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Thread: U.S. Debt Held by Public Tops $10T for 1st Time—Up 59 Percent Under Obama

  1. #11
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    Re: U.S. Debt Held by Public Tops $10T for 1st Time—Up 59 Percent Under Obama

    Quote Originally Posted by American View Post
    Friday, September 02, 2011 -- By Terence P. Jeffrey

    (CNSNews.com) - At the close of business on Aug. 31--for the first time in the history of the country--the publicly held debt of the federal government topped $10 trillion, according to data released by the U.S. Treasury Department at 4:00 p.m. yesterday. During Obama's presidency, debt held by the public has now increased by $3.71694 trillion--or almost 59 percent from the $6.3073 trillion in debt held by the public that the government owed to its creditors on Jan. 20, 2009, when Obama was inaugurated
    Link And there we have it! This is Obama's legacy. Don't even try to blame Bush or anyone else.
    Being a free country, I believe I can blame whomever I want. Being intellectually aware, I can form my own opinions as to who is to blame rather than adopting one. While Obama has indeed employed Keynesian tactics (deficit spending) to try and battle the recession, let's look at some inconvenient facts:

    1. Bush set the house on fire, then moved out. Obama moved in, and put the fire out. Now he is being blamed for the fire damage. Very convenient for the Obama detractors.

    2. During the same time in office (some 950+ days), the public debt increased by about 31% under Bush (roughly Jun 2006 - Jan 2009). Oddly, I can't recall seeing any CNS (formerly Conservative News Service) news headlines on that fact. Now while 31% is better than 59% when talking about debt increases, Bush didn't inherit a house on fire, now did he? In fact, he inherited an essentially balanced budget, didn't he?

    I await the blame for the 31% to be placed on the Democrats elected to Congress in Jan 2007

    As one metaphor goes, we're in a bit of a sticky wicket. Focusing on solutions instead of partisan blame would be a more productive approach.
    Last edited by Karl; 09-03-11 at 07:26 PM.

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    Re: U.S. Debt Held by Public Tops $10T for 1st Time—Up 59 Percent Under Obama

    Quote Originally Posted by American View Post
    Link



    And there we have it! This is Obama's legacy. Don't even try to blame Bush or anyone else.

    Of course, its the "right news, right now".... but, get serious!

    From your article:

    ".....During Obama's presidency, debt held by the public has now increased by $3.71694 trillion--or almost 59 percent from the $6.3073 trillion in debt held by the public that the government owed to its creditors on Jan. 20, 2009, when Obama was inaugurated....."

    This assumes that Obama is somehow responsible for the change in debt starting on January 21, 2009. Tell me, what can a president do on the first day in office to stop the accumulation of debt, particularly when handed an economy in deep, deep recession? Nada. Sorry, but Obama inherited quite a bar tab left by the drunken sailors of the previous administration, It was the previous set of economic ignoramuses, who started wars and expended medicare, paying for it with tax cuts, thus doubling the debt held by public taking it from $3.4T to $7.6T from Oct 1, 2001 to Sept 30, 2009 * (which is the budget year for which the president is responsible, the way normal educated people look at it).... Moreover, during that time, Bush had the advantage (since we are talking about public debt rather than total debt) of having social security in positive cash flow (receipts exceed expenditures), a condition that narrowed and then ended in 2010.

    Its fair blame Obama for not correcting the economy, but screwing it up was so well done before he ever took the oath of office.

    BTW... find some real news sources...

    * - Total debt rose for $5.8T to $11.9T over the same period..

    http://www.treasurydirect.gov/govt/r...ebt_histo5.htm
    Last edited by upsideguy; 09-04-11 at 12:59 AM.

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    Re: U.S. Debt Held by Public Tops $10T for 1st Time—Up 59 Percent Under Obama

    Quote Originally Posted by Lord Tammerlain View Post
    I blame the republican congress,

    They have done nothing to improve the economy for the last 8 months, it is all their fault
    What have the Dems done to fix the economy in the past 4.5 years?
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    Re: U.S. Debt Held by Public Tops $10T for 1st Time—Up 59 Percent Under Obama

    Quote Originally Posted by Lord Tammerlain View Post
    I blame the republican congress,

    They have done nothing to improve the economy for the last 8 months, it is all their fault
    Actually, it IS the Republicans' fault, as they are supposed to legislate. However, Obama, as president, is supposed to lead, so it is the Democrats' fault too.
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    Re: U.S. Debt Held by Public Tops $10T for 1st Time—Up 59 Percent Under Obama

    Quote Originally Posted by Karl View Post
    So, Bush sets the house on fire, then moves out. Obama moves in, puts the fire out, but is to blame for the fire damage. Great logic if you're a Bush fan (or an Obama detractor)

    But okay, let's just play with the numbers. The period you outline (or more accurately, that L. Brent Bozell's website outlined for you) is 953 days. Backtracking 953 days from Bush's last day in office, we see that debt held by the public increased by $1.4681 trillion -- or almost 31 percent from the $4.8392 trillion in debt held by the public that the government owed to its creditors on June 12, 2006 (953 days before Bush left office). For exact numbers and dates see Debt to the Penny (Daily History Search Application)

    Now of course 31% is better than 59% when one is talking about a debt increase, but no one set Bush's house on fire, now did they? So even in good times, does Bush look all that good? And in comparison to that, does Obama look all that bad?

    Of course, let's not overlook the CNS (formerly Conservative News Service) emotional plea: "for the first time in the history of the country". Of course, when on realizes that pretty much each and every day since Ronald Reagan took office that each and every succeeding day the debt was the highest than any time in the history of the country -- that each day was a new record in the history of the country -- then that emotional mind game loses a lot of it's punch. At least amongst critical thinkers. . . . .

    And there you have it.
    Are you as dizzy from the spin as your post?

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    Re: U.S. Debt Held by Public Tops $10T for 1st Time—Up 59 Percent Under Obama

    Quote Originally Posted by Councilman View Post
    Are you as dizzy from the spin as your post?
    Are you as blind as your arguments are?

    Furthermore, upsideguy points out CNS's numbers are wrong as their date of computation makes large completely unrealistic assumptions.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: U.S. Debt Held by Public Tops $10T for 1st Time—Up 59 Percent Under Obama

    Quote Originally Posted by American View Post
    No they inherited the economy from Pelosi and Reid. There's no cure for a combo like those two.
    Not that you can, but I'll ask for the sake of the forum, care to explain how they are responsible for a mess that was started in Clinton's era?

    Furthermore, I fully realize you have absolutely no idea why a financial recession is different, but care to explain how either tax cuts or stimulus can actually cure a financial recession?
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: U.S. Debt Held by Public Tops $10T for 1st Time—Up 59 Percent Under Obama

    It's capitalism red in tooth and claw, innit? Privatise profit, socialise debt. Bankers gamble the economy into a colossal hole and get paid Billions for their trouble, workers suffer loss of jobs, homes, dignity, and get to pick up the tab for the tow-truck and rescue services too.
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    Re: U.S. Debt Held by Public Tops $10T for 1st Time—Up 59 Percent Under Obama

    Quote Originally Posted by danarhea View Post
    Actually, it IS the Republicans' fault, as they are supposed to legislate. However, Obama, as president, is supposed to lead, so it is the Democrats' fault too.
    You are spoiling my fun

    The point is the economy can be influenced by the government over the long term, it is (in the US ) not mandated by the government to grow or shrink. The US economy is going to shrink for the next 10 years or so untill all the bad debts that have been built up over the last 30 years or so get worked out. Republican congress, Democratic President or any mix of the two will not significant change this.

    The only thing that the government can do at this time is make the decline quicker and deeper, allowing for recovery soon, or make the decline slower and more shalllow, but with the recovery a long ways away
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    Re: U.S. Debt Held by Public Tops $10T for 1st Time—Up 59 Percent Under Obama

    Quote Originally Posted by Karl View Post
    Being a free country, I believe I can blame whomever I want. Being intellectually aware, I can form my own opinions as to who is to blame rather than adopting one. While Obama has indeed employed Keynesian tactics (deficit spending) to try and battle the recession, let's look at some inconvenient facts:

    1. Bush set the house on fire, then moved out. Obama moved in, and put the fire out. Now he is being blamed for the fire damage. Very convenient for the Obama detractors.

    2. During the same time in office (some 950+ days), the public debt increased by about 31% under Bush (roughly Jun 2006 - Jan 2009). Oddly, I can't recall seeing any CNS (formerly Conservative News Service) news headlines on that fact. Now while 31% is better than 59% when talking about debt increases, Bush didn't inherit a house on fire, now did he? In fact, he inherited an essentially balanced budget, didn't he?

    I await the blame for the 31% to be placed on the Democrats elected to Congress in Jan 2007

    As one metaphor goes, we're in a bit of a sticky wicket. Focusing on solutions instead of partisan blame would be a more productive approach.
    No, you're a Commie, you have no freedom and no opinion unless the state gives it to you. Just remember your place.
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