National Debt has increased more under Obama than under Bush

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(CBS News) The National Debt has now increased more during President Obama's three years and two months in office than it did during 8 years of the George W. Bush presidency.​

The Debt rose $4.899 trillion during the two terms of the Bush presidency. It has now gone up $4.939 trillion since President Obama took office.The latest posting from the Bureau of Public Debt at the Treasury Department shows the National Debt now stands at $15.566 trillion. It was $10.626 trillion on President Bush's last day in office, which coincided with President Obama's first day.The National Debt also now exceeds 100% of the nation's Gross Domestic Product, the total value of goods and services.Mr. Obama has been quick to blame his predecessor for the soaring Debt, saying Mr. Bush paid for two wars and a Medicare prescription drug program with borrowed funds.The federal budget sent to Congress last month by Mr. Obama, projects the National Debt will continue to rise as far as the eye can see. The budget shows the Debt hitting $16.3 trillion in 2012, $17.5 trillion in 2013 and $25.9 trillion in 2022.Federal budget records show the National Debt once topped 121% of GDP at the end of World War II. The Debt that year, 1946, was, by today's standards, a mere $270 billion dollars.Mr. Obama doesn't mention the National Debt much, though he does want to be seen trying to reduce the annual budget deficit, though it's topped a trillion dollars for four years now.As part of his "Win the Future" program, Mr. Obama called for "taking responsibility for our deficits, by cutting wasteful, excessive spending wherever we find it."His latest budget projects a $1.3 trillion deficit this year declining to $901 billion in 2012, and then annual deficits in the range of $500 billion to $700 billion in the 10 years to come.If Mr. Obama wins re-election, and his budget projections prove accurate, the National Debt will top $20 trillion in 2016, the final year of his second term. That would mean the Debt increased by 87 percent, or $9.34 trillion, during his two terms.​

 

[DOMS]

It's still Bushes fault...because...because...uhhh...Obama got a Noble Prize for not being Bush. That's why!

 

[IronAddict]

All part of the grand scheme of things, I believe.

Run the Nat. Debt so high, they have no other recourse but to start to cut some of these social programs.

 

[tallguy34]

It's still Bushes fault...because...because...uhhh...Obama got a Noble Prize for not being Bush. That's why!

Or maybe its the reverse black man situation?? Bush gets blamed cause he is white and Obama doesn't cause he is the first black Pres. Not meaning to pull the race card or anything... I'm just sayin what people are thinking!

 

[DOMS]

Or maybe its the reverse black man situation?? Bush gets blamed cause he is white and Obama doesn't cause he is the first black Pres. Not meaning to pull the race card or anything... I'm just sayin what people are thinking!

The race card has been pulled for Obama so many times, I think it's the only card in his deck.

 

[LAM]

All part of the grand scheme of things, I believe.

Run the Nat. Debt so high, they have no other recourse but to start to cut some of these social programs.

that's been the plan of the neo-cons since the 70's. It's why Reagan's budget Chief David Stockman wrote in his 1st book that Reagan was proud of the budget deficit he left, said it was his "baby" hoped it would grow so large as to cause the end of the big 3.

the GOP loves corporate welfare but can't stand giving it to the individual.

 

[LAM]

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world economic history shows that the deficit of a country that suffers a financial collapse sees an increase in the deficit from 40-60% in the years preceding that event.

ideologues in the US don't believe in economic history I guess.

it's why the tax rate on top earners was increased so high after the Great Depression and in all country's after WWII to pay down those war debts. the US is the only country where the top rates were reduced to the levels seen in the US, it's one of the main reasons why inequality in the US is so much higher than the UK and other wealthy OECD country's.

 

[secdrl]

 

[NVRBDR]

Don't forget 49% of US population doesn't even pay taxes! In my estimation, these are the same people on WELFARE...voting for the politician that promises the most entitlements.
I know I paid 25% of my gross income last year... didn't you?[h=2]“Once the people find they can vote themselves money, that will herald the end of the Republic.” – Benjamin Franklin[/h]

 

[LAM]

Don't forget 49% of US population doesn't even pay taxes! In my estimation, these are the same people on WELFARE...voting for the politician that promises the most entitlements.
I know I paid 25% of my gross income last year... didn't you?[h=2]“Once the people find they can vote themselves money, that will herald the end of the Republic.” – Benjamin Franklin[/h]

not even close there Jimmy that was only in the tax year after the recession started.

less than 1% of the US population receives direct cash transfers, all this stuff is on the ACF website and has been since 1996 or it's in the annual Poverty Report that the Census puts out.

but then again you were educated in Texas so this explains much...

 

[PreMier]

LAM, if you could make a suggestion on what to do.. what would it be? (in regards to reducing the debt)

 

[IronAddict]

that's been the plan of the neo-cons since the 70's. It's why Reagan's budget Chief David Stockman wrote in his 1st book that Reagan was proud of the budget deficit he left, said it was his "baby" hoped it would grow so large as to cause the end of the big 3.

the GOP loves corporate welfare but can't stand giving it to the individual.

Truer words have never been spoken...and Ronnie's dream is inches away from becomming a reality.

 

[NVRBDR]

According to the nonpartisan Tax Policy Center in Washington, D.C., 46% of tax filers will owe no federal income tax this year. It doesn't matter, anyone can consistently find stats to confirm a specific agenda/belief... I will agree to disagree.

education? in Texas? we just rely on good ole fashioned gut feelings and oil money!

take care

 

[LAM]

According to the nonpartisan Tax Policy Center in Washington, D.C., 46% of tax filers will owe no federal income tax this year. It doesn't matter, anyone can consistently find stats to confirm a specific agenda/belief... I will agree to disagree.

education? in Texas? we just rely on good ole fashioned gut feelings and oil money!

take care

CBO | Average Federal Taxes by Income Group

Wage Statistics for 2010

Inflation Calculator: Bureau of Labor Statistics

and when looking at wages you can see that 66% of the US made $40K a year or less in 2010 once adjusted for inflation to 1980 ($15k) that wage comes out to about $3K less than what the median wage was in 1980 which was close to $18-19k.



that surely couldn't have anything to do with the REAL problem of why so many don't pay federal income tax.

 

[oufinny]

I know its convenient to blame EVERYTHING on the republican presidents from the last 30 years BUT nearly half the population pays no taxes and gets some form of welfare/entitlement/aid/medicaid, the list is so long I can't even capture it all considering it is not only federal assistance but from the state. The unemployeed asshole who hasn't worked in two years with 5 kids and knows how to work the system and drives a range rover sure as shit can pay taxes... oh wait he/she gets a refund and doesn't do shit to look for a job. It's called half of Houston where I reside, I pay for all this and so do you. If that does not piss you off, you have problems or are a left leaning liberal that doesn't see reality that swallows the MSNBC and TruTV rhetoric like the bible.

 

[tallguy34]

I know its convenient to blame EVERYTHING on the republican presidents from the last 30 years BUT nearly half the population pays no taxes and gets some form of welfare/entitlement/aid/medicaid, the list is so long I can't even capture it all considering it is not only federal assistance but from the state. The unemployeed asshole who hasn't worked in two years with 5 kids and knows how to work the system and drives a range rover sure as shit can pay taxes... oh wait he/she gets a refund and doesn't do shit to look for a job. It's called half of Houston where I reside, I pay for all this and so do you. If that does not piss you off, you have problems or are a left leaning liberal that doesn't see reality that swallows the MSNBC and TruTV rhetoric like the bible.

Ahhhh... finally! Where was this reaction over at IF?! Haha. I think AZ might have you beat on the welfare, if only by a little bro... I actually have a family 2 houses down and the guy admits to not even looking for a job cause he gets a boat load of money already.

 

[LAM]

I know its convenient to blame EVERYTHING on the republican presidents from the last 30 years BUT nearly half the population pays no taxes and gets some form of welfare/entitlement/aid/medicaid, the list is so long I can't even capture it all considering it is not only federal assistance but from the state. The unemployeed asshole who hasn't worked in two years with 5 kids and knows how to work the system and drives a range rover sure as shit can pay taxes... oh wait he/she gets a refund and doesn't do shit to look for a job. It's called half of Houston where I reside, I pay for all this and so do you. If that does not piss you off, you have problems or are a left leaning liberal that doesn't see reality that swallows the MSNBC and TruTV rhetoric like the bible.

if you ever bothered to crunch the numbers yourself vs listening to what the pundits on tv say you would see that 66% of US workers are making 1980's wages. spending via debt based consumption is great for businesses as they don't care where you get the money from, paying taxes is a whole different story...

so when it comes to "reality" and mathematics the left leaning liberal is correct...

and you pay a lot more for taxes to support those for profits prisons which are full of non-violent drug offenders then you do on welfare...the US is the only country in the world that locks addicts up, they get treatment in every other country in the OECD and industrialized world.

 

[LAM]

It's still Bushes fault...because...because...uhhh...Obama got a Noble Prize for not being Bush. That's why!

of course it is...he allowed the shadow banking system and hedge funds on Wallstreet to self-regulate. we see how well that worked with Deep Water Horizon...self-regulation of the markets is for retards who believe that crap.

sure we may call GWB stupid but everyone knows he's not, that's why its so obvious that anybody with an MBA from Havard would have to know what the consequences would be of allowing the market to self-regulate, knowing that wages have been flat for the working class for decades and that recessions cause permanent wealth transfers.

if you think it was an accident you are surely in the minority of the exceptionally stupid...