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

[Vast LWC]

OK, now I have to get back to work. Later people.

 

[manu1959]

And the TARP money is being paid back.

good thing bush and his cronnies put that clause in there......wonder when the uaw will pay theirs back....

 

[rightwinger]

This can't be true..

Glenn Beck tells us Obama has added $40 trillion to the debt

 

[Vast LWC]

This can't be true..

Glenn Beck tells us Obama has added $40 trillion to the debt

Heck accodring to Rush Limbaugh, it's $100 Trillion, and the country's now in a full-scale depression!

Of course Rush says Obama was responsible for the Auto Manufacturers failing in the first place.

Well, he also thinks he's responsible for cancer, world hunger, AIDS, and OJ Simpson, but that's a whole other issue.

 

[Vast LWC]

Well, a few righties and an Anarchist (thanks Dude) joined in for a short while, but I see most of those on the boards on the right side of the fence mostly just want to stick to threads where they can parrot their talking points.

It's a shame that only the rare few will debate the actual facts at hand.

 

[namvet]

[youtube]T83wx0ovwVI[/youtube]

yeah right !!​

 

[Vast LWC]

Funny, but completely un-factual.

And full of right-wing talking points.

 

[Vast LWC]

Personally, I prefer to get my political humor from cartoons:

Funny South Park Satire of Glenn Beck Video

 

[rightwinger]

Personally, I prefer to get my political humor from cartoons:

Funny South Park Satire of Glenn Beck Video

That was great

 

[Vast LWC]

Guess most of you people are too busy arguing about some talking head's conspiracy theories to come to terms with the facts.

Oh well, you can bring a horse to water.

 

[SFC Ollie]

And the TARP money is being paid back.

Sure it is....

You get any of it back yet?

You do realize of course, that it was not governments money...it was ours....

Anyone knocking on your door with a check yet?

Dont count on it.

I don't plan on looking for them. The Democrats announced that they want to take what the banks have paid back and add it to the spendulus er i mean stimulus ......

 

[SFC Ollie]

In the 3rd quarter 1.5% of that GDP was cash for clunkers, that's spending tax dollars, that's not real growth and as we have seen the second that program was over the car sales dropped off a cliff. The remainder of that 2.8% growth was nothing more than more government spending. People are doing funny things with the numbers, but the fact remains, in some areas in this country the REAL unemployment number is around 17%. Those are people that have been out of work so long that they are not even counted anymore.

A good trick to pay off this deficit is inflation, that's going to happen but it will cause a double dip recession, but it's happened done before and it's going to happen again.

OK, the concept of a stimulus is to give the economy a shot in the arm and restart growth. The fact that the GDP rose by 2.8% means that the stimulus is doing exactly what it's supposed to do.

And the fact that fourth quarter GDP growth is supposed to be around 2.5% is an even better indication. Combined with all the other factors that indicate a recovery is in fact happening, it's an excellent indication.

Plus, listen to yourself! Do you remember during the Bush administration when you people complained that the negativity of the critics would drive down the economy?

That's exacly what you're doinig right now. Do you really want the US economy to fail just to prove a political point?

Except that Government spending is included in that 2.8% figure.

 

[Maple]

In the 3rd quarter 1.5% of that GDP was cash for clunkers, that's spending tax dollars, that's not real growth and as we have seen the second that program was over the car sales dropped off a cliff. The remainder of that 2.8% growth was nothing more than more government spending. People are doing funny things with the numbers, but the fact remains, in some areas in this country the REAL unemployment number is around 17%. Those are people that have been out of work so long that they are not even counted anymore.

A good trick to pay off this deficit is inflation, that's going to happen but it will cause a double dip recession, but it's happened done before and it's going to happen again.

OK, the concept of a stimulus is to give the economy a shot in the arm and restart growth. The fact that the GDP rose by 2.8% means that the stimulus is doing exactly what it's supposed to do.

And the fact that fourth quarter GDP growth is supposed to be around 2.5% is an even better indication. Combined with all the other factors that indicate a recovery is in fact happening, it's an excellent indication.

Plus, listen to yourself! Do you remember during the Bush administration when you people complained that the negativity of the critics would drive down the economy?

That's exacly what you're doinig right now. Do you really want the US economy to fail just to prove a political point?

You have that all wrong, I would love nothing more than to see people get back to work, not lose their homes and not see the homeless shelters I see popping up all over my state. My opposition to Obama is his agenda.

Government does not create jobs the private sector does. Obama has a" flood the basement approach" a keynesian economic theory and those people are not the job creators. I am a proponent of the "trickle down theory," as it has been proven to work. Reagan and Bush both used this theory and both times it worked to get people back to work. With Reagan's trickle down agenda it created 20 million new jobs that went on for a decade after he was gone.

I have zero confidence that Obama's stimulus plan or his economic one will do what it was stated to do and that is to put people back to work. He knows it's not working too, that's why there is talk of a second stimulus.

 

[Vast LWC]

Except that Government spending is included in that 2.8% figure.

Except that as you folks keep pointing out, hardly any of the stimulus has been spent yet, so how would that be?

Let's break down the actual numbers:

So far, 200 Billion dollars has been spent in the stimulus, INCLUDING the 3 billion for "Cash for Clunkers". The US GDP is currently 14.3 Trillion dollars.

That means that the stimulus spending was 1.39 percent of the GDP.

Which means that the growth in GDP for just one quarter was more than double stimulus spending, at 2.8%.

And the next quarter is expected to be about 2.5%, which will be free and clear of federal spending altogether.

Since there has been negative inflation during that time, the GDP growth is in fact more dramatic.

 

[namvet]

Funny, but completely un-factual.

And full of right-wing talking points.

almost 2 trillion for a failed and collapsed stim pack

your leader projects a 10 trillion deficit. now closer 12 ???? its on your liberal CBS media

do really expect anyone to buy what a Chicago gangster news paper says ??? did you even read it??? the survey says...............

and the NY slime forecasting??? give your brain a break

go back to watching your cartoons. its more educational for your level !!!!

 

[Maple]

Except that Government spending is included in that 2.8% figure.

Except that as you folks keep pointing out, hardly any of the stimulus has been spent yet, so how would that be?

Let's break down the actual numbers:

So far, 200 Billion dollars has been spent in the stimulus, INCLUDING the 3 billion for "Cash for Clunkers". The US GDP is currently 14.3 Trillion dollars.

That means that the stimulus spending was 1.39 percent of the GDP.

Which means that the growth in GDP for just one quarter was more than double stimulus spending, at 2.8%.

And the next quarter is expected to be about 2.5%, which will be free and clear of federal spending altogether.

Since there has been negative inflation during that time, the GDP growth is in fact more dramatic.

2.5% is less than the 2.8% you are touting for the 4th quarter, that's a loss of .3% from the previous quarter. How do you call that a success?

 

[Vast LWC]

You have that all wrong, I would love nothing more than to see people get back to work, not lose their homes and not see the homeless shelters I see popping up all over my state. My opposition to Obama is his agenda.

Government does not create jobs the private sector does.

Says you. History has a habit of proving otherwise. During World War II for instance, the government created a whole load of jobs.

Obama has a" flood the basement approach" a keynesian economic theory and those people are not the job creators. I am a proponent of the "trickle down theory," as it has been proven to work. Reagan and Bush both used this theory and both times it worked to get people back to work. With Reagan's trickle down agenda it created 20 million new jobs that went on for a decade after he was gone.

Incorrect. It took Reagan's "Trickle Down" economics 2 1/2 YEARS to stop the rise of unemployment. It finally started to decline again, after rising 3 points to 10.4%, in the second quarter of 1983.

Here's a link:

Notice: Data not available: U.S. Bureau of Labor Statistics

And you're seriously trying to credit Reagan for the jobs created during the Clinton administration???

"Went on for a decade after he was gone." LOL. Un-believable.

I have zero confidence that Obama's stimulus plan or his economic one will do what it was stated to do and that is to put people back to work. He knows it's not working too, that's why there is talk of a second stimulus.

You "have zero confidence". Wow. Coming from someone who had a whole lot of confidence in the Bush administration, and apparently still does, I have to say I'm not too moved by your level of "confidence".

 

[Vast LWC]

almost 2 trillion for a failed and collapsed stim pack

Did you not bother to read any of this thread?

Repeating a lie doesn't make it true. Where the hell are you even pulling a 2 Trillion dollar figure from? Some Rush Limbaugh diatribe?

your leader projects a 10 trillion deficit. now closer 12 ???? its on your liberal CBS media

Which would have existed anyway, due to the fact that Medicare and Social Security will continue to require more benefits paid out due to the fact that Americans are living longer lives.

Are you trying to blame Obama for people getting old? The only thing that can be done about that is to have more kids, or start making more aliens, (who are mostly young, hard-workers) citizens.

do really expect anyone to buy what a Chicago gangster news paper says ??? did you even read it??? the survey says...............

You mean the WALL STREET JOURNAL??? Can you really be this brainwashed?

and the NY slime forecasting??? give your brain a break

go back to watching your cartoons. its more educational for your level !!!!

The Times Article has sources quoted, you can go look at the numbers yourself.

Of course, they don't have blackboards with conspiracy-theory codewords written on them, so I don't really expect a Times article to hold your short attention span long enough for you to understand what they are trying to say.

 

[Vast LWC]

2.5% is less than the 2.8% you are touting for the 4th quarter, that's a loss of .3% from the previous quarter. How do you call that a success?

LOL. It's still GDP growth.

And, according to you folks, since half of the 2.8% from this quarter is just stimulus money anyway, 2.5% will be a 1.1% improvement even by your standards.

I think anyone would call that a success considering the past 2 years.

 

[PatekPhilippe]

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?

How much was government spending cut?