#1 Liberals at DU do creative accounting:
05-19-2012, 02:01 PM
- Join Date
- May 2008
kentuck carries Obama's water.kentuck (61,231 posts)
How much total debt has Barack Obama created?
We know that the national debt has gone up by about $5 trillion dollars in the last four years. How much of that debt is Barack Obama responsible for?
This seems to be the issue that most Republicans and Tea Partiers bring up to show how much damage President Obama has done to our economy and our country. This is the issue that gets them fired up.
Mitt Romney said the other day that Barack Obama had doubled the national debt and spent more than all the other presidents combined. Obviously, that is a lie. But how many people know that it is a lie?
If President Obama had come into office with a balanced budget, like George W Bush did, how much more in debt would we be today?
We know that the TARP bailout, in the last days of the Bush Administration, added about $800 billion dollars to the last deficit of 2008. President Obama started with a deficit of $1.2 trillion dollars. Unfortunately, it did not magically go to zero when Obama was sworn in. That was not his debt.
The President asked for a stimulus of about $800 billion to keep the economy from going into a deeper recession. That was his debt.
The President spent billions on extending unemployment insurance to the unemployed. That was his debt.
Also, there were still two wars going on, in Iraq and in Afghanistan. Although he eventually ended most of the war spending in Iraq, that was not his debt.
The President inherited the Bush taxcuts for the first two years of his Administration. That was not his debt. He was then forced to extend the Bush taxcuts for everyone for an additional two years. That was his debt.
Overall, how much of this $5 trillion dollars in debt is Barack Obama responsible for? Obviously, being the President, he is responsible for it all. But, how much of the debt did he create with his health plan and stimulus, etc?
I think the truth needs to be told and Republicans need to understand that this President has not doubled the national debt. It is an important point to make.Star Member MadHound (30,884 posts) Profile Journal Send DU Mail Ignore
1. Well, since the 2009 budget was Bush's budget, we can throw that out
However, the budget deficit for 2010 was 1.3 trillion. The deficit for 2011 was approximately 1.5 trillion. The projected deficit for 2012 is 1.1 trillion. So add those together and you get close to 4 trillion. He is on pace to match Bush if this continues.The
The bigger issue that needs to be addressed however is that debt isn't necessarily a bad thing. It depends upon what you are going into debt for. If you're going into debt in order to create jobs and boost the economy, great. You will be able to pay off the debt when economic times are better. However if you are spending that money on war, you're basically pissing that money away.
Sadly, for the last eleven years, it seems as though that's what we're doing, pissing money away in war after war.
Democrats....of which Obama is one.........have refused to pass a budget since.......so it is Obama's debt.
cthulu2016 (2,163 posts) Profile Journal Send DU Mail Ignore
6. Discretionary spending is down. Federal employment is down.
Last edited Sat May 19, 2012, 10:01 AM USA/ET - Edit history (2)
At this point all of our increase in deficit is due to the bad economy, not to discretionary government policy.
Medicaid and unemployment costs are up due to high unemployment and lousy wages.
Tax revenues are down due to a weak economy.
That is the increased deficit right there.
kentuck (61,231 posts) Profile Journal Send DU Mail Ignore
8. No doubt, the recession is responsible for most of the debt...
under Obama. There would have no need for a "stimulus" if not for the recession. It's difficult, even for Republicans, to try and revise the history to blame Obama for the recession.
Obama.............the blame everyone else president.
Democrats............the blame everyone else party.
Gotta laugh though..........they are trying..........unsuccessfully.......... to blame everyone else but themselves........where the blame belongs.
Just like an 8 year old who suddenly discovers that he's made a mess, is going to get in trouble and is trying desperately to cover it up.
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