But he has made everything better?
The portion of the federal government’s debt that is held by the public—as opposed to the portion that is borrowed out of government trust funds such as the Social Security and Medicare trust funds—has more than doubled during President Barack Obama’s time in office, according to official data published by the U.S. Treasury.
Since Obama’s inauguration, the Treasury has increased the federal government’s debt held by the public by $6,739,201,661,284.21—or about $57,431.65 for each household in the United States.
When Obama took office on January 20, 2009, the total debt of the federal government was $10,626,877,048,913.08. But the Treasury divides this total debt into two main components: debt held by the public and intragovernmental debt.
“Debt held by the public represents federal debt issued by Treasury and held by investors outside of the federal government, including individuals, corporations, state or local governments, the Federal Reserve, and foreign governments,” explains the Government Accountability Office. “The majority of debt held by the public consists of marketable Treasury securities, such as bills, notes, bonds, floating rate notes, and Treasury Inflation-Protected Securities that are sold through auctions and can be resold by whoever owns them. Treasury also issues a smaller amount of nonmarketable securities, such as savings securities and State and Local Government Series securities.”