×
Menu
Search

Great Minds Think Alike – Both Obama & Najib Are Great Debt Accumulators



Pin It


Jan 08 2015
Facebook
Twitter
Digg
Pinterest
Linked In

Many people do not understand why U.S. President Barack Obama and Malaysian Prime Minister Najib Razak are such a close buddies. Flashback, Malaysian longest serving prime minister, Mahathir Mohamad, had to pay “under table money” in the form of lobbyist Jack Abramoff to the tune of US$1.2 million (£800 million; RM4.3 million) so that he can meet President George Bush in May 2002.

Mahathir Meets Bush - Price For Handshake

As much as Mahathir bitched, whined and cursed American administrations, he happily paid millions of dollars of taxpayers money for a handshake photograph to be beamed around the world. It was money well spent, at least to the hypocrite Mahathir. On the other hand, his protégé, the present prime minister Najib Razak paid nothing for a golfing session with President Barack Obama. Does that mean Najib was more influential than Mahathir?

Najib Golfing With Obama - Price For Golfing

Heck, not only Najib got invited to golf with Obama in Hawaii, before reluctantly packed for home due to domestic pressure on floods crisis, the former also successfully got the latter to visit Malaysia, much to the envy of Mahathir. Does that mean Najib was more respected than Mahathir? Actually, Obama and Najib have many things in common. Perhaps that’s the reason why both click very well.

 

Golfing aside, both leaders were considered the lamest duck in the history of their own country’s leadership. Coincidently, both leaders took offices in the same year – Obama on January 2009 while Najib did so on April 2009, only about 4-months apart. Both leaders were also great liars who won’t blink their eyes lying through their teeth. But most importantly, both were big spenders.

US Federal Debt 1992-2014 - Presidents Performance

According to the U.S. Treasury, the federal government under President Barack Obama drilled US$789,473,350,613.20 deeper into debt in calendar year 2014. The debt started calendar year 2014 at US$17,351,970,784,950.10 and ended it at US$18,141,444,135,563.30. That’s about US$65 billion every month or roughly US$2 billion burned every day. Didn’t he promise to lower national debt in his first term?

 

When Obama took office on January 20, 2009, the debt was US$10,626,877,048,913.08. Since then, he has been working extraordinary hard accumulating debt. The president was so successful that he has increased another US$7,514,567,086,650.22 in debt for the United States of America. This means he has increased debt of US$6,875 per household in 2014 alone, and a whopping debt of US$65,443 per household since he became the president.

Debt Added By - President Obama vs 43 Previous Presidents

In terms of percentage, Obama has so far increased the national debt by 70.7% since he took office. His predecessor, George W. Bush increased it by 85.5% in 2-terms (2001 – 2009), primarily due to war in Afghanistan and Iraq. But Bush added only US$4,899,100,310,608.44 in national debt. Bill Clinton was the best performer when he increased the national debt by merely 36.7% during his 2-terms from 1993 to 2001.

Malaysia Government Gross Debt 1990-2014 - ver 2

As for economic genius Najib Razak, he has already broken Malaysia’s record in debt accumulation, without much difficulty. Following the government redefinition of “external debt”, the country’s newly-defined external debt stood at a staggering RM729 billion (as of June-2014) or 67.6% of GDP – up from RM696 billion in 2013. Now we know what Obama and Najib discussed during their golfing session – how to increase national’s debt.

 

Other Articles That May Interest You …



Pin It
FinanceTwitter SignOff
If you enjoyed this post, what shall you do next? Consider:



Like FinanceTwitter Tweet FinanceTwitter Subscribe Newsletter   Leave Comment Share With Others


Comments

I believe Malaysia’s Federal Debt is much higher than 569 billion. Even govt figures (and I may be wrong) state it at in excess of RM 600 billion. And dollar denominated debt only increases the burden on the govt when our ringgit depreciates.

Leave a Reply

(required)

(required)(will not be published)