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

[Vast LWC]

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.

 

[AllieBaba]

Proof?

 

[xsited1]

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.

Uh, no. And this is a common misconception. Congress controls spending. Sure, the President proposes a budget, but it's Congress that modifies and controls it from there.

 

[AllieBaba]

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.

Uh, no. And this is a common misconception. Congress controls spending. Sure, the President proposes a budget, but it's Congress that modifies and controls it from there.

Thank you for pointing that out (again) to the retards who can't seem to grasp the simple concept, or apparently have no idea how our political system works.

 

[Vast LWC]

Proof?

Government - Historical Debt Outstanding - Annual 1950 - 1999

Government - Historical Debt Outstanding - Annual 2000 - 2008

Note that the debt under Clinton goes up by 1.2 Trillion Dollars, which happens to be just about the exact amount of 8 years of interest on the pre-existing debt.

As for this year:

Director’s Blog » Blog Archive » The Budget and Economic Outlook

Specifically:

CBO projects that the deficit this year will total $1.2 trillion, or 8.3 percent of GDP. Enactment of an economic stimulus package would add to that deficit. In CBO’s baseline, the deficit for 2010 falls to 4.9 percent of GDP, still high by historical standards.

 

[Vast LWC]

And actually, the numbers for Obama are even smaller.

The deficit for this year's new total is 1.42 Trillion Dollars, which makes Obama responsible for 220 Billion dollars, not 400 Billion.

Source:

2009 federal deficit surges to $1.42 trillion

Specifically:

Treasury figures released Friday showed that the government spent $46.6 billion more in September than it took in, a month that normally records a surplus. That boosted the shortfall for the full fiscal year ending Sept. 30 to $1.42 trillion. The previous year's deficit was $459 billion.

 

[Vast LWC]

Thank you for pointing that out (again) to the retards who can't seem to grasp the simple concept, or apparently have no idea how our political system works.

Indeed, Congress does in fact do the actual process of budgeting. That's a good point. Of course the president signs off on it, doesn't he?

And I did in fact mention in my OP that I was speaking of presidents only, not of congresses, didn't I?

Of course, my point here is to contradict the mouthpieces of the right, specifically, Rush Limbaugh and Glenn Beck, who have claimed several times on their programs that the debt is Obama's fault.

Perhaps you should save your accusation of "retardation" for them, as this is just an extension of their argument.

Beck went so far as to say that the ballooning of the National Debt was actually a plot by the Obama administration to seize power for the executive branch, presumably in the pursuit of some kind of Facist state.

 

[Vast LWC]

And here is Glenn Beck, the apparent "Retard", and his guest, a FoxBusiness News anchor, makingn the claim that the Debt is a secret plot for Obama to expand the power of the Executive branch:

[ame=http://www.youtube.com/watch?v=pHavlB33c98&feature=player_embedded]YouTube - Beck open book test 2[/ame]

 

[Vast LWC]

Here's Rush Limbaugh, another "Retard", blaming the debt on Obama:

[ame=http://www.youtube.com/watch?v=fbBt29UfBMo]YouTube - Rush Limbaugh - Obama is raising the deficit unlike any President has ever done before[/ame]

 

[Charles Stucker]

Beck went so far as to say that the ballooning of the National Debt was actually a plot by the Obama administration to seize power for the executive branch, presumably in the pursuit of some kind of Facist state.

The ballooning of the debt is due to several things. One is that despite the claim that "deficit spending should be done in recessions and debt paid down during good economies" Clinton did NOT pay down the debt despite the longest strongest boom economy the world has ever seen. But he failed to pay down the debt one bit. The current problem is Obama spending EVEN MORE when the debt is so high. Unless you have a time machine, nothing can be done about the past, only the present can be changed. If Obama wants to control the Debt he has to keep his spending in check. Otherwise the US will face economic collapse.

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

 

[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.

 

[Vast LWC]

The ballooning of the debt is due to several things. One is that despite the claim that "deficit spending should be done in recessions and debt paid down during good economies" Clinton did NOT pay down the debt despite the longest strongest boom economy the world has ever seen. But he failed to pay down the debt one bit. The current problem is Obama spending EVEN MORE when the debt is so high. Unless you have a time machine, nothing can be done about the past, only the present can be changed. If Obama wants to control the Debt he has to keep his spending in check. Otherwise the US will face economic collapse.

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

LOL.

That's funny.

Under your "no blame games" philosophy, Republicans can spend all they want to get the programs they support past, and then when Democrats get into office, they have to "Pay Down the Debt" from previous Republican administrations.

I'd call that pretty convenient.

It's a good way to make sure that Democrats never get to enact any programs of their own.

But I guess that was the plan all along, right?

 

[Vast LWC]

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?

 

[Mad Scientist]

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

What your not mentioning VLWC, is that Obama ran on the mantra of "change" yet is doing exactly what Bush did, spend large sums of money. Everyone can see where that's headed.

The Democrats were elected to Congress in 2006 and as Nancy Pelosi said "We're gonna' drain the swamp". They have yet to do so.

Obama and his Fillibuster proof Congress complain about Bush causing the deficit yet all they want to do is enact huge new spending and entitlement programs.

Hows that "Hope and Change" workin' for ya'?

 

[Vast LWC]

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

What your not mentioning VLWC, is that Obama ran on the mantra of "change" yet is doing exactly what Bush did, spend large sums of money. Everyone can see where that's headed.

My point was that he is NOT spending large sums of money, and my figures and links back this up.

The Democrats were elected to Congress in 2006 and as Nancy Pelosi said "We're gonna' drain the swamp". They have yet to do so.

Obama and his Fillibuster proof Congress complain about Bush causing the deficit yet all they want to do is enact huge new spending and entitlement programs.

Hows that "Hope and Change" workin' for ya'?

What "huge new spending and entitlement programs"? As far as I know the Health Care Bill is slated to save money on the deficit. Do you have some proof that it's going to raise the deficit that's from a more reliable source that the Congressional Budget Office?

 

[Charles Stucker]

Under your "no blame games" philosophy, Republicans can spend all they want to get the programs they support past, and then when Democrats get into office, they have to "Pay Down the Debt" from previous Republican administrations.

I'd call that pretty convenient.

It's a good way to make sure that Democrats never get to enact any programs of their own.

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.

 

[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

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]

 

[CrusaderFrank]

$60Billion annually in Medicare Fraud. LOL

Yeah, let's put Congress in charge of more spending and even more programs

 

[Maple]

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.

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

 

[Mike Mitrosky]

You guys are leaving out the biggest reason...

The Federal Reserve...