Obama Cut the National Debt By $9 Trillion

On Wednesday, President Trump freestyled some stuff about the federal debt:

Just in the stock market alone, we have increased our economic worth by $5.2 trillion dollars….But listen to this because we’ve doubled — in the last eight years of the previous administration, the debt doubled, so that in eight years our debt — literally hundreds of years of debt — doubled in eight years to $20 trillion. But since the election on November 8th, I’ve increased the value of your U.S. assets by more than the $20 trillion that we currently owe. You haven’t heard those numbers.

Well, no, I had never heard those numbers in quite that way. Nor does this really make sense, even by Trumpian standards. Has Trump increased the value of our assets by $5.2 trillion or by “more than” $20 trillion?

Who knows? But let’s stick with the $5.2 trillion in stock market value. While all the rest of you have been moaning and groaning about how this comparison of the stock market to federal debt is “wrong” or “ridiculous” or “total nonsense,” I’ve been making concrete use of this new standard. Check it out:

This is great. It’s a whole new way of looking at the Obama era. Sure, federal debt went up by about $9 trillion, but the stock market went up by $18 trillion. That means Obama reduced our federal deficit by $9 trillion. Not bad!

Thanks to Trump, I guess Republicans are going to have to change their tune about Obama. Not only did he guide us out of a huge recession, but he slashed our national debt by trillions of dollars. It’s an amazing job, really. Thanks, Obama.

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Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

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Truth #5: It's about minority rule.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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