What caused the national debt?

[Chris]

and sadly
Papa Obama is going to finish us off

Politifact-

Barack Obama will add more debt than 43 prior presidents

But Republicans are so anti American that they don't want to pay taxes.

Thanks for the classic line Chris. You are an idiot. This country was Born out of peoples frustration about A TAX!

You Liberals just do not get it. Not your Fault, your Government run Education system has failed to even teach you the Basic Facts about the Birth of this Nation.

To call not wanting to pay taxes Un-American demonstrates a clear lack of Understanding of America.

You are the classic anti American pussy.

You don't want to pay taxes.

And it wasn't the taxes that started the revolution. It was the lack of a vote in Parliament.

No taxation without representation.

So you are the one who doesn't know his history.

 

[editec]

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.

Yes, among other things.

 

[Chris]

In 2002, Vice-President Dick Cheney and the Bush administration’s economic team met to discuss a second round of tax cuts, which would follow Bush’s 2001 cuts. At the meeting, “then-Treasury Secretary Paul H. O’Neill pleaded that the government — already running a $158 billion deficit — was careening toward a fiscal crisis.” Allegedly, Cheney replied by saying that “deficits don’t matter.”

Six years later, the Bush administration’s consistent belief that deficits don’t matter has increased the national debt to over $10 trillion. This is the highest dollar amount ever, and pushes the debt to 69% of the gross domestic product, which is the highest percentage since 1955.

Six Years After Cheney Said ‘Deficits Don’t Matter,’ The National Debt Hits A 50-Year High | ThinkProgress

 

[Too Tall]

I thought (honestly looking to understand and to lazy to google) that the outgoing administration put the economic plan in place which rides two years into the incoming administration.

The outgoing administration's budget runs until October of the following year. i.e. Bush's 2008 budget was in place until Oct 2009. I am also too lazy to google it, but I think Obama got Congress to add an 800+ Billion dollar supplement to that budget and called it a 'stimulus' plan.

I will stand by for any corrections.

 

[Liability]

In 2002, Vice-President Dick Cheney and the Bush administration’s economic team met to discuss a second round of tax cuts, which would follow Bush’s 2001 cuts. At the meeting, “then-Treasury Secretary Paul H. O’Neill pleaded that the government — already running a $158 billion deficit — was careening toward a fiscal crisis.” Allegedly, Cheney replied by saying that “deficits don’t matter.”

Six years later, the Bush administration’s consistent belief that deficits don’t matter has increased the national debt to over $10 trillion. This is the highest dollar amount ever, and pushes the debt to 69% of the gross domestic product, which is the highest percentage since 1955.

Six Years After Cheney Said ‘Deficits Don’t Matter,’ The National Debt Hits A 50-Year High | ThinkProgress

That "think progress" article from 2008 spoke of the deficit as a matter of deep concern. Just look at some of the comments from the guests under the article. If it was a matter of alarm that led some people to think it would be irrational to "vote Republican," then CERTAINLY those very same folks must now be utterly aghast at the notion of ever again voting for the liberal Democratics.

The problem then WAS significant and dangerous and urgent.

It is massively worse now. And we have almost run out of time to fix it.

 

[Neotrotsky]

But Republicans are so anti American that they don't want to pay taxes.

Thanks for the classic line Chris. You are an idiot. This country was Born out of peoples frustration about A TAX!

You Liberals just do not get it. Not your Fault, your Government run Education system has failed to even teach you the Basic Facts about the Birth of this Nation.

To call not wanting to pay taxes Un-American demonstrates a clear lack of Understanding of America.

You are the classic anti American pussy.

You don't want to pay taxes.

And it wasn't the taxes that started the revolution. It was the lack of a vote in Parliament.

No taxation without representation.

So you are the one who doesn't know his history.

Don't want to pay taxes?
Oh like Democrats

You mean John Kerry, Charlie Rangel?



In fact, wasn't that a "right of passage " in the Papa Obama Administration
to get a job

 

[JoeB131]

Why we have a national debt...

Because borrowing money is the path of least resistance.

People want government to do a bunch of stuff, and they don't want to pay for it.

Guys like Rightwinger think you can soak the rich to pay for stuff, but at the end of the day, the Rich just pass on the costs to the rest of us.

If we had a balanced budget amendment and actually paid for the government we got (like most of the states do) we'd probably see government shrink.

 

[rightwinger]

Why we have a national debt...

Because borrowing money is the path of least resistance.

People want government to do a bunch of stuff, and they don't want to pay for it.

Guys like Rightwinger think you can soak the rich to pay for stuff, but at the end of the day, the Rich just pass on the costs to the rest of us.

If we had a balanced budget amendment and actually paid for the government we got (like most of the states do) we'd probably see government shrink.

No...I don't think you can just soak the rich to pay for stuff

I do think that you need a sensible tax base to pay for stuff. I do think that our current debt is linked to irresponsible tax cuts and runaway spending. I do think that if you go to war, you don't cut taxes to pay for it.

The tax rate on the wealthy is at it's lowest in history. It has not resulted in an economic boom, it has not added more jobs and it has not raised the overall standard of living.......except for the super wealthy

 

[JoeB131]

No...I don't think you can just soak the rich to pay for stuff

I do think that you need a sensible tax base to pay for stuff. I do think that our current debt is linked to irresponsible tax cuts and runaway spending. I do think that if you go to war, you don't cut taxes to pay for it.

The tax rate on the wealthy is at it's lowest in history. It has not resulted in an economic boom, it has not added more jobs and it has not raised the overall standard of living.......except for the super wealthy

Well, today the rich can just take their marbles and go to another country.

We did have an economic boom earlier in the decade. What we have now is a bunch of companies that probably have the resources to expand, but why in God's name would they want to do it here when Obama and his boys keep adding more regulations and mandates?

Especially when you can go to a country like China or Malaysia, where they work cheap, don't regulate what you are doing and you can make a profit?

First and foremost, you get the spending down. If you have a war, you sell war bonds, like they did in WWII.

 

[editec]

What caused the national debt?

Too much spending given the amount of tax revenue.

 

[rightwinger]

No...I don't think you can just soak the rich to pay for stuff

I do think that you need a sensible tax base to pay for stuff. I do think that our current debt is linked to irresponsible tax cuts and runaway spending. I do think that if you go to war, you don't cut taxes to pay for it.

The tax rate on the wealthy is at it's lowest in history. It has not resulted in an economic boom, it has not added more jobs and it has not raised the overall standard of living.......except for the super wealthy

Well, today the rich can just take their marbles and go to another country.

We did have an economic boom earlier in the decade. What we have now is a bunch of companies that probably have the resources to expand, but why in God's name would they want to do it here when Obama and his boys keep adding more regulations and mandates?

Especially when you can go to a country like China or Malaysia, where they work cheap, don't regulate what you are doing and you can make a profit?

First and foremost, you get the spending down. If you have a war, you sell war bonds, like they did in WWII.

I have heard that one all my life. If we are not nice to the rich they will leave us. Total nonsense. The rich know a good thing when they see it. If they want to leave.....don't let the door hit you on the way out

The rich have been given everything they demanded. A low tax rate, few regulations, government protections

What did we get for it?

Lower standard of living
Fewer jobs

 

[JoeB131]

Anyone who says there are "few regulations" obviously has never worked in the private sector.

 

[rightwinger]

Anyone who says there are "few regulations" obviously has never worked in the private sector.

How did deregulation of the financial sector work out? How did deregulating environmental protection work out? How about deregulating worker safety in coal mines?

Yes...we have to let business make money without government interference

 

[Mr. Jones]

The Socialist Fist

too funny

a FISTER

Actually it's not the socialists fist. My avatar is representing the breaking of chains of captivity, but alas some minds are stuck on certain tracks...
This arguing over who spent what and how we got into this economic mess, is laughable and folks aren't addressing the real basic problem, that is the model itself in which money is created out of thin air. It's the Dems NO it's the Rebubs!! It's fking insanity.. Ye are condemned to the sea of everlasting turmoil while everything is falling down around you..
Have a nice day

 

[Toddsterpatriot]

Why we have a national debt...

Because borrowing money is the path of least resistance.

People want government to do a bunch of stuff, and they don't want to pay for it.

Guys like Rightwinger think you can soak the rich to pay for stuff, but at the end of the day, the Rich just pass on the costs to the rest of us.

If we had a balanced budget amendment and actually paid for the government we got (like most of the states do) we'd probably see government shrink.

No...I don't think you can just soak the rich to pay for stuff

I do think that you need a sensible tax base to pay for stuff. I do think that our current debt is linked to irresponsible tax cuts and runaway spending. I do think that if you go to war, you don't cut taxes to pay for it.

The tax rate on the wealthy is at it's lowest in history. It has not resulted in an economic boom, it has not added more jobs and it has not raised the overall standard of living.......except for the super wealthy

The tax rate on the wealthy was 7% in 1913 and 28% in 1988.

I'm pretty sure both those rates are less than the current 35% rate.

 

[Toddsterpatriot]

Anyone who says there are "few regulations" obviously has never worked in the private sector.

How did deregulation of the financial sector work out? How did deregulating environmental protection work out? How about deregulating worker safety in coal mines?

Yes...we have to let business make money without government interference

The financial sector was deregulated?
On what planet?
Cause it sure wasn't here.

 

[dilloduck]

The Socialist Fist

too funny

a FISTER

Actually it's not the socialists fist. My avatar is representing the breaking of chains of captivity, but alas some minds are stuck on certain tracks...
This arguing over who spent what and how we got into this economic mess, is laughable and folks aren't addressing the real basic problem, that is the model itself in which money is created out of thin air. It's the Dems NO it's the Rebubs!! It's fking insanity.. Ye are condemned to the sea of everlasting turmoil while everything is falling down around you..
Have a nice day

Agreed----arguing over the debt ceiling might be worth it if we were also going to address the Federal Reserve scam and the IMF.

 

[Cuyo]

No...I don't think you can just soak the rich to pay for stuff

I do think that you need a sensible tax base to pay for stuff. I do think that our current debt is linked to irresponsible tax cuts and runaway spending. I do think that if you go to war, you don't cut taxes to pay for it.

The tax rate on the wealthy is at it's lowest in history. It has not resulted in an economic boom, it has not added more jobs and it has not raised the overall standard of living.......except for the super wealthy

Well, today the rich can just take their marbles and go to another country.

We did have an economic boom earlier in the decade. What we have now is a bunch of companies that probably have the resources to expand, but why in God's name would they want to do it here when Obama and his boys keep adding more regulations and mandates?

Especially when you can go to a country like China or Malaysia, where they work cheap, don't regulate what you are doing and you can make a profit?

Yep. They're upset. Quick! Give them whatever they want! All beholden to the rich job creators! We've got to get them back to laying golden job eggs before it's too late!

 

[dilloduck]

No...I don't think you can just soak the rich to pay for stuff

I do think that you need a sensible tax base to pay for stuff. I do think that our current debt is linked to irresponsible tax cuts and runaway spending. I do think that if you go to war, you don't cut taxes to pay for it.

The tax rate on the wealthy is at it's lowest in history. It has not resulted in an economic boom, it has not added more jobs and it has not raised the overall standard of living.......except for the super wealthy

Well, today the rich can just take their marbles and go to another country.

We did have an economic boom earlier in the decade. What we have now is a bunch of companies that probably have the resources to expand, but why in God's name would they want to do it here when Obama and his boys keep adding more regulations and mandates?

Especially when you can go to a country like China or Malaysia, where they work cheap, don't regulate what you are doing and you can make a profit?

Yep. They're upset. Quick! Give them whatever they want! All beholden to the rich job creators! We've got to get them back to laying golden job eggs before it's too late!

We are beholden to the rich job creators unless we are self employed. Are you suggest that taxing them more will have no consequences other than to increase revenue ?

 

[Mr. Jones]

Reagan started it all with trickle down economics.

The rich are now trickling down on us.

and sadly
Papa Obama is going to finish us off

Politifact-

Barack Obama will add more debt than 43 prior presidents

Sadly, in reality Obama's presidency might be the one in the history of the U.S that it all collapses, but hardly the one who should take all the blame.
If you want to start blaming presidents, you have to go back to the beginning of the scheme and that would be on president Woodrow Wilson's watch.

It doesn't seem to matter to you that in order for the economy to grow, it needs more DEBT!? And that inflation is a built in factor to our economy??
That is why the American dollar has lost like 96% of its value since the creation of the Federal Reserve!?
Why doesn't this seem to matter to you people, and instead resort to the ignorant left/right paradigm arguments all the time??

BTW here's a chart that shows the deficit increases. I link this only to show you all that no matter who you vote to lead you, the debt and deficits STILL EVENTUALLY INCREASE!! Because it is the way the ponzi scheme is designed to work...

Increases in the National Debt Chart

It is slanted to favor Democrats, but understand that Clinton robbed the SS fund to achieve the illusion of fiscal responsibility. It is all smoke and mirrors, it is a massive con and ponzi scheme, and while the slaves (us) argue over whose screwing them over the hardest, the international bankers, whose allegiance is only to more profits and power while being allowed to use their tools of greed to achieve it ( Central banks, with the fractional reserve banking system, politicians, and an ignorant public) continue to get what they want.

At the very least, once Americans understand this problem, they should show their discontent at the ballot box, and try to produce a massive turnover, and vote for candidates that have an understanding of the monetary system, and have the guts to change, and ultimately stop this scheme.

If everybody is blaming the other side for all of the problems with the economy, why do you all vote the same bastages back in again?

Can't you see that the "parties" you are voting for CAN NOT "fix" the problem, because in reality it is the system itself that is flawed and unfair, and will continue to be this way until it is eradicated??
In short..it is the bankers and their system, AND the politicians in their pocket (both sides) that are the root causes of our (the worlds) misery.

End the Fed and establish a real US currency to compete with them and many problems will cease over time.
It is in the Constitution, and gives congress the authority to do this!
So why are we paying the bankers to do what we have the power to do?
Why are we paying them to enslave us??

Elect people that put America and Americans first above all else. Do some research and find out all you can about your candidates connections and allegiances.
Either way you look at this nations economic woes, it is going to crash and burn. It is designed to do so over time, and the only reason it has lasted so long, is because of the billions of participants in it!

The Federal Reserve: History of Lies, Thievery, and Deceit

Secrets of the Federal Reserve

Untitled Document