....according to 88% of republicans.
http://theweek.com/articles/453634/why-dont-americans-realize-deficit-falling
....according to 88% of republicans.
http://theweek.com/articles/453634/why-dont-americans-realize-deficit-falling
established mint wrote:
....according to 88% of republicans.
http://theweek.com/articles/453634/why-dont-americans-realize-deficit-falling
Gotta agree with Trump here
"The economy does better under the democrats"
He has increased the DEBT, significantly. #fact
tanzarian wrote:
He has increased the DEBT, significantly. #fact
So 9 out of 10 republicans don't understand the difference between the debt and the deficit.
tanzarian wrote:
Republican obstructionism has increased the DEBT, significantly. #fact
Fixed.
He increased it a lot and then decreased it a little bit. Sure.
gotta love 0% interest wrote:
He increased it a lot and then decreased it a little bit. Sure.
False. Bush Jr. handed Obama a $1.4 trillion deficit. Obama has reduced Bush Jr.'s deficit to just $492 billion.
It's okay though. You're in good company.
lolzy wrote:
gotta love 0% interest wrote:He increased it a lot and then decreased it a little bit. Sure.
False. Bush Jr. handed Obama a $1.4 trillion deficit. Obama has reduced Bush Jr.'s deficit to just $492 billion.
It's okay though. You're in good company.
The large deficit was an outlier due to the TARP bailout, which Obama voted for. So he actually increased it then too. Then he kept it near that level several more years. He's had the highest average deficit in history by a long shot.
The deficit is the annual delta between government receipts and spending. If receipts exceed spending then you have an annual surplus. With very rare exceptions, the government almost always runs a deficit. The Debt is the sum of all deficits and surpluses back to the beginning of the country. One other fact: the President does not have the power of the purse. The president proposes a budget and congress passes it, rejects it, amends it, or whatever. Deficits and debts are the result of congressional action
Obama's deficits exceed the sum of all deficits by ALL presidents before him. He is singularly responsible for the largest increase in the DEBT in the entire history of the country!!!
When he was first elected, both the Senate and the House were run by the democrats. Americans woke up and put the Republicans back in charge of the House first, and later the Senate as well. Since Congress has the power of the purse, the deficits have declined thanks to Republicans reigning in spending. To say that Obama is a fiscal conservative is like patting yourself on the back for overspending your household budget by $10,000 (with credit cards) in one year and then only wracking up another $8,000 deficit the second year. Congratulations (you played yourself)- your annual deficit went down, but your debt went up to $18,000 (plus interest).
Its also true that the fuse that caused the debt to explode was lit during the George Bush Administration: The great recession resulted in far fewer revenues for the govt and necessitated bailouts and stimulus. Not to mention the fact that the Iraq war, Afghan war etc continue to cost billions including the billions of $$$$ needed to treat wounded veterans.
Long story short, dont criticize Obama without mentioning the role that George Bush and his cohorts played.
Remember how Dick Cheneey famously said in 2002: "Deficits don't matter"
Where were all these tea party types when Cheney made these remarks?
tanzarian wrote:
Congress has increased the DEBT, significantly. #fact
Fixed. Congress controls the purse strings, not the President.
gotta love 0% interest wrote:
He increased it a lot and then decreased it a little bit. Sure.
Not quite true, but a little true.
The 2009 budget is created by Bush and it was the peak deficit.
There was also Obama stimulus added to that, though, which was useful to stop the economic fall.
The deficit was gone down since. And as a percent of GDP, it has mostly been higher than the Bush years.
The current deficit is at about the same as the Bush average as a percent of GDP.
https://research.stlouisfed.org/fred2/series/FYFSGDA188SBush doubled defense spending due to his reckless war in Iraq and poorly run invasion of Afghanistan. That price tag stayed with the Obama administration to add 300-400 billion onto the deficit the first three years in office.
Economics 101 wrote:
Americans woke up and put the Republicans back in charge of the House first, and later the Senate as well. Since Congress has the power of the purse, the deficits have declined thanks to Republicans reigning in spending.
The deficits have not declined due to less spending. Spending has been stagnant.
The deficits have declined because of higher revenue.
Revenue has been up because of an improved economy.
Stagnant spending does amount to cuts in spending when adjusted for inflation. But then that was not a good thing, because sure they saved money by fixing costs, but they cost themselves a huge amount of revenue by acting as a drag on the economy, in combination with state cuts. The main reasons growth has been low for much of the expansion are that other economies are weak and gov't spending and employment cuts cut demand.
Eco 101 was implying that the deficits decreased solely due to less spending.
I pointing out that revenue was higher and a greater contributing factor.