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Answer: Because Obama was unable to triple or quadruple it. Republican-dominated House stopped him.
Any other questions? That one was easy.
Too bad they weren't there to stop Reagan from nearly quadrupling it.
The national debt was $700 billion when ronnie raygun took office, and thanks to his tax-cut trickle-down voodoo economics it was $2.4 trillion when he turned over the keys to Bush41, who proceeded to nearly double it in 4 years, to $4.2 trillion.
From there, in 8 years, Clinton only increased it to $5.7 trillion and left a growing budget surplus which would have paid off the entire national debt by now if Bush43 hadn't reversed course, giving away trillions in tax cuts while starting 2 wars (only 1 of which may have been justified), whose costs he kept off the books until Obama took office, when the national debt was 'suddenly' almost $11 trillion.
Instead of getting your 'facts' from fauxnewz comment section posters and your talking points from the puppetmaster Limpbaugh, try mining the data yourself from the Treasury Department's web site - treasurydirect.gov/govt/reports/pd/mspd/mspd.htm (copy and paste to your browser's address bar, since this board fuxup links on purpose).
Last edited by Darr247; 10-16-2012 at 01:13 PM..
Reason: removed non-functioning [url] BBCode
Doing exactly what the Global elite wishes. While the two parties are bickering back and forth consuming us with the propaganda from the affluent owned media, they are taking over our lives. Call it conspiracy if you like, but it is more than documented of their plans. So lets continue sheeping it up for our favorite Politician that makes us feel good with his or her charisma while they rob us blind of our freedoms.
Yes, but this like happened overnight. It didn't go from 500b to 600b to 800b to 900b. It was like 2008: 500b, then 2009: 1T.
The bubble burst. The financial meltdown.
Quote:
Originally Posted by Cranston
No, at some point the US Govt is going to default on some of its obligations. We will be Greece on a much bigger scale.
Impossible. Seriously. The US cannot be like Greece. Saying otherwise is just ignorance.
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Originally Posted by Teak
I see. So, how many years does Obama have to be president before any of it becomes his responsibility? Forever?
Our current problems were thirty years in the making. A couple years isn't going to fix decades.
Quote:
Originally Posted by Teak
Erskine Bowles, anyone remember him? Chief of staff for President Clinton. Here's what he said on 8 September 2011 about Paul Ryan:
"I'm telling you, this guy is amazing. I always thought I was OK with arithmetic. This guy can run circles around me," Bowles tells a class of students at the University of North Carolina at Chapel Hill.
"He is honest, he is straightforward, he is sincere. And the budget he came forward with is just like Paul Ryan. It is a sensible, straightforward, honest, serious budget and it cut the budget deficit just like we did by four trillion dollars."
I actually liked Ryan, until he just became an indoctrinated member.
Quote:
Originally Posted by Teak
Well, in private interviews many business leaders have stated how effective Obama has been in killing our economy in his 3 1/2 years of forcing socialism down our throats.
Which business leaders? Our business "leaders" in the corporate world are more to blame for our problems than Obama is.
Quote:
Originally Posted by Teak
We could take a survey of the countries that are doing well under Obama-style socialism versus those under formerly US-style capitalism.
We're no more socialists then we were a decade ago. We haven't been actual capitalists in decades.
Erskine Bowles, anyone remember him? Chief of staff for President Clinton. Here's what he said on 8 September 2011 about Paul Ryan:
"I'm telling you, this guy is amazing. I always thought I was OK with arithmetic. This guy can run circles around me," Bowles tells a class of students at the University of North Carolina at Chapel Hill.
"He is honest, he is straightforward, he is sincere. And the budget he came forward with is just like Paul Ryan. It is a sensible, straightforward, honest, serious budget and it cut the budget deficit just like we did by four trillion dollars."
I am totally in favor of cutting taxes, cutting deficits and lowering our national debt. I think everyone is going to have to accept cuts to their favorite expenditures. But Romney/Ryan has failed to produce any kind of explanation of how they intend to cut taxes AND reduce the deficit without further harming the middle class.
'The Republican ticket says it could pay for its tax cut by eliminating loopholes. But the biggest loopholes are popular: the exclusion from taxation of employer-sponsored health insurance and the deductions for mortgage interest, charitable contributions and state and local taxes. Pressed by the assiduous Mr. Wallace about which of these Mr. Ryan would limit, the nominee pleaded a lack of time. “It would take me too long to go through all of that,” he said.'
I am good with arithmetic too, but the numbers (and lack of clarity) do not add up. After eliminating all the "loopholes" and adding back the payroll tax holiday (2%) what will these so-called tax cuts really amount to? The Tax Policy Center indicates they add up to massive deficits.
'The GOP wants voters to think that only the rich would be affected by its loophole closing. “And don’t forget that the higher-income people have a disproportionate amount of the loopholes that they use,” Mr. Ryan said. Well, actually, no. Higher-income people reap a “disproportionate amount” of the benefit of lower rates on capital gains and dividends — households earning more than $200,000 a year receive 90 percent of the benefit. But the Romney-Ryan plan would leave that break in place. Most of the remaining major tax breaks flow primarily to households earning $200,000 or less. For example, more than two-thirds of the benefit of the deduction for home mortgage interest goes to those making less than $200,000 a year.'
I have no mortgage and enjoy the lower rates on capital gains, but I don't need a calculator to know when I am being fed nonsense.
Here is what Erskine Bowles says of the Romney tax plan:
After the housing bubble there was a debt contraction which reduced bank credit circulating in the economy so they rolled it onto the public account to stop a depression. Would saying a thousand times that government debt and bank credit constitute the money supply help?
Probably not.
The mis-education is so deeply ingrained, that simple truth is just about lost.
Back towards the starting concept -- the deficit and the calculation thereof -- Bush and Company were lying.
They rolled the cost of the illegal wars straight into the overall debt and kept them off the annual budget.
It was not until the (D)s came in that the wars were carried on the books.
For being an Econ and Biz crowd around here, some folks fall for some simple tricks.
Yes, a most egregious example of kicking the can down the road. I do not defend or support deficit spending by either party. But, to be reasonable and fair it is necessary to take the war expenditures, as well as a deeply damaged economy, into account when looking at the deficits of the past 4 years. I wonder what the true deficit would have been without the two wars and the housing crisis?
Some believe what they want, others seek the truth no matter how uncomfortable it may be.
There's a good reason George W. Bush has kept a very low profile since 2008, and won't even be attending this year's Republican Convention... he's almost the Invisible Man of the Republican Party. It's because on his watch the regulations got lifted that allowed the financial markets to crash so badly, and the plays were set in motion that transformed the Clinton surplus into a growing deficit. Then the Republicans and Tea Party got together to obstruct even the most moderate Administration attempts to restore previous taxes on the rich and on corporations.
As a popular internet meme put it... Photo of George W with a thumbs up and a big grin and the caption: "Thanks for blaming the (new) guy!"
This. Deregulating like there's no tomorrow is what brought Iceland down as well. Believe it or not, big bankers (think Goldman Sachs IBankers) are the biggest terrorist outside of AQ.
This. Deregulating like there's no tomorrow is what brought Iceland down as well. Believe it or not, big bankers (think Goldman Sachs IBankers) are the biggest terrorist outside of AQ.
Iceland's not doing all that poorly. Better than the rest of the EU. So we're pretty much in agreement on less regulation being a good thing, I guess?
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