Obama: $3.9T Budget 'Laying Groundwork for Those Young Children' (And Their Wallets?)
Pres. Obama promoted his new $3.9 trillion budget today, saying it lays the groundwork for today's children and is designed with "future generations in mind." Yet, his budget calls for a $56 billion spending increase in 2015 alone, and he has already racked up $1.6 million of debt for every baby born the year he took office.
Obama began his talk by stressing that his budget will impact young children and future generations:
"Good morning, everybody. I'm here at Powell Elementary School, and just had a chance to see some of the outstanding students here. And I thought it was appropriate for me to say a few words about the budget that I sent to Congress this morning -- because obviously the budget is not just about numbers, it's about our values and it's about our future, and how well we are laying the groundwork for those young children that I was with just a few moments ago to be able to succeed here in America. These kids may not be the most excited people in town on budget day, but my budget is designed with their generation and future generations in mind."
Indeed, the spending would be "laying the groundwork for those young children."
Under President Barack Obama, the total debt of the U.S. government has increased by approximately $1,608,304 for each of the 4,130,665 babies born in the United States in 2009, the year Obama took office.
The debt of the U.S. government has increased $6.666 trillion to more than $17.2 trillion (1/31/14) since President Barack Obama took office on Jan. 20, 2009, according to data released by the Treasury Department.
If the federal government were to continue accumulating net debt throughout the expected 78.5-year lifespan of a baby born in 2009 at the same average annual pace it has accumulated net debt during Obama's first five years as president, the government would add more than $104 trillion in net debt during the life expectancy of those babies.
The $104,300,803,895,565 the federal government would borrow during the lifetimes of babies born in 2009-if the government were to continue to borrow at the annual pace of $1,328,672,661,090 it maintained in Obama's first five years-would equal approximately $25,250,366 for each of those babies.