Who and what is to blame for the debt crisis

[Full-Auto]

Your confusion is not surprising.

He signed the 2008 budget that raised the debt ONE TRILLION DOLLARS.

True story. Tissue?

Thats from democrats that stated they are following Paygo and after the announcement Pelosi said on national TV the end of deficit spending has arrived.

Why were you guys lying?

IOW, you admit Bush SIGNED the 2008 budget that raised the debt ONE TRILLION DOLLARS.

I dont deny it. Trillion dollar deficits never became reality until Pelosi took over congress.

I have no problem pointing you out as a low life afraid to admit your parties culpability.

 

[NYcarbineer]

Thats from democrats that stated they are following Paygo and after the announcement Pelosi said on national TV the end of deficit spending has arrived.

Why were you guys lying?

IOW, you admit Bush SIGNED the 2008 budget that raised the debt ONE TRILLION DOLLARS.

I dont deny it. Trillion dollar deficits never became reality until Pelosi took over congress.

I have no problem pointing you out as a low life afraid to admit your parties culpability.

So how will Romney and Boehner balance the budget?

 

[Full-Auto]

IOW, you admit Bush SIGNED the 2008 budget that raised the debt ONE TRILLION DOLLARS.

I dont deny it. Trillion dollar deficits never became reality until Pelosi took over congress.

I have no problem pointing you out as a low life afraid to admit your parties culpability.

So how will Romney and Boehner balance the budget?

They wont, the debt will never be paid and we will be fighting in the streets once it collapses from its own weight.

Its not a question of if, but when.

 

[mudwhistle]

Your confusion is not surprising.

He signed the 2008 budget that raised the debt ONE TRILLION DOLLARS.

True story. Tissue?

Thats from democrats that stated they are following Paygo and after the announcement Pelosi said on national TV the end of deficit spending has arrived.

Why were you guys lying?

IOW, you admit Bush SIGNED the 2008 budget that raised the debt ONE TRILLION DOLLARS.

Bush can't sign anything that Congress doesn't send him.

Congress has most of the power in Washington. At least they did before Obama started ruling through a series of executive orders. The framers of the Constitution wanted Congress to hold the keys to this country's future, not one man, and not the courts. Congress caused every crisis and what they did in response was sink us further into debt than at any time in the last 100 years. Because of the interest on that debt we will pay hell to pay it back.

 

[DiamondDave]

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.

But but but but but BOOOOOOOSSSSSSHHHHHHH...

Increased spending by government... PERIOD... end of statement... ebbs and flows happen in revenue, whether it be in government, a company, or even your personal life... but you adjust... you don't just keep spending like a drunken sailor on shore leave for the first time in 3 years...

And both parties have been guilty...

Time for a change in how we operate... and anyone, I don't care if it is DEM, REP, IND or the fucking Green Party, needs to be booted out of office if they continue to support ever increasing spending, idiot entitlement programs (whether it be private corporate, or whatever), and continually going against and above the limits that are in the constitution

 

[Full-Auto]

Who and what is to blame for the debt crisis


Compromise.

 

[CrusaderFrank]

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.

Obama Deficits > Reagan Budget

 

[NYcarbineer]

The graph tells the story. It's crystal clear.

And the story the graph tells is the makers of the graph, the dishonest Heritage Foundation, are a pack of liars.
Thank you for pointing that out.

Attacking the messenger cuz you can't attack the msg.

What the graph doesn't show is that most of the deficit from 2008 on can be attributed to lower tax revenues,

brought on by the recession and exacerbated by the fact of the excessive Bush tax cuts.

 

[edthecynic]

Bush couldn't spend on his own. The debt skyrocketed once the Dems took both houses of Congress. They used the media to scare him into massive spending on just about everything. The war and several natural disasters helped increase the debt, but Bush was just getting a handle on the debt through tax-cuts which increased revenue and reductions in spending....then the Dems won Congress and the deficit shot up in 08'.


The Bush Deficits vs Obama Deficits

Remember all of the calls for increased spending in the following areas:

The Stimulus Bill $1.1 trillion
The TARP bill $700 billion
2007 Spending bill $463.5 billion



The current national debt: U.S. Government National Debt: What they Won't Tell You

The debt is increasing because of compounding interest, unemployment payments, and ever increasing Social Security payments.

Gee, what a surprise, this phony chart again. Your phony chart shows a "deficit" of a little over $400 billion for 2008, yet the debt rose ONE TRILLION DOLLARS in 2008. So much for the accuracy of your PHONY chart!!!

Government - Historical Debt Outstanding - Annual 2000 - 2010
Historical Debt Outstanding - Annual 2000 - 2010

09/30/2008 - $10,024,724,896,912.49
09/30/2007 - $9,007,653,372,262.48

Your confusion is not surprising.

That last budget GW didnt sign, they held it over for Obama to sign because it did not contain enough spending.


True story. Tissue?

Thats from democrats that stated they are following Paygo and after the announcement Pelosi said on national TV the end of deficit spending has arrived.

Why were you guys lying?

IOW, you admit Bush SIGNED the 2008 budget that raised the debt ONE TRILLION DOLLARS.

I dont deny it. Trillion dollar deficits never became reality until Pelosi took over congress.

I have no problem pointing you out as a low life afraid to admit your parties culpability.

So you also admit the 2008 deficit was ONE TRILLION DOLLARS and not the slightly more than $400 billion in the phony Heritage Foundation graph. That's progress even if you won't admit it was Bush's responsibility for signing the budget rather than vetoing it.

 

[healthmyths]

How about you try reading the article I posted, because you obviously haven't. Educate your self. That graph is intentionally misleading. YOu'd understand why if you read my article.

The graph tells the story. It's crystal clear.

And the story the graph tells is the makers of the graph, the dishonest Heritage Foundation, are a pack of liars.
Thank you for pointing that out.

YOU are aware that with over $8 trillion in losses from:
1) dot.com bust $5 trillion
2) 9/11 remember that?? $ 2 trillion , 18,000 businesses destroyed
3) worst hurricanes in HISTORY $1 trillion..

THESE REAL asset losses have been subtracted at the rate of $267 billion a year from 2002 against income and therefore NOT TAXED!
Called Net Operating Losses by IRS..
The IRS well here read the ruling Net Operating Loss NOL..

Eligible losses, farming losses, qualified disaster losses, and specified
liability losses, defined next, qualify for longer carryback periods. Publication 536 (2010), Net Operating Losses (NOLs) for Individuals, Estates, and Trusts

 

[NYcarbineer]

Reagan escalated the Cold War and didn't pay for the cost.

Bush Sr. invaded Iraq and didn't pay for the cost.

GW Bush invaded Afghanistan and Iraq and didn't pay for either.

There's your debt/deficit mess.

 

[Dr.Drock]

Without reading the whole thread, are all the answers basically the team I didn't vote for?

 

[mudwhistle]

God, why are some of you so ignorant! Bush debt exploded over several years. Obama's contritution was all at once. That's why it looks like Obama spent more, but he didn't!

Read the articles for Godsakes.

Bush couldn't spend on his own. The debt skyrocketed once the Dems took both houses of Congress. They used the media to scare him into massive spending on just about everything. The war and several natural disasters helped increase the debt, but Bush was just getting a handle on the debt through tax-cuts which increased revenue and reductions in spending....then the Dems won Congress and the deficit shot up in 08'.


The Bush Deficits vs Obama Deficits

Remember all of the calls for increased spending in the following areas:

The Stimulus Bill $1.1 trillion
The TARP bill $700 billion
2007 Spending bill $463.5 billion



The current national debt: U.S. Government National Debt: What they Won't Tell You

The debt is increasing because of compounding interest, unemployment payments, and ever increasing Social Security payments.

Gee, what a surprise, this phony chart again. Your phony chart shows a "deficit" of a little over $400 billion for 2008, yet the debt rose ONE TRILLION DOLLARS in 2008. So much for the accuracy of your PHONY chart!!!

Government - Historical Debt Outstanding - Annual 2000 - 2010
Historical Debt Outstanding - Annual 2000 - 2010

09/30/2008 - $10,024,724,896,912.49
09/30/2007 - $9,007,653,372,262.48

Guess you don't know the difference between the National Debt and the budget deficit.

 

[CrusaderFrank]

Obama needs one more term to "Finish the job"

 

[CrusaderFrank]

Reagan escalated the Cold War and didn't pay for the cost.

Bush Sr. invaded Iraq and didn't pay for the cost.

GW Bush invaded Afghanistan and Iraq and didn't pay for either.

There's your debt/deficit mess.

And still

Obama Deficits > Reagan Budget

 

[edthecynic]

Bush couldn't spend on his own. The debt skyrocketed once the Dems took both houses of Congress. They used the media to scare him into massive spending on just about everything. The war and several natural disasters helped increase the debt, but Bush was just getting a handle on the debt through tax-cuts which increased revenue and reductions in spending....then the Dems won Congress and the deficit shot up in 08'.


The Bush Deficits vs Obama Deficits

Remember all of the calls for increased spending in the following areas:

The Stimulus Bill $1.1 trillion
The TARP bill $700 billion
2007 Spending bill $463.5 billion



The current national debt: U.S. Government National Debt: What they Won't Tell You

The debt is increasing because of compounding interest, unemployment payments, and ever increasing Social Security payments.

Gee, what a surprise, this phony chart again. Your phony chart shows a "deficit" of a little over $400 billion for 2008, yet the debt rose ONE TRILLION DOLLARS in 2008. So much for the accuracy of your PHONY chart!!!

Government - Historical Debt Outstanding - Annual 2000 - 2010
Historical Debt Outstanding - Annual 2000 - 2010

09/30/2008 - $10,024,724,896,912.49
09/30/2007 - $9,007,653,372,262.48

Guess you don't know the difference between the National Debt and the budget deficit.

As is always the case, the who posts a deficit graph in a debt thread accuses others of not knowing the difference.
Thank you.