Why is the National Debt so high? Hint: It isn't because of Obama

[Vast LWC]

The concept behind deficit spending is predicated on spending down the debt during a boom economy.
IN the past few decades, The Republicans always faced ongoing Democratic Programs - can you spell Welfare? - so why don't we state that the deficit during Republican years was the fault of the Welfare state forced on them by Democrats and interest on the Debt left by Democrats, and.....

Because the National Debt has reached the breaking point, so something must be done to reduce it. Even if that means you don't get your accustomed welfare check this month.
Even if that means cutting military spending to the bone (as in trim off a few hundred billion form their budget)
Even if that means reducing spending on lots of different "sacred cows" of the two parties.

Because if nothing is done except to point fingers, then things will only get worse.

So, you're sayingn WELFARE is responsible for the national debt?

What are the largest pieces of the Budget?

1. Military Spending
2. Medicare
3. Social Security
4. Interest on debt

Welfare is a tiny, tiny portion of the budget.

If the Republicans really had wanted to bring down spending, they would have cut our military spending which exceeds the military spending of the entire rest of the world combined, or Medicare spending, which is completely out-of-control.

But they would not cut them. Military spending because it appealed to their base and gave their states lots of Pork, and Medicare because a large portion of Republican voters are old, white people, and the Republicans wouldn't risk pissing them off.

 

[manu1959]

when he doubles it over the next few years it will be all his....

 

[The Rabbi]

Blame games are for retards who don't understand the need to act now.

Quoted for truth.

At what point does Obama own his presidency? At what point does blaming Bush become not an option?

Obama has proposed spending that will result in a $9 trillion deficit at the end of his presidency (speedily in our times). Add in the depressed level of revenue due to Obama's socialist programs and he has created a deficit monster unprecedented in our history.

I just finished pointing out that Obama has caused almost none of the national debt so far, and what he is responsible for is part of the one-time stimulus program.

I provided links, figures and proof to back up my claim.

I did not in fact specifically pick on "Bush" at all, but pointed out that Obama is responsible for less spending than any Republican president in the last 30 years or so.

Now you're putting forth some totally bogus $9 Trillion Dollar made up figure for future spending, apparently based on nothing, citing some vague future "socialist" programs.

Are you serious with this weak argument?

Obama has been in office less than 10 months. The others were in office at least 4 years and in some cases 8.
Gee, totally bogus. Yeah right. Chew on this:

The numbers -- including a White House forecast of $9 trillion in additional debt over the next decade -- could affect Mr. Obama's efforts to increase spending in a host of areas, from education to foreign aid. Some budget experts also reiterated their belief that tax increases may need to hit families that the president has vowed to protect.

U.S. Deficit Revised to $9 Trillion for Next Decade - WSJ.com
Obama has increased the deficit more than every other president, combined, in a shorter period of time.

 

[Vast LWC]

Really?

President Obama's ambitious plans to cut middle-class taxes, overhaul health care and expand access to college would require massive borrowing over the next decade, leaving the nation mired far deeper in debt than the White House previously estimated, congressional budget analysts said yesterday.
....
The result, according to the CBO, would be an ever-expanding national debt that would exceed 82 percent of the overall economy by 2019 -- double last year's level -- and threaten the nation's financial stability.
....

U.S. Budget Deficit to Balloon, CBO Says

Except that, since then, the only one of those plans that has neared completetion so far has been health care, and now that the figures are actually in, the CBO says it will SAVE 81 Billion dollars from the deficit, not cause a larger deficit.

It's all about the end result.

And, more recent:

....
A $1.6 Trillion Gap

As the White House released its budget update, the nonpartisan Congressional Budget Office released a similar report Tuesday, confirming the administration's projection that this year's deficit will soar to nearly $1.6 trillion, about 11.2 percent of the overall economy and more than triple last year's deficit of $459 billion. The chasm is almost entirely the result of the severe downturn, the CBO said, which produced the sharpest drop in tax collections since the Great Depression and the biggest increase in spending since 1952, the height of the Korean War.

Still, this year's deficit is lower than officials expected, thanks in large part to reduced spending on the bailout of financial firms. The Troubled Assets Relief Program cost $133 billion this year, the CBO said -- about $200 billion less than projected.

Both the White House and the CBO said the recession should end in a few months, and the CBO credited the $787 billion stimulus package Obama signed in February with hastening the rebound. But congressional economists are predicting "a relatively slow and tentative recovery." Christina Romer, chairman of the president's Council of Economic Advisers, said the unemployment rate is likely to hit 10 percent later this year and remain there through the first part of 2010.

As a result, government spending on social programs will continue to soar while tax collections lag behind previous expectations. Deficits are likely to remain elevated even after the economy recovers, averaging more than $800 billion a year through 2019, when the White House forecasts that the annual gap between spending and revenue will be $917 billion.

Deficits of that magnitude would require dramatically more government borrowing from China and other creditors, driving the accumulated national debt to nearly $23 trillion in 2019 -- or 76.5 percent of yearly gross domestic product, the highest proportion since 1950, the White House said.
....

Deficit Projected To Soar With New Programs

[Emphasis added][/QUOTE]

1.2 Trillion dollars of that deficit ALREADY EXISTED by January 7th, according to the CBO. You can read the report they put out at that time.

Since then, the actual (rather than projected) deficit for the year so far is 1.42 Trillion dollars, including the stimulus spending.

Which means that Obama himself has only added 220 Billion dollars to the deficit and that was all part of his one-time stimulus, which in turn was necessitated by the crappy economy he inherited.

 

[Vast LWC]

Uhhhh, well he is planning to quadruple that debt with all of his take over plans.

Which would be, specifically?

 

[Si modo]

Really?

President Obama's ambitious plans to cut middle-class taxes, overhaul health care and expand access to college would require massive borrowing over the next decade, leaving the nation mired far deeper in debt than the White House previously estimated, congressional budget analysts said yesterday.
....
The result, according to the CBO, would be an ever-expanding national debt that would exceed 82 percent of the overall economy by 2019 -- double last year's level -- and threaten the nation's financial stability.
....

U.S. Budget Deficit to Balloon, CBO Says

Except that, since then, the only one of those plans that has neared completetion so far has been health care, and now that the figures are actually in, the CBO says it will SAVE 81 Billion dollars from the deficit, not cause a larger deficit.

It's all about the end result.

And, more recent:

....
A $1.6 Trillion Gap

As the White House released its budget update, the nonpartisan Congressional Budget Office released a similar report Tuesday, confirming the administration's projection that this year's deficit will soar to nearly $1.6 trillion, about 11.2 percent of the overall economy and more than triple last year's deficit of $459 billion. The chasm is almost entirely the result of the severe downturn, the CBO said, which produced the sharpest drop in tax collections since the Great Depression and the biggest increase in spending since 1952, the height of the Korean War.

Still, this year's deficit is lower than officials expected, thanks in large part to reduced spending on the bailout of financial firms. The Troubled Assets Relief Program cost $133 billion this year, the CBO said -- about $200 billion less than projected.

Both the White House and the CBO said the recession should end in a few months, and the CBO credited the $787 billion stimulus package Obama signed in February with hastening the rebound. But congressional economists are predicting "a relatively slow and tentative recovery." Christina Romer, chairman of the president's Council of Economic Advisers, said the unemployment rate is likely to hit 10 percent later this year and remain there through the first part of 2010.

As a result, government spending on social programs will continue to soar while tax collections lag behind previous expectations. Deficits are likely to remain elevated even after the economy recovers, averaging more than $800 billion a year through 2019, when the White House forecasts that the annual gap between spending and revenue will be $917 billion.

Deficits of that magnitude would require dramatically more government borrowing from China and other creditors, driving the accumulated national debt to nearly $23 trillion in 2019 -- or 76.5 percent of yearly gross domestic product, the highest proportion since 1950, the White House said.
....

Deficit Projected To Soar With New Programs

[Emphasis added]

1.2 Trillion dollars of that deficit ALREADY EXISTED by January 7th, according to the CBO. You can read the report they put out at that time.

Since then, the actual (rather than projected) deficit for the year so far is 1.42 Trillion dollars, including the stimulus spending.

Which means that Obama himself has only added 220 Billion dollars to the deficit and that was all part of his one-time stimulus, which in turn was necessitated by the crappy economy he inherited.

And BHO will triple it with the programs. His programs are unsustainable and even his staff says as much.

 

[Charles Stucker]

What are the largest pieces of the Budget?

1. Military Spending
2. Medicare
3. Social Security
4. Interest on debt
.

Then let Obama cut military spending, and end both Social Security - a Democratic Party program from FDR, and Medicare/Medicaid - wasn't Johnson, another Democrat, to blame for that one?
Really as you say it's easy
Cut spending on the big three, two of which are holdovers from Democrats, and Pay Down the Debt.

Right he doesn't want to do something so rash he loses the election in 2012.

 

[Vast LWC]

Obama has been in office less than 10 months. The others were in office at least 4 years and in some cases 8.
Gee, totally bogus. Yeah right.

Yep, 10 months, during which time he has added NOTHING to the deficit, except for a one-time stimulus total of 220 billion dollars.

Bush, for instance, added a total of 6.2 Trillion dollars to the debt, including the deficit up until January 1st.

Now that means that over any similar 10 month period of his 8-year presidency, Bush added 646 Billion Dollars to the deficit.

Chew on this:

The numbers -- including a White House forecast of $9 trillion in additional debt over the next decade -- could affect Mr. Obama's efforts to increase spending in a host of areas, from education to foreign aid. Some budget experts also reiterated their belief that tax increases may need to hit families that the president has vowed to protect.

U.S. Deficit Revised to $9 Trillion for Next Decade - WSJ.com
Obama has increased the deficit more than every other president, combined, in a shorter period of time.

The 9 trillion dollars the White House was talking about is not due to any new programs, you do understand that right?

It's due to the aging population, causing a massive expansion in Medicare, Social Security, etc, combined with a reduction in tax revenue caused by the recent contraction of our economy, and an ever-increasing amount of interest on pre-existing debt.

And, none of that deficit has actually happened, has it? It's just "projected".

 

[Vast LWC]

And BHO will triple it with the programs. His programs are unsustainable and even his staff says as much.

And those programs are?

I've asked you all to specifically explain what these "unsustainable programs" are, like 5 times already, with no response.

And, while you're at it, you could include some figures that show how these new mystery programs increase the deficit.

 

[Smartt33]

The deficit for this year was at $1.2 Trillion on January 7th. (Source: Congressional Budget Office)

Which means that ALL of the National debt, except for 500 Billion dollars, occurred under Republican adminstrations, or as a result of interest on the debt from Republican administrations.

Of that 500 Billion, 100 Billion is from the Carter administration, and 400 billion is from the stimulus package passed this year.

This means that Republican Presidents are responsible for 96% of the National debt...

and Obama is responsible for 3% of the national debt, mainly due to a one-time stimulus package that had to be put in place due to the failed Bush economy.

So, it seems to me that if you're worried about the National Debt, you should be voting Democrat, for President anyway.

Congress is another matter entirely.

Sounds like someone is brainwashed in hogwash.

 

[Vast LWC]

What are the largest pieces of the Budget?

1. Military Spending
2. Medicare
3. Social Security
4. Interest on debt
.

Then let Obama cut military spending, and end both Social Security - a Democratic Party program from FDR, and Medicare/Medicaid - wasn't Johnson, another Democrat, to blame for that one?
Really as you say it's easy
Cut spending on the big three, two of which are holdovers from Democrats, and Pay Down the Debt.

Right he doesn't want to do something so rash he loses the election in 2012.

Because OBAMA IS NOT SPENDING THE MONEY.

It is the responsibility of the people who spent the money to pay down the debt they incurred.

Republicans have been playing a nice little game for the past 30 years. They drive up the debt, and use it to fund their programs, and make themselves look good by running the economy on a big fat credit card...

And then when the Democrats come into office, they start screaming about the deficit and how it needs to be reduced...

Which conveniently doesn't allow for any funding for Democratic programs.

How convenient.

 

[Vast LWC]

Not to mention the fact that this little plan allows the Democrats to get all the shit for cutting entitlement programs that would not have been in trouble in the first place if REPUBLICANS HADN'T SPENT ALL THE MONEY.

 

[Si modo]

And BHO will triple it with the programs. His programs are unsustainable and even his staff says as much.

And those programs are?

I've asked you all to specifically explain what these "unsustainable programs" are, like 5 times already, with no response.

And, while you're at it, you could include some figures that show how these new mystery programs increase the deficit.

Five times? I've only posted twice in this thread, now a third time.

The programs BHO is proposing to implement are unsustainable according to the links I provided. Read the links and your answers are in there.

 

[Vast LWC]

Five times? I've only posted twice in this thread, now a third time.

Thus the "you all", plural. And honestly I may have exaggerated the number, which was probably 3 times...

The programs BHO is proposing to implement are unsustainable according to the links I provided. Read the links and your answers are in there.

Damn, no you want me to read links??? I'm lazy! LOL.

Fine, I'll be back.

 

[Vast LWC]

OK, a couple of things.

First of all, from your link, you missed a very important paragraph:

Although Obama would come close to meeting his goal of cutting in half the deficit he inherited by the end of his first term, the CBO predicts that deficits under his policies would exceed 4 percent of the overall economy over the next 10 years, a level White House budget director Peter R. Orszag yesterday acknowledged would "not be sustainable."

Emphasis added.

Secondly, this was the White House discovering what the loss in tax revenue from Bush's economic collapse would actually mean. Since the article was written, they have been re-thinking everything.

The Health Care bill for instance, no longer will "drive up future deficits by $240 billion or more", but, as the CBO now states, will CUT the deficit by 81 Billion dollars.

 

[Vast LWC]

And, again, all of the figures presented are based on projections that were mainly based on plans made before or just after the inauguration, before the magnitude of our economic problems were fully realized.

We can thank the Republicans for playing the "Bankrupt the economy to make the Democrats look bad, and to stop them from being able to pay for any of their programs" game to perfection, once again.

Thanks Republicans!

 

[Si modo]

And, again, all of the figures presented are based on projections that were mainly based on plans made before or just after the inauguration, before the magnitude of our economic problems were fully realized.

We can thank the Republicans for playing the "Bankrupt the economy to make the Democrats look bad, and to stop them from being able to pay for any of their programs" game to perfection, once again.

Thanks Republicans!

And, by 2019, because of BHO, the national debt will almost triple.

A pic, for clarity:

It's unsustainable, but that's OK with BHO and the BHO groupies, because BHO won't be president when the USA must crash and burn.

 

[eagleseven]

In LWC's world, "He started it!" is a valid justification for poor domestic policy.

He fails to recognize that the Republicans were thrown out because they drove up the deficit while prosecuting two unpopular wars, not because America loves the Democrats. Now Obama is driving up the deficit even faster, and dumping more troops into unpopular wars, and LWC expects everyone to roll over?

LWC's party needs to stop blaming Bush, and start fixing these problems now. If Obama cannot defuse our "debt bomb" (as NYT's Thomas Friedman put it), he should step down and give the Presidency to someone who can.

 

[Si modo]

In LWC's world, "He started it!" is a valid justification for poor domestic policy.

He fails to recognize that the Republicans were thrown out because they drove up the deficit while prosecuting two unpopular wars, not because America loves the Democrats. Now Obama is driving up the deficit even faster, and dumping more troops into unpopular wars, and LWC expects everyone to roll over?

LWC's party needs to stop blaming Bush, and start fixing these problems now. If Obama cannot defuse our "debt bomb" (as NYT's Thomas Friedman put it), he should step down and give the Presidency to someone who can.

Right. Ugly doesn't excuse ugly-times-three.

 

[Mike Mitrosky]

This debt goes so beyond Obama and Bush.. Its a problem with the entire monetary system, and that stems from the federal reserve...

check out this cool video.

[ame=http://www.youtube.com/watch?v=2MQ2pk7kkm4]YouTube - The Story of Spending[/ame]