Without Reagan/Bush/Bush the debt would be about 15-20% of GDP

Discussion in 'Politics' started by OohPooPahDoo, Jul 5, 2012.

  1. OohPooPahDoo
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    OohPooPahDoo Gold Member

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    [​IMG]

    Note the green line

     
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  2. MarcATL
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    MarcATL Gold Member

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    These CON$ and Neocons don't wanna hear this.

    They are allergic to the truth.
     
  3. Truthmatters
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    Truthmatters BANNED

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    its why the scream lounder and louder when the facts are presented.

    facts are not their friends
     
  4. Black_Label
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    Black_Label Registered Democrat

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    Big time. The hard right wing idiots think running up massive debt, spending like lunatics, and tanking the economy is a good thing. :cuckoo:
     
  5. SniperFire
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    SniperFire Senior Member

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    Democrat Congresses are responsible for about 90% of our public debt.


    Fail.
     
  6. Black_Label
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    Black_Label Registered Democrat

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    If that was true then we would have had to most booming economy in US history under W.

    Beyond epic fail.
     
  7. Dante
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    Dante On leave Supporting Member

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    Paradox of Reagan Budgets: Austere Talk vs. Record Debt - New York Times

    bookMarc this link

    ---

    "Many budget experts lament the tax cut of 1981 as missing an opportunity to bring the deficit under control. Oil prices were declining, they note, and Americans had more real income than before. ''If the 1981 tax cuts had not been passed, the Federal Government would be collecting more than $200 billion extra, enough to create a budget surplus,'' said Prof. Lawrence Summers, a Harvard economist and former aide to the Council of Economic Advisers." - the linked article
     
    Last edited: Jul 5, 2012
  8. SniperFire
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    SniperFire Senior Member

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    More idiotic of you than normal, blacky.

    More fail.
     
  9. The T
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    The T George S. Patton Party Supporting Member

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    Have a legit LINK to this newest line of yaksqueeze?
     
  10. Dante
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    Dante On leave Supporting Member

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    bookMArc this link also. :D

    :::::::::::::::::::: FYI :::::::::::::::: Wikipedia article ::::::::::

    After reaching its post-WWII low in 1974, debt relative to GDP rose rapidly in the 1980s. President Ronald Reagan's economic policies lowered tax rates and increased military spending, while congressional Democrats blocked attempts to reverse social welfare spending.[13][14] As a result, public debt as a share of GDP increased to 41% by the end of the 1980s.[15]

    Debt held by the public continued to rise during the presidency of George H. W. Bush. It reached nearly 50% of GDP during Bill Clinton's first presidential term. However, it fell to 39% of GDP by the end of Clinton's presidency due in part to decreased military spending after the Cold War, 1990, 1993 and 1997 budgets that increased taxes, and increased tax revenue resulting from the Dot-com bubble.[16][17][18] The budget controls instituted in the 1990s successfully restrained fiscal action by the Congress and the President and together with economic growth contributed to the budget surpluses that materialized by the end of the decade. These surpluses led to a decline in the debt held by the public, and from fiscal years 1998 through 2001, the debt-to-GDP measure declined from about 43 percent to about 33 percent.[19]

    Debt relative to GDP rose due to recessions and policy decisions in the early 21st century. From 2000 to 2008 debt held by the public rose from 35% to 40%, and to 62% by the end of fiscal year 2010.[20] During the presidency of George W. Bush, the gross public debt increased from $5.7 trillion in January 2001 to $10.7 trillion by December 2008,[21] due in part to the Bush tax cuts and increased military spending caused by the wars in the Middle East.[22] In the aftermath of the Global Financial Crisis, the debt increased from $10.7 trillion in 2008 to $15.5 trillion by February 2012 under the presidency of Barack Obama.[23]

    The Congressional Budget Office (CBO) projected in 2001 that the federal government would erase its debt in 2006 and be $2.3 trillion in the black by 2011. The difference between projected and actual debt in 2011 can be largely attributed to:[24][25][26]

    $3.6 Trillion – Economic changes (including lower than expected tax revenues due to recession)
    $3.0 Trillion – Bush Tax Cuts
    $1.4 Trillion – War in Afghanistan and Iraq
    $1.4 Trillion – Stimulus spending in response to the 2008 Financial Crisis

    United States public debt - Wikipedia, the free encyclopedia
     
    Last edited: Jul 5, 2012

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