Another $1.2 trillion will be added to the national debt by the end of the current federal fiscal year, President Barack Obama's administration admitted last week. That will mark the fourth consecutive year of trillion-dollar-plus federal deficits - all on Obama's watch.
Worse, however, is the fact that much of the deficit, including more than $1 trillion in "stimulus" and "bailout" spending, was directly at the president's urging.
What is especially striking about the national debt, $15.87 trillion, is that it stood at only about $10 trillion before President Obama took office. During his tenure - and again, in large measure because of his actions - the nation has added nearly $6 trillion to our debt. For comparison, the national debt rose by $4.899 trillion during the entire eight years of the Bush presidency
The share of the debt for every man, woman and child in the United States today has topped $50,000. For an idea of how big the debt is in relation to our economy, consider that the national debt is more than the nation's Gross Domestic Product, that is, the total value of goods and services produced.
If Barack Obama remains in office, budget projections show the debt is expected to top $20 trillion during his next four years in the White House.
We couldn't afford the first Obama term. Americans certainly cannot afford a second.