How much has Obama added to the Debt so far? About $100 Billion and shrinking

Discussion in 'Politics' started by Vast LWC, Dec 7, 2009.

  1. Vast LWC
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    Vast LWC <-Mohammed

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    The National Deficit estimate for this year has now been reduced to 1.3 Trillion dollars.

    That figure was 1.2 Trillion on January 7th of this year, before Obama even took office.

    Which means that Obama has added a grand total of 100 Billion dollars to the deficit so far this year. An amount that is significantly smaller than the amount of money spent on stimulus so far this year, meaning that that the entire amount can be attributed to stimulus spending.

    Other factors that are looking good:

    - Unemployment has stopped rising and seems to even have decreased, from 10.2% to 10.0%. Contrast that to the Reagan administration, which had 2 1/2 Years of unemployment increases before the economy started recovering from the Carter recession, and it reached 10.4% at it's height.

    - The bailouts are being recovered, almost in full, with only 42 Billion dollars lost so far, and more profits expected on the horizon to offset any additional losses, as opposed to the 700 Billion dollar figure that is much repeated by the right-wing talking heads.

    - The housing market is making a recovery and home prices are on their way back up.

    - Wall Street has recovered and is on it's way up in leaps and bounds, already 2000 points above what it was the day Obama was inaugurated.

    - 3rd Quarter GDP was up by 2.8%, and is predicted to have another significant rise in the 4th quarter.


    And this is just off the top of my head. There are many, many other factors that prove that the recovery has begun, contrary to all the prerdictions of the talking heads.

    Talking Heads like Rush Limbaugh, for instance, who has continuously claimed that the recession has graduation to a full-blown depression.

    Do right-wingers ever get tired of being wrong?
     
    Last edited: Dec 7, 2009
  2. Oddball
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    Oddball BANNED Supporting Member

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    If that's the case, why is congress looking at raising the debt ceiling...yet again?

    BTW...You want to source that?
     
  3. Vast LWC
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    Vast LWC <-Mohammed

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  4. Oddball
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    Oddball BANNED Supporting Member

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    You're going to source the Fed?

    Get real.
     
  5. Ravi
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    Ravi Diamond Member

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    Sweet!
     
  6. Vast LWC
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    Vast LWC <-Mohammed

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    See my second post for sources for the current numbers.

    The deficit estimates from January are straight from the Congressional Budget Office, which published them on January 7th.
     
  7. Vast LWC
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    Vast LWC <-Mohammed

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    No, the Wall Street Journal sourced the Fed.

    And the WSJ is definitely NOT a left wing publication, far from it.
     
  8. Oddball
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    Oddball BANNED Supporting Member

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    Sourcing the Fed --y'know the people printing up all the money-- hardly lends any credibility to the claims, no matter where those claims were relayed.
     
  9. Ravi
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    Ravi Diamond Member

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    And the TARP money is being paid back.

    :beer:
     
  10. Care4all
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    Care4all Warrior Princess Supporting Member

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    My real concern is that those toxic assets, (Mortgage Backed Securities) that were on the books of the banks when we were told the Bank Bail out had to take place, back in september / october of 2008, are still on the books....they were NEVER bought out with the TARP money as Paulsen promised.

    These toxic assets still could end up bringing our country to its knees, again....because they have not gone away....?
     
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