What caused the national debt?

[Soggy in NOLA]

Like spending too much money?

What a dumb question.

 

[Neotrotsky]

TruthMatters caused it.

Michelle Obama's servants

 

[Jarhead]

TruthMatters caused it.

Michelle Obama's servants

That too.

 

[Neotrotsky]

TruthMatters caused it.

Michelle Obama's servants

That too.

Don't forget her trip to Spain



Those damn parties they keep throwing

The 'People's President Celebrates ' Pork Bill or Jimmy Carter Remembrance Bill' with $100/lb steaks at a Swank White House party -so much for Shared Sacrifice or Post Modern 'Let Them Eat Cake'

As told to ABC’s Jake Tapper, the menu included alcoholic beverages (vodka martinis are an Obama favorite, reportedly) and wagyu steak ($100/lb).
Coming off of the most expensive inaugural celebration in American history and passage of a trillion-dollar 'Pork bill or Jimmy Carter Remembrance Bill' that will
saddle future generations with unprecedented debt, should not the Messiah consider cutting back on such indulgences.

​

 

[Meister]

Michelle Obama's servants

That too.

Don't forget her trip to Spain



Those damn parties they keep throwing

The 'People's President Celebrates ' Pork Bill or Jimmy Carter Remembrance Bill' with $100/lb steaks at a Swank White House party -so much for Shared Sacrifice or Post Modern 'Let Them Eat Cake'

As told to ABC’s Jake Tapper, the menu included alcoholic beverages (vodka martinis are an Obama favorite, reportedly) and wagyu steak ($100/lb).
Coming off of the most expensive inaugural celebration in American history and passage of a trillion-dollar 'Pork bill or Jimmy Carter Remembrance Bill' that will
saddle future generations with unprecedented debt, should not the Messiah consider cutting back on such indulgences.

​

It's the old, "Do as I say, not as I do", scenario.

 

[hortysir]

how anyone can be so brain twisted as to pretend this whole mess was not nudged along by the Bush policies is beyond the pale.


No wonder this country is so screwed up.

Didn't read #1 did ya, dumbass?

 

[Toddsterpatriot]

What caused the national debt? 6 culprits - The Week

1. The Bush tax cuts
The biggest culprit? The 2001 and 2003 tax cuts under then-president George W. Bush, says the Associated Press. They have added an estimated $1.6 trillion to the national debt. It's pretty clear, says Brian Beutler at Talking Points Memo, that Bush-era policies, "particularly debt-financed tax cuts," make up "the lion's share of the problem." And they're ongoing, so the tab for them builds every year.

2. Health care entitlements
Democrats "constantly harp" about the Bush tax cuts, says Peter Morici at Seeking Alpha, but those rates were in place in 2007, and the deficit that year was one-tenth this year's budget shortfall of $1.6 trillion. So what has changed since then? Added "federal regulation, bureaucracy, and new Medicaid and other entitlements have pushed up federal spending by $1.1 trillion — $900 billion more than required by inflation." And down the road, says Yuval Levin at National Review, our "health-entitlement explosion" will account for "basically 100 percent" of our debt problem.

3. Medicare prescription drug benefit
Another piece of the pie: George W. Bush's addition of Medicare's prescription drug benefit. That has added $300 billion to the debt, according to the AP. Expanding entitlements like Medicare, or last year's health-care reform package, is a particularly tempting way for Congress to run up debt, says Jagadeesh Gokhale at The Daily Caller. Since lawmakers don't typically map out a revenue strategy to fund those benefits, they are "shielded from the political costs of actually paying for the new programs."

4. The wars in Iraq and Afghanistan
The tab for the wars in Iraq and Afghanistan comes to $1.3 trillion, another major chunk of new, unexpected spending over the last decade. "These wars cost us plenty," says Nake M. Kamrany at The Huffington Post, and they "have to be financed with borrowing, which adds up to national debt."

5. Obama's economic stimulus
The 2009 stimulus package enacted by President Obama cost $800 billion. And the 2010 tax-cut compromise between Obama and Republicans, which extended jobless benefits and reduced payroll taxes, added another $400 billion to the debt. Add another $200 billion for the 2008 bailout of the financial industry, and the government's efforts to soften the blow of the Great Recession amount to one of the largest chunks of the debt build-up. The "federal budget was one good year away from balancing" after 2007, says Tom Blumer at News Busters. But in the years since, Obama and Democrats in Congress put that goal out of reach.

6. The Great Recession
Some of the spending gap came from factors outside the control of Congress and the White House. As the government spent heavily to boost the economy, says the AP, it took in hundreds of billions less in tax revenue than expected, because the Great Recession eroded Americans' income and spending.

Overspending.

 

[Toddsterpatriot]

Does the article mention the Trillions in Banker bailouts for the Derivatives they made? Hint: 1,500 Trillion.

The bank bailouts have been repaid, at a profit to the Treasury.

 

[Mad Scientist]

Does the article mention the Trillions in Banker bailouts for the Derivatives they made? Hint: 1,500 Trillion.

The bank bailouts have been repaid, at a profit to the Treasury.

Really? The bankers paid back 1,500 Trillion? That's more than the entire worlds GDP! You have proof of this of course!

 

[asaratis]

how anyone can be so brain twisted as to pretend this whole mess was not nudged along by the Bush policies is beyond the pale.


No wonder this country is so screwed up.

I see you haven't learned anything since I stopped reading your tripe some months ago.

There is not much difference between Democrats and Republicans when it comes to spending. Over spending is the way of Washington. These entrenched politicians, some of them born into their positions as if their family were royalty of some sort, have to spend money to get re-elected.

I say that a LACK OF TERM LIMITS has caused the national debt. Throw all incumbents out of office. Cut Spending. Balance the BUDGET! Act like you've got some sense!

What is concerning is that the moochers have a really strong foothold on controlling the country. The moochers and the unions.

 

[Meister]

Does the article mention the Trillions in Banker bailouts for the Derivatives they made? Hint: 1,500 Trillion.

The bank bailouts have been repaid, at a profit to the Treasury.

Really? The bankers paid back 1,500 Trillion? That's more than the entire worlds GDP! You have proof of this of course!

Oh yeah, and the auto industry has paid back their loans also.

 

[Neotrotsky]

WSJ

With Fifth Third Out, Banks Have Repaid 99% of TARP

Auto is something else

 

[DiamondDave]

What caused the national debt?

Our elected leaders spent too much.

Precisely.... not 1 party in particular... not one type of entitlement or the other..

It was everything... it was government allowing itself to expand into areas it has no business being in... and it was power hungry asshole politicians on both sides

 

[kaz]

What caused the national debt? 6 culprits - The Week

What caused the national debt is shown by the current debate in DC. The Republican plan is completely irresponsible because it doesn't even begin to address our out of control spending and the Democrats are to the reality challenged side of that proposal.

 

[Neotrotsky]

CNN poll: Repub Cut Cap Bill gets 2-1 approval or Left bias CNN can't hide US support

Tip: Hot AIr

The CCB/BBA approach wins majorities in every single demographic — including self-described liberals. Sixty-three percent of Democrats back the House bill. The least supportive age demographic is 50-64YOs at 62/37; the least supportive regional demographic is the Midwest at 61/39. Even those who express opposition to the Tea Party supports it 53/47.

In other words, it’s a clean sweep. Simply put, there is no political demographic at all where the CCB/BBA doesn’t get majority support. The BBA on its own does even better. It gets 3-1 support (74/24),​

 

[Liability]

how anyone can be so brain twisted as to pretend this whole mess was not nudged along by the Bush policies is beyond the pale.


No wonder this country is so screwed up.

It's not "pretend" to note that the lowering of taxes (the money the government takes in) cannot ever cause a debt. It takes dishonest, brain dead, modern American liberalism to even "think" something so painfully and facially ridiculous.

As Si Modo sagely noted, SPENDING more than you take in is what causes debt.

This nation has been infested with modern American "liberal" thiniing for a long time:

No wonder this country is so screwed up.

 

[Toddsterpatriot]

Does the article mention the Trillions in Banker bailouts for the Derivatives they made? Hint: 1,500 Trillion.

The bank bailouts have been repaid, at a profit to the Treasury.

Really? The bankers paid back 1,500 Trillion? That's more than the entire worlds GDP! You have proof of this of course!

The bank portion of TARP was repaid.
I don't know where you got that silly 1,500 trillion number.

 

[Mr. Jones]

The economy revolves around on a debt based monetary system.
Debt is money, and money is debt, in order for our predatory ponzi economy to grow, it has to produce more debt (money), therefore there will always be a deficit and inflation.
Think about it, even if the trillions were not handed over to the criminal bankers, and wall street, this country would still, and always be running a deficit due to the interest that automatically comes attached to the borrowing of every single dollar from the evil Fed Reserve bankers.
And one of the craziest things about it is, the more money that is created and put into the system, the less the currency is worth.

The system that has been in use in America since 1913, and throughout the world, is a massive ponzi scheme that only the few at the top echelons benefit from.
It must be changed, but wont until we all become aware of the insidious nature of it, and the far reaching limitations and damage it causes to humans, nations, and the environment.

It is this evil economic and monetary system that produces the greed that is behind all of the worlds major problems, including, health, poverty, environmental, wars and death. It even hinders technical advancements that would benefit mankind because the powerful corporatocracy that has monopolized industry like energy (oil) wont allow advancements that would lower their profits or make them obsolete.

When you think about it, we allow, and even defend a very screwed up monetary and economic system, and so far it seems the only politician that has a grasp on it is Dr. Ron Paul, but he wont be allowed to try to lead us out of this system because we don't really care to understand it, and the PTB are too powerful and he would conceivably become a candidate for assassination if he (or anybody) tried to compete with the Fed Reserve or abolish it by issuing US notes.

The system is slowly running its course and dying a slow death, leaving destruction, death and misery in its wake, and no matter how hard we try to change it, we will not be able to do so without mass casualties. The huge police state apparatus has been installed under the guise of "protecting" us from terrorism, but in reality it is a defense mechanism designed to wipe out opposition to the systems short comings that more and more people are realizing is nothing but a huge swindle and slavery.

 

[Toddsterpatriot]

WSJ

With Fifth Third Out, Banks Have Repaid 99% of TARP

Auto is something else

Yeah. And don't get me started on Fannie and Freddie......

 

[Si modo]

It's sort of funny, in a scary way, that the question was asked.