T Nation

Obamanomics

(CBS News) The National Debt has now increased more during President Obama’s three years and two months in office than it did during 8 years of the George W. Bush presidency.

The Debt rose $4.899 trillion during the two terms of the Bush presidency. It has now gone up $4.939 trillion since President Obama took office.

The latest posting from the Bureau of Public Debt at the Treasury Department shows the National Debt now stands at $15.566 trillion. It was $10.626 trillion on President Bush’s last day in office, which coincided with President Obama’s first day.

The National Debt also now exceeds 100% of the nation’s Gross Domestic Product, the total value of goods and services.

Mr. Obama has been quick to blame his predecessor for the soaring Debt, saying Mr. Bush paid for two wars and a Medicare prescription drug program with borrowed funds.

The federal budget sent to Congress last month by Mr. Obama, projects the National Debt will continue to rise as far as the eye can see. The budget shows the Debt hitting $16.3 trillion in 2012, $17.5 trillion in 2013 and $25.9 trillion in 2022.

Federal budget records show the National Debt once topped 121% of GDP at the end of World War II. The Debt that year, 1946, was, by today’s standards, a mere $270 billion dollars.

Mr. Obama doesn’t mention the National Debt much, though he does want to be seen trying to reduce the annual budget deficit, though it’s topped a trillion dollars for four years now.

As part of his “Win the Future” program, Mr. Obama called for “taking responsibility for our deficits, by cutting wasteful, excessive spending wherever we find it.”

His latest budget projects a $1.3 trillion deficit this year declining to $901 billion in 2012, and then annual deficits in the range of $500 billion to $700 billion in the 10 years to come.

If Mr. Obama wins re-election, and his budget projections prove accurate, the National Debt will top $20 trillion in 2016, the final year of his second term. That would mean the Debt increased by 87 percent, or $9.34 trillion, during his two terms.

[quote]Sloth wrote:

The National Debt also now exceeds 100% of the nation’s Gross Domestic Product, the total value of goods and services.
[/quote]

There is enough blame to go around for the rising National Debt.

NO Party, Congress and/or recent President (how far back that goes is debatable) is immune from sharing the blame.

Mufasa

[quote]Mufasa wrote:
There is enough blame to go around for the rising National Debt.

NO Party, Congress and/or recent President (how far back that goes is debatable) is immune from sharing the blame.

Mufasa [/quote]

Yeah…everything you said uh huh. Except Obama has increased the national debt more in three years than Bush did in eight!

And he’s um…you know the President.

The leader has more culpability. Because he…leads.

[quote]Mufasa wrote:
There is enough blame to go around for the rising National Debt.

NO Party, Congress and/or recent President (how far back that goes is debatable) is immune from sharing the blame.

Mufasa [/quote]

That’s a wishy-washy answer and you know it. Nobody here is denying that the deficit increased under GWB. And a number of people were pissed at that too, myself included. Bush did not adhere to what I believe are reasonable economic policies. But the man in office leads the charge in the direction he want to make the country go. And Obama’s administration is clearly to blame for this. There is no way you can get around that–if he had only KEPT the same rate of spending +/- some we could be looking at an increase of “only” 4 some odd trillion. He could then say that the increase in debt was a natural product of Bush’s admin with some sort of arguable point (he had to keep spending due to economy woes and keep it from crashing by pulling money out, had to bail people out, etc). He didn’t. He did what every damn 16 year old kid with free reign on Dad’s credit card does and spent it.

So, you guys agree both parties are screwing you and then pick sides based on which is screwing you less? Do you not see how broken this system is? Its a false dichotomy to divert people from the real issues.

Bonus question: Hmm how would one possibly reign in government by limiting their ability to spend based on debt?

The only trend I see is the debt going up regardless of who is president. Reagan can still be considered the worst when it comes to this depending on how you look at it, but I don’t blame him anymore than anyone else.

[quote]sufiandy wrote:
The only trend I see is the debt going up regardless of who is president. Reagan can still be considered the worst when it comes to this depending on how you look at it, but I don’t blame him anymore than anyone else.[/quote]

People dont intuitively understand the exponential function and understand raw numbers much more easily. I think debates like this miss the point, but just googled that bush upped the debt 89% in 8 years, and obama has upped it 40% in 3. I am on my gay mac so I dont have full excel functionality, but, while obama upped it more in this analysis, about 11.75% vs 8.25% compounded annually, Bush had a lot more “good years” of tax recipts and as well. Basically you cant make it apples to apples and pretending that the president controls the economy is unreasonable at its core (yet common practice).

I dont see how you find any of them on the right side of this, or even different in their trajectory.

As you move up a log scale graph, the raw number jumps get bigger, but dont let it fool you - you are getting reamed just about as much as before!

“The National Debt also now exceeds 100% of the nation’s Gross Domestic Product, the total value of goods and services.”

[quote]Sloth wrote:
“The National Debt also now exceeds 100% of the nation’s Gross Domestic Product, the total value of goods and services.” [/quote]

Yes that is a bad thing, but why blame Obama by naming the thread after him? What do you have to say in the future when a republican president causes it to go to new record highs?

I am not Obama’s biggest fan but your equation does not consider that diminished tax revenue due to Bush running the economy in the ditch.

[quote]sufiandy wrote:

[quote]Sloth wrote:
“The National Debt also now exceeds 100% of the nation’s Gross Domestic Product, the total value of goods and services.” [/quote]

Yes that is a bad thing, but why blame Obama by naming the thread after him? What do you have to say in the future when a republican president causes it to go to new record highs?[/quote]

Because he’s a failure as a President.

“The National Debt also now exceeds 100% of the nation’s Gross Domestic Product, the total value of goods and services.”

[quote]pittbulll wrote:
I am not Obama’s biggest fan but your equation does not consider that diminished tax revenue due to Bush running the economy in the ditch.

[/quote]

Here we go nice one should have known that. It’s STILL BUSH’S FAULT!

You never disappoint.

[quote]ZEB wrote:

[quote]pittbulll wrote:
I am not Obama’s biggest fan but your equation does not consider that diminished tax revenue due to Bush running the economy in the ditch.

[/quote]

Here we go nice one should have known that. It’s STILL BUSH’S FAULT!

You never disappoint.

[/quote]

I think the real estate market crashed , if was a big hit , it was no one’s fault . There are few that have a grasp of the way our economy is truly working

[quote]milktruck wrote:

[quote]sufiandy wrote:
The only trend I see is the debt going up regardless of who is president. Reagan can still be considered the worst when it comes to this depending on how you look at it, but I don’t blame him anymore than anyone else.[/quote]

People dont intuitively understand the exponential function and understand raw numbers much more easily. I think debates like this miss the point, but just googled that bush upped the debt 89% in 8 years, and obama has upped it 40% in 3. I am on my gay mac so I dont have full excel functionality, but, while obama upped it more in this analysis, about 11.75% vs 8.25% compounded annually, Bush had a lot more “good years” of tax recipts and as well. Basically you cant make it apples to apples and pretending that the president controls the economy is unreasonable at its core (yet common practice).

I dont see how you find any of them on the right side of this, or even different in their trajectory.

As you move up a log scale graph, the raw number jumps get bigger, but dont let it fool you - you are getting reamed just about as much as before![/quote]

THANK you, MT.

I’ll say it a million times; and people can call it “wishy-washy” or whatever they choose…
There is enough blame to go around for the rising National Debt.

NO Party, Congress and/or recent President (how far back that goes is debatable) is immune from sharing the blame.

Obama is not “my guy” anymore than Bush or Clinton were “my guys”; so I make NO apologies for the President’s part in all this.

But we sure as hell didn’t magically get in this mess simply as a result of 3 years of current Presidential policy ONLY.

Mufasa

[quote]Sloth wrote:

[quote]sufiandy wrote:

[quote]Sloth wrote:
“The National Debt also now exceeds 100% of the nation’s Gross Domestic Product, the total value of goods and services.” [/quote]

Yes that is a bad thing, but why blame Obama by naming the thread after him? What do you have to say in the future when a republican president causes it to go to new record highs?[/quote]

Because he’s a failure as a President.

“The National Debt also now exceeds 100% of the nation’s Gross Domestic Product, the total value of goods and services.”
[/quote]

Who was the last president that was not a failure?

[quote]sufiandy wrote:

[quote]Sloth wrote:

[quote]sufiandy wrote:

[quote]Sloth wrote:
“The National Debt also now exceeds 100% of the nation’s Gross Domestic Product, the total value of goods and services.” [/quote]

Yes that is a bad thing, but why blame Obama by naming the thread after him? What do you have to say in the future when a republican president causes it to go to new record highs?[/quote]

Because he’s a failure as a President.

“The National Debt also now exceeds 100% of the nation’s Gross Domestic Product, the total value of goods and services.”
[/quote]

Who was the last president that was not a failure?[/quote]

Bush and Clinton. They were just mildly bad. Obama…well, he should resign if he loves this country.