National Debt has increased more under Obama than under Bush

Discussion in 'Politics' started by Matthew, Mar 19, 2012.

  1. Matthew
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    Matthew Blue dog all the way!

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    National Debt has increased more under Obama than under Bush
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    National Debt has increased more under Obama than under Bush - Political Hotsheet - CBS News
    (Credit: CBS) (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.


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    Only someone that doesn't fear that this country could go into a greece like default thinks Obama is doing anything else then bad. Between the worst unemployment since the depression and this...I truly wouldn't rate Obama very highly. Also, Obama last budget promised a reduction, but it remained the same. LIER, LIER pants on fire.
     
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    Last edited: Mar 19, 2012
  2. Rocko
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    Rocko Gold Member

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    I've heard about this a while ago, now it's come to fruition....that in March of this year, in less than one full term, he was set to outspend any other president in US history...

    And they say he hasn't been given enough power.:lol:
     
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  3. kiwiman127
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    kiwiman127 Comfortably Moderate Supporting Member

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    Actually, CBS is wrong.
    On the first day of GWB's first fiscal year the National Debt was $5.806 trillion. On the last day of GWB's last fiscal year the National Debt was 11.92 trillion as of today the National Debt is 15.567 trillion. So GWB's fiscal years ended up adding over 6 trillion. Obama is his short time has accumulated 3.647 trillion.
    Fiscal years always start on October 1st and end on September 30th of the following year. So GWB's fiscal years started on October 1st of 2001 and ended on September 30th of 2009.
    CBS made their mistake by using calender years versus fiscal years.
    But in the long run, Obama is easily outspending GWB per average fiscal year.:mad:
     
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  4. Mr. H.
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    Mr. H. Diamond Member

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    There is good debt, and there is bad debt. Good debt increases revenue and builds equity.
    Bad debt does neither.

    I don't give two fucks for Obama, and whoever is the next President had better the hell think twice before increasing this country's debt any more.

    [ame=http://www.youtube.com/watch?v=dIGWqbNZ4Qo]Chanson Pour Les Petit Enfant - YouTube[/ame]
     
  5. Soggy in NOLA
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    Soggy in NOLA Platinum Member

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    It's all Bush's fault.
     
  6. ladyliberal
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    ladyliberal Progressive Princess

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    Say what you will about Obama, but no one can claim that he has governed as a deficit hawk. Of course, mainstream economists (including conservatives who favored tax cuts) generally favor deficit spending in a recession.
     
  7. BreezeWood
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    BreezeWood VIP Member Supporting Member

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    Bush inherited Clinton's (Democratic) surplus and turned it into Debt - Obama inherited the Bush debt and curtailed the 07-09 Great Recession and as well prevented a New World Wide Turn of the Century Depression.
     
    Last edited: Mar 19, 2012
  8. Vidi
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    Vidi CDZ prohibited

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    Of course he increased the debt. He actually took the hit to his budgets, while Bush pushed them off to the future.

    It's not enough to say," He increased it more!" You have to ask WHERE did the debt come from?

    Two inherited wars, inherited tax cuts and inherited unpaid for social programs.

    It's called context.
     
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  9. theHawk
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    theHawk Registered Conservative

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    Where are the resident libtards to tell us how the GOP sabotaged the Hussein's reign.
     
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  10. Syphon
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    Syphon BANNED

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    the three biggest drivers of the debt and deficits are the wars, medicare part d and the tax cuts of 2001 and 2003. the wars are the wars, but medicare part d and the tax cuts were pushed through by a GOP controlled government. so most of the long term debt right now belongs to bush. Obama's debt consists of the stimulus package (which was one time spending, not reoccurring spending) plus over half the stimulus was actually tax cuts. that combined with reduced revenues due to the recession caused higher deficits, TARP which has cost a minimal amount and the Auto Bailout, which the government still owns shares of GM.

    Republican Leaders Voted for Debt Drivers They Blame on Obama - Bloomberg

    "The 2001 and 2003 tax cuts, which lowered tax rates on income, dividends and capital gains, increased the federal budget deficit by $1.7 trillion over a decade, according to the Center for Budget and Policy Priorities, a non-partisan left-of- center group in Washington that studies fiscal policy."

    The two-year extension of those tax cuts that Obama signed will cost $857.8 billion, according to the Congressional Joint Committee on Taxation. (although remember he signed the extension because the GOP was willing to hold an extension of unemployment benefits hostage in order to do so)

    The wars in Afghanistan and Iraq have cost almost $1.3 trillion since the terrorist attacks on Sept. 11, 2001, according to a March 29 analysis by the Congressional Research Service. Operations in Iraq have cost $806 billion, and in Afghanistan $444 billion. The analysis shows the government has spent an additional $29 billion for enhanced security on militia bases and $6 billion remains unallocated.
    Rank-and-file Republicans are eager to pin the blame on Democrats, frequently pointing to the economic stimulus signed by Obama in 2009. The total cost of the stimulus will be $830 billion by 2019, according to a May 2011 Congressional Budget Office report.
    That’s half the cost of the Bush tax cuts and less than two-thirds of what has been spent on the wars in Iraq and Afghanistan.

    read the article for more
     

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