start at Woodrow Wilson... work your way up from there. you'll get there eventually.

mtanimal's picture

Math error.  Wait until people who understand arithmetic get into office.

GRDguy's picture

Fake accounting generates fake news on MSM.

On Friday 9/30/2016, the debt was $19,573,444,713,936.79.  US Fiscal Year-End

Then on Monday 10/3/2016, the debt was 19,642,949,742,561.51. US Fiscal Year-Start.

The difference was $69,505,028,624.72.

https://www.treasurydirect.gov/NP/debt/current

If they can pretend a $69.5 billion hold-over for year-end accounting,

they can easily pretend a $39 billion hold-over to avoid a $20 trillion handle for Obama.

We'll see what the jump is on Monday; maybe even tomorrow.

hoist the bs flag's picture

anyone notice on the debt clock they are actually factoring gold and silver now on the clock? Was that like that about a year ago? hmm. never noticed it. funny how they have the dollar to gold/silver ratio with today's prices and the 1913 price. interesting... gold "should" be @$8926 per oz per this chart.

http://www.usdebtclock.org/

Automatic Choke's picture

<I **love** taking your $8926 and entering it into my portfolio spreadsheet for price of gold.   Even better when I scale the Ag and Pt similarly, and outrageous when I scale the junior digger stocks with a wild guess as to the multiplier....>

 

<<of course, as a good friend of mine points out, the entire portfolio needs to be valued in Au or Ag ounces.....in which case, the non-metals just lose more and more value when I put in big numbers.>>

 

Son of Captain Nemo's picture

"Obama Fails To Breach $20 Trillion"

How the fuck would anybody outside the Federal Reserve and Treasury know it???!!!

Giant Meteor's picture

Probably can take "treasury" off your short list ..

consider me gone's picture

His failure is not for want of trying. $9+ trillion of new debt is pretty damn impressive in the annals of fiscal mismanagement. In fact, that's gotta be the all time  record high for an eight year period.

ThanksIwillHaveAnother's picture

Let's add in the NPV of promised obligations!  With that the real deficit is clocking in at about $6T!

Giant Meteor's picture

What a bitch, never knowing what hat to wear ..

coast's picture

damn...if he would have only went on one more vacatio to hawaii to play golf...what a loser, cant even hit 20 trillion

Stormtrooper's picture

HOLD IT!!  That figure is for January 18.  I'm sure that by January 20 at 12 pm the number will be solidly over 20 Trillion.  Congrats to the Indonesian.