National Debt Up $3 Trillion on Obama's Watch
10-21-2010, 06:57 AM
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National Debt Up $3 Trillion on Obama's Watch
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The National Debt stood at $10.626 trillion the day Mr. Obama was inaugurated. The Bureau of Public Debt reported today that the National Debt had hit an all time high of $13.665 trillion.
The Debt increased $4.9 trillion during President Bush's two terms. The Administration has projected the National Debt will soar in Mr. Obama's fourth year in office to nearly $16.5-trillion in 2012. That's more than 100 percent of the value of the nation's economy and $5.9-trillion above what it was his first day on the job.
Mr. Obama frequently lays blame for soaring federal deficits on his predecessor.
http://www.cbsnews.com/8301-503544_1...31-503544.html
The Debt increased $4.9 trillion during President Bush's two terms. The Administration has projected the National Debt will soar in Mr. Obama's fourth year in office to nearly $16.5-trillion in 2012. That's more than 100 percent of the value of the nation's economy and $5.9-trillion above what it was his first day on the job.
Mr. Obama frequently lays blame for soaring federal deficits on his predecessor.
http://www.cbsnews.com/8301-503544_1...31-503544.html
Does every President blame the one before them? blink.gif laugh.gif
10-21-2010, 07:34 AM
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What the article doesn't say is that their actually was a reduction in the debt however this is still the greatest it has ever been. And by the way this is mainly Bush's fault. Who got us into two wars? Tax cuts we can't afford?
10-21-2010, 01:00 PM
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The difference is when the money the people would like to have in their wallets to pay bills or go to movies, is put towards servicing the national debt. It's the same problem as when you charge up your personal credit cards too much. Eventually you have to pay or default.
It's fun how it's 2 years later and still Bush's fault. Everything is Bush's fault. I smell bad because I woke up too late to take a shower, it's Bush's fault. We HAD TO pile on more debt than ALL previous administrations put together, AFTER Bush left office because it's Bush's fault.
It's fun how it's 2 years later and still Bush's fault. Everything is Bush's fault. I smell bad because I woke up too late to take a shower, it's Bush's fault. We HAD TO pile on more debt than ALL previous administrations put together, AFTER Bush left office because it's Bush's fault.
10-22-2010, 12:53 AM
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QUOTE (Stocker @ Oct 21 2010, 12:00 PM)
The difference is when the money the people would like to have in their wallets to pay bills or go to movies, is put towards servicing the national debt. It's the same problem as when you charge up your personal credit cards too much. Eventually you have to pay or default.
It's fun how it's 2 years later and still Bush's fault. Everything is Bush's fault. I smell bad because I woke up too late to take a shower, it's Bush's fault. We HAD TO pile on more debt than ALL previous administrations put together, AFTER Bush left office because it's Bush's fault.
It's fun how it's 2 years later and still Bush's fault. Everything is Bush's fault. I smell bad because I woke up too late to take a shower, it's Bush's fault. We HAD TO pile on more debt than ALL previous administrations put together, AFTER Bush left office because it's Bush's fault.
Got news for you... Bush's wars are going to continue to cost us long after Obama's gone.
10-22-2010, 01:09 AM
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^imagine the medical bills, the personal damages, claims, and lawsuits involved, retirement funds, veteran medical bills...etc. that sum must be or will grow to be astronomical for decades to come! add that to the repercussions of WW2, Iraq, Kuwait, and Vietnam... we're nowhere near paying it off.
the thing is, when is eventually? i mean credit is superficial. at no point will other countries say, "okay, you have to pay us back right now." instead the debt will keep going up.
when we're old gray men, it'll still be up. it just doesn't matter anymore as long as it remains controlled.
QUOTE
Eventually you have to pay or default.
the thing is, when is eventually? i mean credit is superficial. at no point will other countries say, "okay, you have to pay us back right now." instead the debt will keep going up.
when we're old gray men, it'll still be up. it just doesn't matter anymore as long as it remains controlled.
10-22-2010, 11:42 AM
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Controlled? Between what we owe creditors and what agencies in our government owe each other on paper, we owe more than there is money in the world. That's controlled?
Not all of us are big fans of the GWOT, regardless of who started it. Especially as we seem not to want to 'win' it (whatever that currently means).
Here's a hint: the old president turned into an economic socialist in the last ~1.5 years of his term. Then the next one came in and doubled down hard core on the deficit spending. The budget can be balanced in 6 years, if they limited it to ONLY 2% growth OVER population increases and inflation. The problem is, a little more is never enough for the Statist who thinks he not only knows better than you what to do with your money but also that he owns your life and is ok with taking ALL your money.
The proper solution was to let the companies fail that set themselves up for failure, allow other companies to come in and pick up the pieces, and bail out NOBODY. Then we'd be well on our way to truckin' like it was 2007 again. Instead we bailed out companies with horrendous business models without requiring meaningful reforms, and started digging the hole deeper, and we're at ~1 lost decade, about to hit the double dip and make it ~2 lost decades.
The ONLY good thing to come of this is that more people will become aware that Keynes was an ass who didn't know what he was talking about.
Not all of us are big fans of the GWOT, regardless of who started it. Especially as we seem not to want to 'win' it (whatever that currently means).
Here's a hint: the old president turned into an economic socialist in the last ~1.5 years of his term. Then the next one came in and doubled down hard core on the deficit spending. The budget can be balanced in 6 years, if they limited it to ONLY 2% growth OVER population increases and inflation. The problem is, a little more is never enough for the Statist who thinks he not only knows better than you what to do with your money but also that he owns your life and is ok with taking ALL your money.
The proper solution was to let the companies fail that set themselves up for failure, allow other companies to come in and pick up the pieces, and bail out NOBODY. Then we'd be well on our way to truckin' like it was 2007 again. Instead we bailed out companies with horrendous business models without requiring meaningful reforms, and started digging the hole deeper, and we're at ~1 lost decade, about to hit the double dip and make it ~2 lost decades.
The ONLY good thing to come of this is that more people will become aware that Keynes was an ass who didn't know what he was talking about.
10-22-2010, 11:53 AM
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You do know we are making profit from bailing out the banks right... we lost money with the automakers however what we gained with the banks is enough to cover the loss and still have profit.