What caused the national debt?

[Neotrotsky]

Biden: We Have To Spend Money To Keep From Going Bankrupt

Comrades, once Biden put it this way
it all makes sense now


[ame=http://www.youtube.com/watch?v=LHFEcyUNBjg]‪Biden: We Have To Spend Money To Keep From Going Bankrupt‬‏ - YouTube[/ame]

 

[The Rabbi]

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.

And the Democratic solution to this problem is....SPEND MORE!
Yes, we have to keep spending to avoid bankruptcy.
Queue it!
[ame=http://www.youtube.com/watch?v=LHFEcyUNBjg]‪Biden: We Have To Spend Money To Keep From Going Bankrupt‬‏ - YouTube[/ame]

 

[Mr. Jones]

Socialism will only work with a society of prisoners, slaves, and robots who can be controlled by the ruling elite (which will always exist in that type of system).

Do you not realize that our current system really is a form of slavery?
Look around and you'll see the prisoners, slaves, and robots you describe, that are not unique to socialism or any other term you want to use as the label for societal control.
We are all slaves to the debt that demands payment in various forms, but instead of physical slavery where the master houses, feeds and is responsible for the needs of his slaves, economic capitalism slavery, is designed to cut overhead by making the economic slaves in a capitalist society, free to provide these things for themselves.

 

[The Rabbi]

Oops/ I didnt see someone had just posted that same video.
But there it is. The Democratic response in a nutshell: there is no problem that more spending cannot fix, including lack of money.
This is why Obama and the Dums have not crafted a plan and cannot negotiate with the GOP, which has produced several plans. They live in La-La Land.

 

[The Rabbi]

OT but so what for this board:
I finished reading Woodward's Obama's Wars and I have to say that in it Biden comes off as being one of the smarter members of the administration. While he looks like a dope and gaffes constantly he cannot have had the political career he's had by being a total zero.

 

[Neotrotsky]

Socialism will only work with a society of prisoners, slaves, and robots who can be controlled by the ruling elite (which will always exist in that type of system).

Do you not realize that our current system really is a form of slavery?
Look around and you'll see the prisoners, slaves, and robots you describe, that are not unique to socialism or any other term you want to use as the label for societal control.
We are all slaves to the debt that demands payment in various forms, but instead of physical slavery where the master houses, feeds and is responsible for the needs of his slaves, economic capitalism slavery, is designed to cut overhead by making the economic slaves in a capitalist society, free to provide these things for themselves.

Using your rather global definition of slavery....
All men are slaves to something, the key to freedom lies within them

Promoting the development of Centralized Planning will lead to more of us being "enslaved" to the state.

Because property rights are fundamental to any liberal society, any governments’ attempts at redistributing property
invites the truncation of many other political rights." The problem with the promoters of Statism, the gov't just never stops






I'll take this "slavery" any day over socialist slavery in the Gulags

A Hidden History of Evil- Soviet

 

[Liability]

Socialism will only work with a society of prisoners, slaves, and robots who can be controlled by the ruling elite (which will always exist in that type of system).

Do you not realize that our current system really is a form of slavery?
Look around and you'll see the prisoners, slaves, and robots you describe, that are not unique to socialism or any other term you want to use as the label for societal control.
We are all slaves to the debt that demands payment in various forms, but instead of physical slavery where the master houses, feeds and is responsible for the needs of his slaves, economic capitalism slavery, is designed to cut overhead by making the economic slaves in a capitalist society, free to provide these things for themselves.

Our current system is not a form of slavery.

Your stale old trite rhetoric is pathetic and unpersuasive, but at least it's baseless.

 

[Chris]

Sweden has one of the fast growing economies in the world.

Gaze upon the horrible face of socialism....

 

[JRK]

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.

really?
your opinion?

want some facts?

Brian Riedl: The Bush Tax Cuts and the Deficit Myth - WSJ.com

The projected $5.6 trillion surplus between 2002 and 2011 will more likely be a $6.1 trillion deficit through September 2011. So what was the cause of this dizzying, $11.7 trillion swing? I've analyzed CBO's 28 subsequent budget baseline updates since January 2001. These updates reveal that the much-maligned Bush tax cuts, at $1.7 trillion, caused just 14% of the swing from projected surpluses to actual deficits (and that is according to a "static" analysis, excluding any revenues recovered from faster economic growth induced by the cuts).

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The bulk of the swing resulted from economic and technical revisions (33%), other new spending (32%), net interest on the debt (12%), the 2009 stimulus (6%) and other tax cuts (3%). Specifically, the tax cuts for those earning more than $250,000 are responsible for just 4% of the swing. If there were no Bush tax cuts, runaway spending and economic factors would have guaranteed more than $4 trillion in deficits over the decade and kept the budget in deficit every year except 2007.

• The next decade's deficits are the result of the previous administration's profligacy. Mr. Obama asserted in his January State of the Union Address that by the time he took office, "we had a one-year deficit of over $1 trillion and projected deficits of $8 trillion over the next decade. Most of this was the result of not paying for two wars, two tax cuts, and an expensive prescription drug program."

In short, it's all President Bush's fault. But Mr. Obama's assertion fails on three grounds.

First, the wars, tax cuts and the prescription drug program were implemented in the early 2000s, yet by 2007 the deficit stood at only $161 billion. How could these stable policies have suddenly caused trillion-dollar deficits beginning in 2009? (Obviously what happened was collapsing revenues from the recession along with stimulus spending.)

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Second, the president's $8 trillion figure minimizes the problem. Recent CBO data indicate a 10-year baseline deficit closer to $13 trillion if Washington maintains today's tax-and-spend policies—whereby discretionary spending grows with the economy, war spending winds down, ObamaCare is implemented, and Congress extends all the Bush tax cuts, the Alternative Minimum Tax (AMT) patch, and the Medicare "doc fix" (i.e., no reimbursement cuts).

Under this realistic baseline, the 10-year cost of extending the Bush tax cuts ($3.2 trillion), the Medicare drug entitlement ($1 trillion), and Iraq and Afghanistan spending ($515 billion) add up to $4.7 trillion. That's approximately one-third of the $13 trillion in baseline deficits—far from the majority the president claims.

Third and most importantly, the White House methodology is arbitrary. With Washington set to tax $33 trillion and spend $46 trillion over the next decade, how does one determine which policies "caused" the $13 trillion deficit? Mr. Obama could have just as easily singled out Social Security ($9.2 trillion over 10 years), antipoverty programs ($7 trillion), other Medicare spending ($5.4 trillion), net interest on the debt ($6.1 trillion), or nondefense discretionary spending ($7.5 trillion).

There's no legitimate reason to single out the $4.7 trillion in tax cuts, war funding and the Medicare drug entitlement. A better methodology would focus on which programs are expanding and pushing the next decade's deficit up.

• Declining revenues are driving future deficits. The fact is that rapidly increasing spending will cause 100% of rising long-term deficits. Over the past 50 years, tax revenues have deviated little from their 18% of gross domestic product (GDP) average. Despite a temporary recession-induced dip, CBO projects that even if all Bush tax cuts are extended and the AMT is patched, tax revenues will rebound to 18.2% of GDP by 2020—slightly above the historical average. They will continue growing afterwards.

 

[grunt11b]

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.

Tax cuts cannot add to the debt. Overspending adds to the debt. The government is not entitled to all of my money, only what it needs to keep a military and blah blah blah, not what it needs for more entitlement programs and needless spending sprees. Like I said before, Spending money the government does not have adds to the debt, not tax cuts.

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.

Obama didn't help much with his 2.5 Trillion spending spree either. And no jobs created with all that money, wow.
Obama Added More to National Debt in First 19 Months Than All Presidents from Washington Through Reagan Combined, Says Gov

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."

Just think of how much money it would save if we didn't have medicare to begin with. Another big gubment progressive entitlement program created by the left that is helping to sink this country even further.

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."

Obama had a campaign promise to pull the troops out, guess he lied. Truth be told, he knew it would run up a huge tab, so he is not concerned with leaving anytime soon.

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.

Blame Bush, Blame Bush, I notice you blame bush alot just like the idiot in the white house. Bottom line is, this is Obamas economy now, he has been in office for 2-1/2 years. The voters WILL hold him and the Democrat party and any in the GOP that made this economy what it is responsible in 2012. Blaming a former president is not going to cut it, we don't buy the bullshit.

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.

That's what government gets for thinking it can stimulate the economy. Only the private sector business owner and lower taxes can stimulate the economy, not government.

 

[Chris]

Reagan and the two Bushes caused 93% of the National Debt by lowering taxes for the rich.

Click on this link to see the numbers... ReaganBushDebt.org

 

[Jarhead]

Sweden has one of the fast growing economies in the world.
Gaze upon the horrible face of socialism....

it took them 900 years to acheive it.

We have been one of the strongest economies for years...taking a mere 200 years to acheive it.

So we hit a bump in the road. Shit happens and you learn from it.

Are you one to say "cancel air flight becuase of one plane accident"?

"who cares how well we were doing.....it broke so lets dismantle it and try something different"

Me? I say "dont make major changes, just learn from the accident and make minor changes to make sure it doesnt happen again"

Or we can find a "new way" and let it take 900 years to develop.

 

[Mr. Shaman]

What caused the national debt?

Our elected leaders spent too much.

 

[Jarhead]

Reagan and the two Bushes caused 93% of the National Debt by lowering taxes for the rich.

Click on this link to see the numbers... ReaganBushDebt.org

And you believe in the accuracy of a website labelled "reaganbushdebt.org"?

That would be like me saying "Obama is a socialist...take a look at the facts on this site..

"obamaisasocialist.org"

I think I found your problem

 

[Chris]

Sweden has one of the fast growing economies in the world.
Gaze upon the horrible face of socialism....

it took them 900 years to acheive it.

We have been one of the strongest economies for years...taking a mere 200 years to acheive it.

So we hit a bump in the road. Shit happens and you learn from it.

Are you one to say "cancel air flight becuase of one plane accident"?

"who cares how well we were doing.....it broke so lets dismantle it and try something different"

Me? I say "dont make major changes, just learn from the accident and make minor changes to make sure it doesnt happen again"

Or we can find a "new way" and let it take 900 years to develop.

That has to be one of the lamest posts ever.

 

[Neotrotsky]

Sure it might work here


Japanese Internment camps

beautiful isn't it

 

[Chris]

Reagan and the two Bushes caused 93% of the National Debt by lowering taxes for the rich.

Click on this link to see the numbers... ReaganBushDebt.org

And you believe in the accuracy of a website labelled "reaganbushdebt.org"?

That would be like me saying "Obama is a socialist...take a look at the facts on this site..

"obamaisasocialist.org"

I think I found your problem

Here are the links to the treasury websites.

http://reaganbushdebt.org/CalculationDetails.aspx

Thanks for asking!

 

[HUGGY]

What caused the national debt?

Obama....definitely Obama.

 

[Neotrotsky]

Reagan and the two Bushes caused 93% of the National Debt by lowering taxes for the rich.

Click on this link to see the numbers... ReaganBushDebt.org

Politifact- say it is not a lie
It is a crasy left wing blog site- so it must be true




Barack Obama will add more debt than 43 prior presidents




Truth is hard for the Left
In fact, it is there worst enemy

 

[Chris]

What caused the national debt?

Obama....definitely Obama.

ReaganBushDebt.org