The debt hit $10 trillion in October of 2008. Obama took office 3 months later. Do the math.
It doesn't taste like crow at all. I love how you liberals want to give Obama credit for all the spending that helped save the world from the global recession but stick Bush with the tab. Have it your way. It was Bushs spending and budget that lifted us out of the recession, which only serves to make Obama that much more of an insignificant president. But unfortunately for you, the math still doesn't work in your favor. Pile that trillion onto Bush and you still have $7,000,000,000,000 added to the debt by a single man: Obama. And he isn't done yet. He will get to 8,000,000,000,00. Easy.
That is all true, but democrats like to credit Obama and his spending for ending the recession (which actually ended in June 2009, so he had nothing to do with it) but then heap the blame for that spending on Bush. They cant have it both ways. Plus, it was a democrat congress that wrote the spending bills for the 2009 budget. So you can blame Bush for a lot of things, but the deficit run up under Obama isn't one of them.
If you are trying to suggest that Mr. Obama has been equally irresponsible, that's a massive fail.
If you are trying to suggest that Mr. Obama has been equally irresponsible, that's a massive fail.
The deficit has gotten smaller under Obama and as GDP continues to grow faster than the deficit grows, the debt becomes more and more irrelevant -- just like the massive $220 billion World War II debt did.
Remember, Obama did have the upper-income tax-cuts expire too.
Yes, I know the conservative narrative that lower deficits are all about those fiscally conservative Republicans deficit peacocks who strut around and preen themselves on their supposed fiscal virtue. The problem is, it isn't true. In actuality, Mr. Obama submitted lower budgets and revenue is now higher. The deficit has been falling since the high in 2010 and as the economy improves, so does revenue.
First, Fanny Mae and Freddie Mac had little to do with the Great Recession. Most of the overreach were by firms that weren't regulated and Fanny and Freddie were winding out of those loans when the others were getting deeper.
Yes, I know the conservative narrative that lower deficits are all about those fiscally conservative Republicans deficit peacocks who strut around and preen themselves on their supposed fiscal virtue. The problem is, it isn't true. In actuality, Mr. Obama submitted lower budgets and revenue is now higher. The deficit has been falling since the high in 2010 and as the economy improves, so does revenue.
The deficit is lower because we have $1 trillion a year more in revenue.
Your thesis is that tax-cuts are always good for the economy. If so, please explain why there has been large economic expansion after periods of tax increases and recessions after periods of tax-cuts. In fact, the greatest gains came when taxes were much higher than today. Those macro gains were also at a time when the middle class proportion of national income was greater. If you actually look at the data, instead of espousing ideology, you will see that there is no correlation between cutting taxes and economic expansion.faithful_servant said:
