In my opinion, it's difficult to easily find any honest facts about Barack Obama’s eight-year economic track record.
My article is designed to help people understand what Obama did to our finances and our future in his eight years.
1) New Obama Debt: 10 trillion dollars is $ 10,000,000,000,000. Ten trillion is the new debt since 2009 from President Obama. What is astonishing is that interest rates were at a historic low during his entire presidency, but Obama was still able to double the financial debt of the United States and lose our credit rating.
Fun Fact: Ten trillion divided by 124.6 million US Families = $80,256 Dollars Per Family. You could have purchased: a tiny home, a car, clothes, TV, new phone, paid off debts, had a few small vacations, bought seasons tickets to a major sports team, and consumed a fresh luxury beverage every day for 8 years.
2) War Debt: Obama may be the first U.S. president to be at war for ALL 8 years of his service. U.S. foreign relations and America’s “good will” was diminished in places such as: Syria, Libya, Afghanistan, Egypt, Palestine, Oman, Yemen, Philippines, China, Russia, and Iraq
3) Healthcare Costs Failure: Costs doubled and tripled for many working families while deductibles skyrocketed 300% which destabilized the health care system. The extremely high deductibles have fundamentally destroyed the usability of the insurance policies for families and children for basic sickness and medicines. If you have three children with pneumonia and a $5,000 deductible on each, you could pay $15,000 before insurance even kicks in.
4) Employment Failure and GDP Growth:
5) Trade & Immigration Costs - The global trade deficit was over $732 billion in 2016. Unregulated immigration can costs states and counties billions each year which effectively lessens services and care to citizens such as health care and college services/expenses.
Honorable Mention 1: College Debt Is Now Your Children’s Debt
College loan debt and defaults have skyrocketed. Subsidizing higher education has drastically escalated higher education prices over the last 30 years. The dirty secret, federalized college loans constitute about 10% of our nation’s debt at somewhere between $1.5 trillion and $2 trillion in debt.
Honorable Mention 2: Stock Market Flat for 16 Years
After the historic “Internet Bubble” crash of 2000, it took the NASDAQ stock index 15 years to come back to where it was in 2000. (See Crash of 2000).
George Mentz JD MBA CWM Chartered Wealth Manager ® is a licensed attorney and CEO of GAFM ® global education, which is an ISO 29990 Certified professional development company operating in over 50 nations.
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