National Debt Up More Than $6 Trillion Under Obama

[FUZO]

[h=1]National Debt Up More Than $6 Trillion Under Obama[/h]












The national debt has increased by more than $6 trillion since President Barack Obama took office, marking the largest increase under any president in history.

The Treasury Department's Bureau of Public Debt on Friday published its daily debt report, showing the government's total debt topped $16.687 trillion, CBS News reports. On Jan. 20, 2009, when Obama took office, the debt was $10.626 trillion.

Less than two months into President Obama's second term, new numbers show the national debt increased by more than $6 trillion since he took office. The Office of Management and Budget projects the national debt will continue to increase by more than $800 billion this year alone.






 

[LAM]

What's it say on Page 10?


The US Economy in Charts
U.S. DEPARTMENT OF THE TREASURY
February 2012
http://www.treasury.gov/resource-center/data-chart-center/documents/20120229_essentialecon.pdf

 

[dogsoldier]

So, according to that graph on page 10, the lion's share of the debt is Bush's fault? Sure, he had a good deal to do with by prosecuting the wars in Iraq and Afghanistan. But Obama has perpetuated and added this free fall into bankruptcy. As president, Obama could have proposed budgets that slowed or even shrunk the debt. That is what he said he would do in both campaigns; in reality, he has not. In fact, he has encourage more reckless spending by the ball-less congresses. It has been almost 5 years. Blaming Bush is getting way to old and is no longer a credible excuse.

 

[Swiper]

"I'll cut the deficit in half by the end of my first term in office " - barrack h. Obama, 2009.

lol.

 

[FUZO]

Time in history will show us all that in 20-30 years the entire country will be saying how bad This Barry did was just like it happen to carter.And it 2-3-4 months it will show that the sequester did do shit to make things worse

 

[dogsoldier]

The real fear of the sequester by the politicians and fat cat bureaucrats is not that it will trigger the Apocalypse, it is that the people will look around and realize that we don't need them.

 

[bio-chem]

The real fear of the sequester by the politicians and fat cat bureaucrats is not that it will trigger the Apocalypse, it is that the people will look around and realize that we don't need them.

Please let Americans realize this, please,please,please.

 

[bio-chem]

Is it me or has lams 'blame bush' posts become predictable?

 

[LAM]

Is it me or has lams 'blame bush' posts become predictable?

maybe that's because the effects of economic policy just don't disappear when the date on the calendar changes and I actually understand economics and policy unlike yourself.

 

[dogsoldier]

Agreed, but you are still queer for Obama.

 

[IronAddict]

Man, It is what it is. One guy put us in a dire situation, the other guy is just compounding the shit. This game is being played with a double sided coin. No matter the technique you use or how many times it flips, we all still lose!

Don't you phuquin get it yet ?!

 

[Big Smoothy]

The national debt has increased by more than $6 trillion since President Barack Obama took office, marking the largest increase under any president in history.

I abhor Obama and his economic policy of Stimuli and debt and Bernanke support.

Just don't forget what the:

Debt was when GWB took the Oath and when he left office.

 

[Swiper]

where's all money we're saving from ending the Iraq war?

 

[Big Smoothy]

Time in history will show us all that in 20-30 years the entire country will be saying how bad This Barry did was just like it happen to carter.And it 2-3-4 months it will show that the sequester did do shit to make things worse

Are you comparing Carter to Obama? Big mistake. There is no comparison for many reasons.

As for the sequester, Americans should realize, this is ONLY $85 BILLION OUT OF A $4 TRILLION dollar budget.

This, is NOTHING.

Just wait for future moves like this - the money is NOT there, and in the future LESS money will be there.

 

[Swiper]

maybe that's because the effects of economic policy just don't disappear when the date on the calendar changes and I actually understand economics and policy unlike yourself.

Can you name some of the economic policies that the Obama admin. is doing wrong that's hurting the economy?

 

[Big Pimpin]

So, according to that graph on page 10, the lion's share of the debt is Bush's fault? Sure, he had a good deal to do with by prosecuting the wars in Iraq and Afghanistan. But Obama has perpetuated and added this free fall into bankruptcy. As president, Obama could have proposed budgets that slowed or even shrunk the debt. That is what he said he would do in both campaigns; in reality, he has not. In fact, he has encourage more reckless spending by the ball-less congresses. It has been almost 5 years. Blaming Bush is getting way to old and is no longer a credible excuse.

Consider the source: Treasury calculations based on Congressional Budget Office data.

Seems like the CBO was full of shit as to what Obamacare would cost back when Obama was trying to ramrod it through congress.

 

[jagbender]

85 Billion is a penny or two. won't affect anythign substantially

It is smoke and mirrors for ther Blame Game

 

[Swiper]

CNS News:

Federal revenue will return to its pre-recession levels in 2013, according to projections from the Congressional Budget Office (CBO), setting a record for the most money the government has ever taken in.

In its latest Budget and Economic Update, the CBO forecasts that federal revenue will top $2.7 trillion in 2013, slightly higher than the $2.6 trillion the government collected in 2007, when the last recession officially began.

Government revenues had fallen by nearly $500 billion during the recession to $2.1 trillion in 2009, contributing to the $1.5 trillion deficit that year. However, federal revenues have been recovering since the recession ended in June 2009, and the CBO now projects that they will slightly eclipse their pre-recession peak.

In fact, the $2.7 trillion in revenue will be the most money the federal government has collected in history.

According to historical tables compiled by the White House Office of Management and Budget, the government has never collected more than the $2.6 trillion it collected in 2007, meaning that if CBO's projection is correct, it will set a new record for revenue collection in 2013. http://www.americanthinker.com/blog/2013/03/m-more_and_more_again_record_tax_revenue_in_2013.html

 

[Swiper]

In an email obtained by POLITICO written by Charles S. Brown, the eastern regional director of the Animal and Plant Health Inspection Service, said he had asked whether there was ?any latitude? in how cuts to aquaculture would be distributed across his region. In response, he was given clear instructions from APHIS's budget office.
?We have gone on record with a notification to Congress and whoever else that ?APHIS would eliminate assistance to producers in 24 states in managing wildlife damage to the aquaculture industry, unless they provide funding to cover the costs,?? the budget office said. ?So, it is our opinion that however you manage that reduction, you need to make sure you are not contradicting what we said the impact would be."
http://www.politico.com/politico44/2013/03/usda-instructs-make-sure-youre-not-contradicting-the-158502.html?hp=r2_b2

lol the obama admin doesn't give a shit about this country.

 

[LAM]

Can you name some of the economic policies that the Obama admin. is doing wrong that's hurting the economy?

the 2009 stimulus package was wall to small and relied far to heavily on tax cuts. besides that nothing can be done to "fix" the US economy, it has far too many systemic problems going back many decades. real wages will never increase for all 5 income quintiles ever again, which means the US economy will be anemic at best until its inevitable collapses in 30-50 years.

there has been a demand side problem for the past 25 years, that was "fixed" by the opening up credit markets and lending and that bubble lasted 30 years when it burst in 2008. the low wage service sector based US economy is unsustainable. tax cuts don't do jack squat, not when families need 10's of thousands more a year in income to fuel excess consumption and save. as the years go by more and more jobs are being lost to technology, and being off-shored. the economy never gets any better, only worst every single day little by little.

 

[jay_steel]

They are all ready cutting veterans from receiving benefit checks, My friend who past away in Afgans wife got a letter in the mail that said due to the funding she will not be receiving her yearly instalment at this time and will be notified at a later date when she will receive it. I also did not receive my GI Bill funding either and had to pay out of pocket for my last class which was 1500 I had to come up with and did not get my housing money. I have enough money saved to be fine, but I am sure there are many vets that depend on that. Why is it that we are still giving out food stamps, paying for unemployment, welfare and ect. But some one who fought for our country is being shit on?

 

[LAM]

they started cutting the bennies of US Veterans in the 80's, it's nothing new. in econ military service is simply another form of labor.

 

[Big Smoothy]

where's all money we're saving from ending the Iraq war?

The Iraq charade was over $1 Trillion spent (and who knows how much more).

Saving? Hee-hee.

I remember George H. Bush talking about the "Peace Dividend" in 1990 after the Soviet Union imploded and Eastern Europe ended communism.

 

[Swiper]

the 2009 stimulus package was wall to small and relied far to heavily on tax cuts. besides that nothing can be done to "fix" the US economy, it has far too many systemic problems going back many decades. real wages will never increase for all 5 income quintiles ever again, which means the US economy will be anemic at best until its inevitable collapses in 30-50 years.

there has been a demand side problem for the past 25 years, that was "fixed" by the opening up credit markets and lending and that bubble lasted 30 years when it burst in 2008. the low wage service sector based US economy is unsustainable. tax cuts don't do jack squat, not when families need 10's of thousands more a year in income to fuel excess consumption and save. as the years go by more and more jobs are being lost to technology, and being off-shored. the economy never gets any better, only worst every single day little by little.

I wonder if those tax cuts are the reason we are going to have new record breaking revenue added to the US treasury this year....

 

[LAM]

I wonder if those tax cuts are the reason we are going to have new record breaking revenue added to the US treasury this year....

revenue from unsustainable growth (debt based) that doesn't benefit the working class so it makes a difference why exactly?

US GDP has increased from 6T in 1980 to 14T today but the average wage hasn't budged once adjusted for inflation. all meaningless numbers just like the stock indexes, etc.

 

[IronAddict]

where's all money we're saving from ending the Iraq war?

The monies being saved from ending that sham isn't ending up in the offshore accts of the architects of that sham, or paying off some warlord so he doesn't attack you today, of course tomorrow's another day..and it costs everyday to be there, whether you're shooting or not...and we didn't need to be there in the 1st place.