Who's responsible for the debt?

Discussion in 'Economy' started by finebead, Jul 31, 2011.

  1. finebead
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    finebead VIP Member

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    I like this CBO analysis that chronicles the annual debt since our balanced budget in 2000. For Fiscal 2010, contributors to the deficit are:
    http://www.cbo.gov/ftpdocs/121xx/doc12187/ChangesBaselineProjections.pdf

    Bush Tax Cuts in 2001 and 2003 - $190 Billion deficit in 2010.
    Bush - Lost income tax due to great recession - $700 Billion reduced tax receipts in 2010
    Bush - Interest on the debt increases - 290 Billion (on the five trillion in debt the repubs ran up in 8 years)

    Obama Stimulus reduced taxes - $180 Billion deficit in 2010
    Obama Stimulus spending - $115 Billion

    Bush and Obama, discretionary - $550 Billion (Wars in Iraq and Afghan., plus unknown,
    about 1/2 to each) Bush was running 300 billion annually before Obama was elected.

    That gives Bush $1.2 trillion of responsibility for last years deficit, plus half of the discretionary (300 billion more), for a total of 1.5 trillion of deficit responsibility.

    That gives Obama $300 billion of direct responsibility for last years deficit, plus half of the discretionary (300 billion more), for a total of 600 billion of deficit responsibility.

    (those are the big numbers, there is some noise numbers in there (like the 50 billion a year repub medicare drug coverage with no tax to pay for it), but they don't amount to much)

    Bush is responsible for 75% of last years deficit, Obama for 25% of last years deficit.

    The biggest single contributor to the deficit is not a spending increase, it is the loss of tax revenue due to the bursting of the housing bubble, the collapse of the banking system, and the great recession that followed causing loss of jobs and loss of income tax, declines in the stock market and loss of income tax on capital gains, and loss of income tax revenue due to low interest rates costing fixed income investors their income.
     
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  2. expat_panama
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    expat_panama Silver Member

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    --and Obama is irresponsible for 75%.

    It's amazing how the extreme left can believe that Obama is smart, that Bush is stupid, and that Bush still runs things and prevents Obama from fixing things.
     
  3. mudwhistle
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    mudwhistle Diamond Member

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    Bush didn't sign the Porkulus bill, nor did he bail out hundreds of foreign banks, nor did he commit us to bombing Libya or agree to a surge in Afghanistan, nor did he give close to a billion to Hamas, nor did he give Brazil billions to bail out their oil industry.

    You act like Bush made all of these stupid choices.

    I don't think anyone is buying this "It's all Bush's fault" BS anymore.
     
    Last edited: Aug 1, 2011
  4. mudwhistle
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    mudwhistle Diamond Member

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    I'll tell you what's wrong with the economy.

    We've got a lying SOB in the White House. Nobody trusts him. So nobody is willing to take any chances. They aren't hiring new people because they don't know how much that crazy sum bitch will punish them for expanding and making a friggen profit.

    Success is evil these days, so what do you expect from that kind of hostile economic climate????
     
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  5. finebead
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    finebead VIP Member

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    The facts are in the article. Nobody has disputed the facts in the article from the CBO.

    I wanted to know how the deficit ballooned, and I found it. The biggest problem is the loss of tax revenue that was caused by the great recession (the longest recession since the great depression).

    The repubs spout that we don't have a revenue problem, we have a spending problem. They are incorrect, we do have a revenue problem, its the 700 billion we lost in 2010 in income tax revenue (650 billion lost in 2009 also). Add on top of that the 200 billion in lost income tax revenue due to the Bush tax cuts, and you're at 900 billion deficit that is strictly due to lost income tax revenue.

    Now, does anyone want to dispute the facts from the CBO?
     
  6. California Girl
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    California Girl BANNED

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    It's always best to research facts for yourself, instead of having them handed to you by any source with an agenda. Just sayin'.
     
  7. strollingbones
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    strollingbones Diamond Member

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    there is an old saying....when you are up to your ass in gators aint the time to discuss draining the swamp.....
     
  8. strollingbones
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    strollingbones Diamond Member

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    yes i was just as amazed when all of clintons successes were credited to reagan....
     
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  9. finebead
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    finebead VIP Member

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    Do you have any facts you'd like to contribute?
     
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  10. strollingbones
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    strollingbones Diamond Member

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    :lol::lol: you really are new here, arent you?

    IF THE FACT FAIRY LANDED IN HERE...THEY WOULD BEAT HER TO DEATH WITH A STICK
     
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