The national debt racked up under President Obama’s administration now amounts to $61,000 per household, more than the average household income.
“Need a new ride? Obama and Congress could have bought each American household a Mercedes Benz E-Class sedan (MSRP $51,400-$61,400) with the debt accumulated during Obama’s presidency,” Daily Signal commentator Michael Sargent wrote Wednesday.
“The United States has added $7.06 trillion of debt since President Obama took office – far more than under any previous president,” he wrote. “Today, the country is saddled with more than $17.6 trillion of gross debt, an increase of more than $61,000 per American household during Obama’s presidency alone. Median household income in the U.S. is about $51,000. This means that during Obama’s presidency debt per household grew by more than the typical American family earns in a given year.”
“It could take sacrifice by several future generations of Americans to overcome Obama’s own ‘recklessly irresponsible’ conduct,” he wrote recently. “It could also result in America’s economic collapse long before then. Of course, I’m talking about the exponential explosion of U.S. debt – a 66 percent increase, or $7 trillion – since Obama took office.”
But the founder of WND.com, WND Books and WND Films has done more than write about it.
He created the “No More Red Ink” campaign in 2011 to expose the bipartisan scandal of unchecked, unlimited borrowing and spending.
Since then, more than a million red letters have been sent to members of Congress urging them to give up the “immoral conduct” of massive new debt.
“It took America’s first 43 presidents 223 years to incur the country’s first $7 trillion in debt,” Farah wrote. “Obama did it in five-and-a-half years.”
He notes that even Obama condemned what Obama later did in office.
“In July 2008, while campaigning for the presidency, Obama launched a scathing indictment of Bush’s borrowing and spending: ‘The problem 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 for the first 42 presidents – number 43 added $4 trillion by his lonesome, so that we now have over $9 trillion 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.’
“One must ask, if raising the debt by $4 trillion is irresponsible and unpatriotic, what is raising it by $7 trillion?” Farah wrote.
Sargent said the debt increase over the past six years eclipses the entire annual production of other top economies. It exceeds the combined 2013 output of Germany and France, the two largest economies in Europe.
“It is also roughly equal to the combined 2013 GDP of Japan and Brazil, the third and seventh largest producers in the world, respectively,” he wrote.
Sargent put the problem in perspective.
“Cristiano Renaldo, the highest-paid soccer player in the world, made $80 million last year. In order for him to pay off the debt accrued during Obama’s presidency, he would have to play soccer for 88,250 years.”
The “No More Red Ink” campaign is designed to let members of Congress know Americans see what is happening.
It started with an effort to freeze the debt limit at $14.3 trillion in early 2011. Since then it has generated more than 1 million letters to House Republicans – who hold all the power to freeze the debt limit and stop Obama’s spending and borrowing.
Instead, House Republicans led by House Speaker John Boehner have capitulated to Democrat and media pressure by raising the debt limit multiple times.
“Keep in mind,” the program explains, “House Republicans don’t need a single Democrat vote to accomplish this goal of freezing spending – now or later. Most of all, you need to remind them we are watching. We are paying attention. We understand the power they have to be either part of the solution or continue to be part of the problem.”
See a dramatic video presentation of what America’s debt looks like, in $100 bills:
The focal point of the “No More Red Ink” program is the option for Americans to send hundreds of red letters to House Republicans – all for only $29.99.
Farah has explained: “Republicans, by merely voting as a bloc in the House alone, can force bigger cuts in the budget than they will ever get in any deal with Democrats. Why would they trade that nuclear option? Republicans in the House hold all the cards.”
There also is a petition to sign that plays a significant role in the campaign.
The following debt clock shows a family’s share of the entire debt: