National debt increase more in just over 3 years (McCain, unemployment, Barack Obama)
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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.
If I were Barack Obama, I believe i'd call it quits after this first term if for no other reason than NOT being the President with the above statistic tagged to his name. He has a legacy to think about now. It might be time to cut bait.....cut his losses and move on.
After 8 years, he will own every single penny of that debt and his successor will absolutely pin it to him in the same way he has pinned the blame on GWB. Except this time it will be done under the auspices of an Administration who did absolutely nothing to reign in spending. "The Barack Obama Administration did this to us." Is that a legacy to aspire to?
If I were Barack Obama, I believe i'd call it quits after this first term if for no other reason than NOT being the President with the above statistic tagged to his name. He has a legacy to think about now. It might be time to cut bait.....cut his losses and move on.
After 8 years, he will own every single penny of that debt and his predecessor will absolutely pin it to him in the same way he has pinned the blame on GWB. Except this time it will be done under the auspices of an Administration who did absolutely nothing to reign in spending. Is that a legacy to aspire to?
He will take responsibility for nothing. Absolutely nothing. He will say most of the debt was simply planned increases he could do nothing about and he of course had to enact the stimulus, Tarp, etc. to save the economy.
As I've said previously, it's the economy not Obama, per se. Contrary to what the right-wing suggest, there has been no big increase in government under Obama. That's the big lie talking point that the GOP pedals.
The implications of this big lie is that Obama vastly expanded the government to the tune of trillions. If so, where are the great big programs? Obama did pass the ACA, but that mainly goes into effect in 2014. He also passed a stimulus package, that was $787 billion, with 40% tax-cuts, spread over two years.
There was no "Obama spending." Deficits arose from specific areas, namely, a drop in tax-revenue due to the Great Recession; and additional spending that automatically kicks in during bad economic times (e.g. the Great Recession) -- such as unemployment benefits; food stamps; Medicaid, etc.
What we’re seeing isn’t Obama's expansion of Big Government; we’re seeing the government we already had, responding to a terrible economic slump. It would have been about the same had McCain won -- but probably longer lasting as McCain would have mimicked the austerity disaster that Europe decided upon.
Incidentally, it's a good thing we had these safety nets that didn't exist during the Great Depression, or we would have repeated the severity of the Great Depression -- that's what we have to show for it! We don't have millions of people begging in the streets; we don't have widespread hunger; we don't have people dying for lack of medical treatment, like we did during the Great Depression.
As an aside, although the amount of federal debt has doubled since 2006, the amount of interest the federal government pays has not increased over 2006 levels.
As I've said previously, it's the economy not Obama, per se. Contrary to what the right-wing suggest, there has been no big increase in government under Obama. That's the big lie talking point that the GOP pedals.
The implications of this big lie is that Obama vastly expanded the government to the tune of trillions. If so, where are the great big programs? Obama did pass the ACA, but that mainly goes into effect in 2014. He also passed a stimulus package, that was $787 billion, with 40% tax-cuts, spread over two years.
There was no "Obama spending." Deficits arose from specific areas, namely, a drop in tax-revenue due to the Great Recession; and additional spending that automatically kicks in during bad economic times (e.g. the Great Recession) -- such as unemployment benefits; food stamps; Medicaid, etc.
What we’re seeing isn’t Obama's expansion of Big Government; we’re seeing the government we already had, responding to a terrible economic slump. It would have been about the same had McCain won -- but probably longer lasting as McCain would have mimicked the austerity disaster that Europe decided on.
Incidentally, it's a good thing we had these safety nets that didn't exist during the Great Depression, or we would have repeated the severity of the Great Depression -- that's what we have to show for it! We don't have millions of people begging in the streets; we don't have widespread hunger; we don't have people dying for lack of medical treatment, like we did during the Great Depression.
As an aside, although the amount of federal debt has doubled since 2006, the amount of interest the federal government pays has not increased over 2006 levels.
I think we are seeing government expansion on steroids and it is a matter of degree. McCain would likely not have expanded government as much. I think it is very debatable whether the stimulus did much good at all.
As I've said previously, it's the economy not Obama, per se. Contrary to what the right-wing suggest, there has been no big increase in government under Obama. That's the big lie talking point that the GOP pedals.
The implications of this big lie is that Obama vastly expanded the government to the tune of trillions. If so, where are the great big programs? Obama did pass the ACA, but that mainly goes into effect in 2014. He also passed a stimulus package, that was $787 billion, with 40% tax-cuts, spread over two years.
There was no "Obama spending." Deficits arose from specific areas, namely, a drop in tax-revenue due to the Great Recession; and additional spending that automatically kicks in during bad economic times (e.g. the Great Recession) -- such as unemployment benefits; food stamps; Medicaid, etc.
What we’re seeing isn’t Obama's expansion of Big Government; we’re seeing the government we already had, responding to a terrible economic slump. It would have been about the same had McCain won -- but probably longer lasting as McCain would have mimicked the austerity disaster that Europe decided upon.
Incidentally, it's a good thing we had these safety nets that didn't exist during the Great Depression, or we would have repeated the severity of the Great Depression -- that's what we have to show for it! We don't have millions of people begging in the streets; we don't have widespread hunger; we don't have people dying for lack of medical treatment, like we did during the Great Depression.
As an aside, although the amount of federal debt has doubled since 2006, the amount of interest the federal government pays has not increased over 2006 levels.
He will take responsibility for nothing. Absolutely nothing. He will say most of the debt was simply planned increases he could do nothing about and he of course had to enact the stimulus, Tarp, etc. to save the economy.
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