Lefties why do you give a pass on Obama debt when

[Lovebears65]

He campaigned that it was unpatriotic to put so much debt. He has put on more debt then any other president ... Almost 6 T in less then 4 years.. why do you give him a pass ON everything...



[ame=http://www.youtube.com/watch?v=DyLmru6no4U]Senator Obama calls Bush "unpatriotic" for adding trillions to debt www.RightFace.us - YouTube[/ame]

 

[Rozman]

The lefties say Obama has not added one penny to our national debt....

 

[waltky]

In other words, look for taxes to go up to make up the shortfall...

America's Underwater: Debt Equals 103 Percent of GDP
September 11, 2012 - According to the most recent official estimate by the federal Bureau of Economic Analysis, the Gross Domestic Product for 2012 will be $15.6061 trillion--or about $440.5 billion less than the $16.0466 in debt that the federal government had accumulated as of the close of business on Monday.

In other words, the debt is now approximately 103 percent of GDP. The BEA, which is part of the Department of Commerce and which officially calculates GDP, based its current estimate of this year's GDP, published on Aug. 29, on economic data available through the end of the second quarter of this calender year.

If that current estimate is correct, the debt of the United States government eclipsed the value of the Gross Domestic Product of the United States on April 2 of this year.

On Friday, March 30, according to the Bureau of the Public Debt, the federal debt was $15,582,078,681,188.69. By the close of business on Monday, April 2, it was $15,620,325,998,403.96. The BEA defines GDP as: "The market value of goods and services produced by labor and property in the United States, regardless of nationality."

Source

 

[Chris]

The Obama budget deficits originated during the Bush presidency.....

1. Tax cuts 2001-2002 (4 trillion over 10 years)
2. Prescription drug benefits (1 trillion over 10 years)
3. Economic meltdown of 2008 ( 3 trillion and rising)
4. Wars in Iraq and Afghanistan (2 trillion and winding down)

 

[Chris]

A deflationary spiral is a situation where decreases in price lead to lower production, which in turn leads to lower wages and demand, which leads to further decreases in price. Since reductions in general price level are called deflation, a deflationary spiral is when reductions in price lead to a vicious circle, where a problem exacerbates its own cause. The Great Depression was a deflationary spiral.

In a deflationary spiral the government HAS to be the demand of last resort. Obama and Congress handled this well in 2009 and should be commended for saving us from another Great Depression.

 

[Chris]

ReaganBushDebt.org

 

[waltky]

Granny says, "It's an economic Pearl Harbor! - an we's doin' it to ourselves...

U.S. Added More Debt on First Day of FY13 Than From 1776 Through Pearl Harbor
October 3, 2012 - The federal government added $93,245,605,914.16 to its debt on Oct. 1, the first day of fiscal 2013.

That was more than all the debt the federal government accumulated between July 4, 1776 when the United States declared independence from England and sometime in October 1942, which was ten months after the Japanese attacked Pearl Harbor and the United States entered World War II. At the close of business on Sept. 30, 1942, according to the U.S. Treasury’s Monthly Statement of the Public Debt, the total debt of the U.S. government was $91,057,523,886.72. By the close of business on Oct. 31, 1942, it was $97,168,867,541.93. Sometime during October 1942 the total debt that the U.S. government had accumulated during the first 166 years of the nation’s existence eclipsed the $93,245,605,914.16 in new debt the U.S. government accumulated solely during the business hours of Monday, Oct. 1, 2012

At the close of business on Friday, Sept. 28, which was the last business day of fiscal 2012, the debt of the U.S. government stood at $16,066,241,407,385.89, according to the U.S. Treasury. By the close of business on Monday, Oct. 1, 2012, the first business day of fiscal 2013, it had climbed to 16,159,487,013,300.35—a one-day increase of $93,245,605,914.16. According to the latest estimate from the Census Bureau’s Current Population Survey, there are 114,328,000 households in the United States. Thus the $93,245,605,914.16 that the federal government added to the debt on Monday equaled about $816 for every American household.

The median American household income was $50,502 in 2011, according to the Census Bureau. At that rate, the median household earns about $138.36 per day over a 365-day year. To pay off the $816 in new per-household debt the federal government accumulated on Monday alone, the median household would need to hand over all the money it earned over approximately 5.9 days. The $93,245,605,914.16 that the debt increased on Monday was the second-largest increase on the first day of a fiscal year in the history of the country. On Oct. 1, 2008, the first day of fiscal 2009, the debt jumped $99,500,170,215.20--the all-time largest increase on the first day of a fiscal year. At that time, the federal government was dealing with a banking crisis. On Oct. 3, 2008, Congress enacted the Emergency Economic Stabilization Act, which authorized spending $700 billion to bailout financial institutions.

Here is how much the federal debt increased on the first day of the eight most recent fiscal years:

 

[waltky]

What went wrong?...

Debt and the crisis: How did governments get it so wrong?
2 November 2012 - The UK is not the only country whose government ended up borrowing much more than expected

There's something for everyone in new research from the International Monetary Fund today on the damage done to government balance sheets by the great financial crisis of 2008-9. Or at least, something for everyone who takes an interest in the rise in government borrowing and who's to blame for it: People like George Osborne, for example, and Ed Balls. The study looks at the ten countries that have seen the biggest unexpected increase in debt as a share of GDP between 2007 and 2010 and asks why it happened. Some will think the answer to that question is obvious: Governments borrowed more than they expected. The point of the IMF study is to ask why, exactly.

Rosy view

One first, obvious point from the study: Britain was not the only country to see a large and unexpected rise in public debt between 2007 and 2010. On average, total public debt in the 10 countries highlighted by the researchers was 31.8 percentage points higher, as a share of GDP, in 2010 than governments had forecast back in 2007. The figure for the UK is only slightly higher than average. In 2007 we expected out our gross debt in 2010 would be 42.5% of GDP in 2010. The actual figure was 75.1% of GDP: In other words, the forecast was 32.6 percentage points too low.

That's a slightly smaller overshoot than in the US and much less than in the Republic of Ireland. But, George Osborne would no doubt point out, significantly larger than in France or Germany, where debt ended up 20-23 percentage points higher than forecast. Of course, the financial crisis explains this massive forecasting error, but the study finds that relatively little was due to fiscal stimulus programmes in response to the downturn. In the case of the UK, such policy changes account for just under 5 percentage points of that 32.6 point overshoot in the debt forecast. So, what did explain it? One common explanation - favoured by the coalition - is that Labour took a much too rosy view of the underlying state of the public finances in the years leading up to the crunch.

The study looks at this, and finds that quite a lot - 23% - of the debt overshoot in these ten countries was due to "an incomplete understanding of the country's underlying fiscal position on the eve of the crisis". But you might be surprised to hear that it does not seem to have been a large part of the story in the UK. According to the IMF, just 3.7 of that 32.6 percentage point overshoot was due to this kind of error. Much more important for us, they claim, was "exogenous factors" like the unexpected fall in national output in the recession, and the unexpected need to bail out Britain's enormous financial sector.

On the peg