"Supporters of Obama say the debt accumulated under his watch was necessary to slow one of the worst recessions in modern history, but the truth is this gargantuan sum of cash was mostly wasted on failed social and government programs that did little to help the economy.
Just one example is the $831 billion American Recovery and Reinvestment Act, commonly called the “stimulus package.”
Just some of the excellent “stimuli” provided by the ARRA included
- $1.3 million for road signs advertising the success of the stimulus package,
- $1.2 million sent to researchers at the University of California-San Francisco to study erectile dysfunction,
- and a whopping $535 million on the boondoggle Solyndra, a now-bankrupt solar-power manufacturer.
Although common-sense economists would never argue in favor of adding $10 trillion to the national debt, to illustrate just how foolish and wasteful the Obama years have been, consider for a moment the many things that could have been purchased with just half the debt added while President Obama has been in office, about $5 trillion.
No. 1: Gigantic homes for every impoverished family
According to the U.S. Census Bureau, there were, on average, 9.26 million families living below the poverty level each year from 2009 to 2015.
Using $5 trillion, the United States could have purchased each one of those families a home worth $539,000, or a home worth about $269,000 plus $269,000 in cash..."