Who's responsible for the debt?

[finebead]

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.

 

[expat_panama]

...Bush is responsible for 75%...

--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.

 

[mudwhistle]

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.

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.

 

[mudwhistle]

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????

 

[finebead]

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?

 

[California Girl]

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?

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

 

[strollingbones]

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

 

[strollingbones]

...Bush is responsible for 75%...

--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.

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

 

[finebead]

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?

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

Do you have any facts you'd like to contribute?

 

[strollingbones]

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?

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

Do you have any facts you'd like to contribute?

you really are new here, arent you?

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

 

[Mr Natural]

We, the People, are responsible for the debt.

 

[JWBooth]

Everybody who has ever voted Republican or Democrat.
Including my dumb ass for ever believing in the system.

 

[rightwinger]

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?

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

Thank you professor

 

[expat_panama]

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

Maybe it's the easy way out, but I usually find myself agreeing with people that check their facts. Agreeing with people that live in an imaginary universe means I have to learn the entire array of illusions that their beliefs are based on.

 

[mudwhistle]

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?

Horseshit.

Nobody can say dollar by dollar where exactly the shortfall comes from.

 

[expat_panama]

...does anyone want to dispute the facts from the CBO?

Horseshit. Nobody can say dollar by dollar where exactly the shortfall comes from.

That, plus the fact that the link given has nothing to do with deficits or debt. That pdf is just the CBO's baseline projections. Crazy. Actual budget numbers are found at Budget of the United States Government: Historical Tables Fiscal Year 2012 and for those that do their own thinking this is what we got:

The record shows how tax rate cuts in the early '80's as well as those of '01/03 were followed by increasing revenue and shrinking deficits.

 

[mudwhistle]

I wonder what the revenues were right after the tax-cuts up until the Dems started spending 4 times as much as Bush did.

 

[mudwhistle]

...does anyone want to dispute the facts from the CBO?

Horseshit. Nobody can say dollar by dollar where exactly the shortfall comes from.

That, plus the fact that the link given has nothing to do with deficits or debt. That pdf is just the CBO's baseline projections. Crazy. Actual budget numbers are found at Budget of the United States Government: Historical Tables Fiscal Year 2012 and for those that do their own thinking this is what we got:

The record shows how tax rate cuts in the early '80's as well as those of '01/03 were followed by increasing revenue and shrinking deficits.

Looks like low unemployment increased revenues starting in 2004, then high unemployment in 09 and 2010 lowered revenues.

Fancy that.

 

[JWBooth]

Looks like low unemployment increased revenues starting in 2004, then high unemployment in 09 and 2010 lowered revenues.

Fancy that.

I dunno...maybe there is some correlation there...have to check on it.

 

[expat_panama]

I wonder what the revenues were right after the tax-cuts up until the Dems started spending 4 times as much as Bush did.

The numbers are there but graphs are for geek/math nerds like me. Here they are from the CBO's link:

Year---—RECEIPTS (in millions of dollars)
2000 2,025,191
2001 1,991,082
2002 1,853,136
2003 1,782,314
2004 1,880,114
2005 2,153,611
2006 2,406,869
2007 2,567,985
2008 2,523,991
2009 2,104,989
2010 2,162,724

Revenues were falling before Bush took office and didn't climb until after the cuts. Then they started falling again with the election and the anti-business crusade.