Growth of Federal Debt: Douglas Elmsdorf, Director of the Congressional Budget Office, in Congressional testimony today:
We expect that federal debt held by the public will amount to 74% of GDP at the end of this fiscal year, more than twice what it was at the end of 2007, and higher than in any year since 1950.
In 1950, of course, we were still paying off the ravages of World War II. Now, and in the future, we are and will be paying for the ravages of Obama.
Decline of Middle Class: Reuters:
(Reuters) – Barack Obama enters the final two years of his presidency with a blemish on his legacy that looks impossible to erase: the decline of the middle class he has promised to rescue….
Federal Reserve survey data show families in the middle fifth of the income scale now earn less and their net worth is lower than when Obama took office.
[ADDED 1/28: Daniel Henninger notes in his Wall Street Journal column that “median, inflation-adjusted household income has fallen, from about $54,000 in 2008 to below $52,000.”
Growth of al-Queda: Four-star retired Gen. Jack Keane, testifying before Senate Armed Services Committee today:
… al-Qaeda has “grown fourfold in the last five years.