Who and what is to blame for the debt crisis

[Billy000]

While it is true that Obama largely contributed, it really was Bush that exploded the debt in the first place.


The Truth About Who's Responsible For Our Massive Budget Deficit - Business Insider



Here are some good highlight from the article:

The increase in government spending, meanwhile, is actually NOT the only factor that has caused the deficit. The other factor--equally if not more important--is the fall-off in government revenue (tax receipts).

Ya, see? Paying taxes is good.

Here is the meat of the article when it comes to who is to blame.

So, who's responsible for the massive deficit?

This is a tougher question.

We know WHAT is responsible: The combination of weak government revenues (tax receipts) and a vast increase in government spending.

But figuring out WHO to blame is a more subjective exercise.

If you believe that the growth during the "Bush Boom" was a debt-fueled mirage--a theory that is certainly supported by the evidence--then you can lay the blame squarely at the feet of President Bush. His combination of reduced taxes and increased spending took the US from a surplus to a deficit, and even the economic boom from a massive housing bubble and enormous borrowing couldn't close the gap.

Even if you think the "Bush Boom" was real, moreover, the recession and financial crisis began on his watch, and the deficit was already exploding when President Obama took office. So it's very hard to escape the conclusion that President Bush bears a lot of the responsibility for our current mess.

On the other hand, President Obama's stimulus certainly hasn't had as big an impact on the economy (and, therefore, government revenues) as he and his advisors promised it would. Given the extent of the mess Obama inherited, it's possible that nothing would have fixed it by now. But even huge Obama supporters are justifiably frustrated with his over-promising, as well as with many of the decisions he has made.

So it seems fair to lay some of the responsibility for our current deficit at President Obama's feet as well.

 

[Oddball]

More proof that, the claim of your avatar notwithstanding, you haven't a single critical thought in your fucking hack pin head.

 

[Luddly Neddite]

The Reagan-Bush Debt is how much of the national debt of the United States is attributable to the presidencies of Ronald Reagan, George H. W. Bush, George W. Bush, and
the Republican fiscal policy of Borrow-And-Spend.

As of Friday, December 16, 2011 at 2:32:01PM CT,

The Current ReaganBush Debt is:
$14,169,002,968,508.90
which means that in a total of 20 years,
these three presidents have led to the creation of
93.81%
of the entire national debt
in only 8.5106% of the 235 years of the existence of the United States of America.

ReaganBushDebt.org

 

[Billy000]

The Reagan-Bush Debt is how much of the national debt of the United States is attributable to the presidencies of Ronald Reagan, George H. W. Bush, George W. Bush, and
the Republican fiscal policy of Borrow-And-Spend.

As of Friday, December 16, 2011 at 2:32:01PM CT,

The Current ReaganBush Debt is:
$14,169,002,968,508.90
which means that in a total of 20 years,
these three presidents have led to the creation of
93.81%
of the entire national debt
in only 8.5106% of the 235 years of the existence of the United States of America.

ReaganBushDebt.org

I don't think it's fair to say that Obama did not contribute.

 

[Oddball]

Too much debt is accrued by too much spending...Something that both remocrats and depublicans love to do.

But let's not such facts get in the way of a goode ole leftloon circle jerk.

 

[Listening]

Notice how the democrats on the supercommittee were ALL ABOUT cutting spending ?

Yeah...ow wait....no.

They were all about protecting entitlements.

I'll raise taxes on the rich. 1 dollar of tax for every three we cut in spending.

 

[Mr. Shaman]

More proof that, the claim of your avatar notwithstanding, you haven't a single critical thought in your fucking hack pin head.

 

[Mr. Shaman]

The Reagan-Bush Debt is how much of the national debt of the United States is attributable to the presidencies of Ronald Reagan, George H. W. Bush, George W. Bush, and
the Republican fiscal policy of Borrow-And-Spend.

As of Friday, December 16, 2011 at 2:32:01PM CT,

The Current ReaganBush Debt is:
$14,169,002,968,508.90
which means that in a total of 20 years,
these three presidents have led to the creation of
93.81%
of the entire national debt
in only 8.5106% of the 235 years of the existence of the United States of America.

ReaganBushDebt.org

 

[Toddsterpatriot]

While it is true that Obama largely contributed, it really was Bush that exploded the debt in the first place.


The Truth About Who's Responsible For Our Massive Budget Deficit - Business Insider



Here are some good highlight from the article:

The increase in government spending, meanwhile, is actually NOT the only factor that has caused the deficit. The other factor--equally if not more important--is the fall-off in government revenue (tax receipts).

Ya, see? Paying taxes is good.

Here is the meat of the article when it comes to who is to blame.

So, who's responsible for the massive deficit?

This is a tougher question.

We know WHAT is responsible: The combination of weak government revenues (tax receipts) and a vast increase in government spending.

But figuring out WHO to blame is a more subjective exercise.

If you believe that the growth during the "Bush Boom" was a debt-fueled mirage--a theory that is certainly supported by the evidence--then you can lay the blame squarely at the feet of President Bush. His combination of reduced taxes and increased spending took the US from a surplus to a deficit, and even the economic boom from a massive housing bubble and enormous borrowing couldn't close the gap.

Even if you think the "Bush Boom" was real, moreover, the recession and financial crisis began on his watch, and the deficit was already exploding when President Obama took office. So it's very hard to escape the conclusion that President Bush bears a lot of the responsibility for our current mess.

On the other hand, President Obama's stimulus certainly hasn't had as big an impact on the economy (and, therefore, government revenues) as he and his advisors promised it would. Given the extent of the mess Obama inherited, it's possible that nothing would have fixed it by now. But even huge Obama supporters are justifiably frustrated with his over-promising, as well as with many of the decisions he has made.

So it seems fair to lay some of the responsibility for our current deficit at President Obama's feet as well.

Politicians who spend too much.

Entitlement programs passed by politicians who couldn't add or subtract themselves out of a wet paperbag.

 

[Mr. Shaman]

The Reagan-Bush Debt is how much of the national debt of the United States is attributable to the presidencies of Ronald Reagan, George H. W. Bush, George W. Bush, and
the Republican fiscal policy of Borrow-And-Spend.

As of Friday, December 16, 2011 at 2:32:01PM CT,

The Current ReaganBush Debt is:
$14,169,002,968,508.90
which means that in a total of 20 years,
these three presidents have led to the creation of
93.81%
of the entire national debt
in only 8.5106% of the 235 years of the existence of the United States of America.

ReaganBushDebt.org

I don't think it's fair to say that Obama did not contribute.

If Obama doesn't (start) paying-off Lil' Dumbya's credit-card balance (to China).....who's GOING-to??

​

 

[samjones]

Who? ... You and me.

What? ... Greed.

Glad I could help you out with your question.

 

[Zoom-boing]

While it is true that Obama largely contributed, it really was Bush that exploded the debt in the first place.


The Truth About Who's Responsible For Our Massive Budget Deficit - Business Insider



Here are some good highlight from the article:

The increase in government spending, meanwhile, is actually NOT the only factor that has caused the deficit. The other factor--equally if not more important--is the fall-off in government revenue (tax receipts).

Ya, see? Paying taxes is good.

Here is the meat of the article when it comes to who is to blame.

So, who's responsible for the massive deficit?

This is a tougher question.

We know WHAT is responsible: The combination of weak government revenues (tax receipts) and a vast increase in government spending.

But figuring out WHO to blame is a more subjective exercise.

If you believe that the growth during the "Bush Boom" was a debt-fueled mirage--a theory that is certainly supported by the evidence--then you can lay the blame squarely at the feet of President Bush. His combination of reduced taxes and increased spending took the US from a surplus to a deficit, and even the economic boom from a massive housing bubble and enormous borrowing couldn't close the gap.

Even if you think the "Bush Boom" was real, moreover, the recession and financial crisis began on his watch, and the deficit was already exploding when President Obama took office. So it's very hard to escape the conclusion that President Bush bears a lot of the responsibility for our current mess.

On the other hand, President Obama's stimulus certainly hasn't had as big an impact on the economy (and, therefore, government revenues) as he and his advisors promised it would. Given the extent of the mess Obama inherited, it's possible that nothing would have fixed it by now. But even huge Obama supporters are justifiably frustrated with his over-promising, as well as with many of the decisions he has made.

So it seems fair to lay some of the responsibility for our current deficit at President Obama's feet as well.

I made the answer real big for you so you wouldn't miss it.

R or D makes no difference . . . we're in the shitter and neither party really wants to do squat about the spending.

 

[mudwhistle]

The Reagan-Bush Debt is how much of the national debt of the United States is attributable to the presidencies of Ronald Reagan, George H. W. Bush, George W. Bush, and
the Republican fiscal policy of Borrow-And-Spend.

As of Friday, December 16, 2011 at 2:32:01PM CT,

The Current ReaganBush Debt is:
$14,169,002,968,508.90
which means that in a total of 20 years,
these three presidents have led to the creation of
93.81%
of the entire national debt
in only 8.5106% of the 235 years of the existence of the United States of America.

ReaganBushDebt.org

Simply repeating figures from a unofficial site is not an effect way of proving your point.

The debt has grown by 5 trillion since Obama swore in. It is now over 15 trillion, which means that under Obama's watch the debt has grown by 30 percent in 3 years as opposed the 20 years that preceded Obama. It went up one trillion since they raised the debt ceiling in July.

He complains about the debt and the mess Bush left him yet he has caused more debt in less time than anyone since WWII.

 

[Mr. Shaman]

While it is true that Obama largely contributed, it really was Bush that exploded the debt in the first place.


The Truth About Who's Responsible For Our Massive Budget Deficit - Business Insider



Here are some good highlight from the article:

The increase in government spending, meanwhile, is actually NOT the only factor that has caused the deficit. The other factor--equally if not more important--is the fall-off in government revenue (tax receipts).

Ya, see? Paying taxes is good.

Here is the meat of the article when it comes to who is to blame.

So, who's responsible for the massive deficit?

This is a tougher question.

We know WHAT is responsible: The combination of weak government revenues (tax receipts) and a vast increase in government spending.

But figuring out WHO to blame is a more subjective exercise.

If you believe that the growth during the "Bush Boom" was a debt-fueled mirage--a theory that is certainly supported by the evidence--then you can lay the blame squarely at the feet of President Bush. His combination of reduced taxes and increased spending took the US from a surplus to a deficit, and even the economic boom from a massive housing bubble and enormous borrowing couldn't close the gap.

Even if you think the "Bush Boom" was real, moreover, the recession and financial crisis began on his watch, and the deficit was already exploding when President Obama took office. So it's very hard to escape the conclusion that President Bush bears a lot of the responsibility for our current mess.

On the other hand, President Obama's stimulus certainly hasn't had as big an impact on the economy (and, therefore, government revenues) as he and his advisors promised it would. Given the extent of the mess Obama inherited, it's possible that nothing would have fixed it by now. But even huge Obama supporters are justifiably frustrated with his over-promising, as well as with many of the decisions he has made.

So it seems fair to lay some of the responsibility for our current deficit at President Obama's feet as well.

Politicians who spend too much.

Entitlement programs passed by politicians who couldn't add or subtract themselves out of a wet paperbag.

.....Like.....

.....Medicare D!!!!

"It's a point that's gone largely overlooked of late. Just six years ago, Karl Rove thought he could lock up that "permanent Republican majority" by adding a prescription drug benefit to Medicare. Seniors -- at least the one who didn't get caught in the dreaded "donut hole" -- would be so impressed they'd vote GOP forever. All Republican policymakers had to do was approve a poorly-written bill that expanded government involvement in health care while adding trillions of dollars to long-term debt."​

*

Among the key findings:​

*Under the MMA, Medicare has been significantly overpaying private plans under Medicare Advantage. In 2005, Medicare overpaid private plans by at least 7% per beneficiary, costing taxpayers $2.7 billion. In 2006, overpayment reached 11% per beneficiary, costing taxpayers $4.6 billion.

*Under the MMA, Congress set aside $10 billion for an unnecessary subsidy (or "stabilization fund") to regional PPOs. This year, however, 88% of beneficiaries have access to a regional PPO, before the so-called "stabilization fund" was even tapped--no subsidy was necessary.

*Medicare Part D drug prices are substantially higher than the prices obtained by the Department of Veterans Affairs (VA), which negotiates prices on behalf of consumers. For all of the top 20 drugs prescribed to seniors, the lowest price charged by any Part D plan was higher than the lowest price secured by the VA. Yet Congress refused to let Medicare negotiate directly with the drug companies, as the VA does.

*Bottom line: this report shows that, unfortunately for consumers and taxpayers, the MMA has not even come close to meeting the high expectations set for it by Congress. Consumers are getting hurt and taxpayers fleeced, while insurance companies and drug manufacturers are raking in money faster than they can count it. Congress needs to move away from this deeply flawed privatization model, and instead focus on strengthening Medicare.​

 

[Wiseacre]

So let's say you have a couple of teenagers, and you give 'em a credit card with no limit. Let's say one is a democrat and the other is a repub, and between the two of 'em they run up $15 trillion in debt. Your debt, on your card. So who's fault is it? Does it matter that much which one spent the most, you're still fucked.

 

[Listening]

Funny how we, as voters, don't take any credit.

We put these idiots in there.

Now, I realize that some think they should come first (i.e. unions) before any other considerations.

But it all comes back to us.

 

[Toddsterpatriot]

While it is true that Obama largely contributed, it really was Bush that exploded the debt in the first place.


The Truth About Who's Responsible For Our Massive Budget Deficit - Business Insider



Here are some good highlight from the article:



Ya, see? Paying taxes is good.

Here is the meat of the article when it comes to who is to blame.

Politicians who spend too much.

Entitlement programs passed by politicians who couldn't add or subtract themselves out of a wet paperbag.

.....Like.....

.....Medicare D!!!!

"It's a point that's gone largely overlooked of late. Just six years ago, Karl Rove thought he could lock up that "permanent Republican majority" by adding a prescription drug benefit to Medicare. Seniors -- at least the one who didn't get caught in the dreaded "donut hole" -- would be so impressed they'd vote GOP forever. All Republican policymakers had to do was approve a poorly-written bill that expanded government involvement in health care while adding trillions of dollars to long-term debt."​

*

Among the key findings:​

*Under the MMA, Medicare has been significantly overpaying private plans under Medicare Advantage. In 2005, Medicare overpaid private plans by at least 7% per beneficiary, costing taxpayers $2.7 billion. In 2006, overpayment reached 11% per beneficiary, costing taxpayers $4.6 billion.

*Under the MMA, Congress set aside $10 billion for an unnecessary subsidy (or "stabilization fund") to regional PPOs. This year, however, 88% of beneficiaries have access to a regional PPO, before the so-called "stabilization fund" was even tapped--no subsidy was necessary.

*Medicare Part D drug prices are substantially higher than the prices obtained by the Department of Veterans Affairs (VA), which negotiates prices on behalf of consumers. For all of the top 20 drugs prescribed to seniors, the lowest price charged by any Part D plan was higher than the lowest price secured by the VA. Yet Congress refused to let Medicare negotiate directly with the drug companies, as the VA does.

*Bottom line: this report shows that, unfortunately for consumers and taxpayers, the MMA has not even come close to meeting the high expectations set for it by Congress. Consumers are getting hurt and taxpayers fleeced, while insurance companies and drug manufacturers are raking in money faster than they can count it. Congress needs to move away from this deeply flawed privatization model, and instead focus on strengthening Medicare.​

Yes, like Medicare Part D.

 

[Mad Scientist]

15 Trillion in debt yet the Democrats are all up in arms about a $80 dollar a month payroll tax?



That's a "Victory" for them? On what planet?

15 TRILLION in debt. The Federal Reserve loaned out 7.7 TRILLION!

80 fuckin' dollars? How stupid can you people be?

 

[Oddball]

Funny how we, as voters, don't take any credit.

We put these idiots in there.

Now, I realize that some think they should come first (i.e. unions) before any other considerations.

But it all comes back to us.

Haven't voted for a single demopublicratican since '94....Not nationally nor locally.

I wash my hands.

 

[Mr. Shaman]

The Reagan-Bush Debt is how much of the national debt of the United States is attributable to the presidencies of Ronald Reagan, George H. W. Bush, George W. Bush, and
the Republican fiscal policy of Borrow-And-Spend.

As of Friday, December 16, 2011 at 2:32:01PM CT,

The Current ReaganBush Debt is:
$14,169,002,968,508.90
which means that in a total of 20 years,
these three presidents have led to the creation of
93.81%
of the entire national debt
in only 8.5106% of the 235 years of the existence of the United States of America.

ReaganBushDebt.org

Simply repeating figures from a unofficial site is not an effect way of proving your point.

The debt has grown by 5 trillion since Obama swore in. It is now over 15 trillion, which means that under Obama's watch the debt has grown by 30 percent in 3 years as opposed the 20 years that preceded Obama.

How artfully you avoided being more-$pecific about what Lil' Dumbya BLEW!!!!