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Oh Bama!!!... he is the spender... American taxpayers credit card is being abused . We are in so much debt we could wind up like France and taxing the rich 75% and lots of rich french people are leaving the country because of it. They will all be poor soon in France with the rich leaving because their taxes fund the poor.
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.
It's hard for many of us to comprehend a number like $20 trillion. But an increase of 87%? Yeah, I think more people - and I'm one - can easily understand that an 87% increase in the national debt over a span of 8 years is not a good thing.
Is such a large percentage increase historic? During World War II, our national debt soared. But those were extraordinary times, and I doubt many of us would quibble over the necessity of going more into debt as a nation during World War II.
Since World War II, the national debt declined rapidly and consistently through both Democratic and Republican Administrations, right up to Reagan.
Ronald Reagan:
Took office January 1981. Total debt: $848 billion
Left office January 1989. Total debt: $2,698 billion
Percent change in total debt: +218%
George H.W. Bush:
Took office January 1989. Total debt: $2,698 billion
Left office 20 January 1993. Total debt: $4,188 billion
Percent change in total debt: +55%
Bill Clinton:
Took office 20 January 1993. Total debt: $4,188 billion
Left office 20 January 2001. Total debt: $5,728 billion
Percent change in total debt: +37%
George W. Bush:
Took office 20 January 2001. Total debt: $5,728 billion
Left office 20 January 2009. Total debt: $10,627 billion
Percent change in total debt: +86%
Two points: If projections hold true, and if President Obama serves two terms, the national debt would increase 87% during that time. That's not a good number. No President would ever want to be compared to President Bush II (at 86% during his two terms) economically, or otherwise.
And secondly, the man who is widely revered by Republicans - President Reagan - managed to oversee a whopping 218% increase in the national debt during his two terms in office.
It's hard for many of us to comprehend a number like $20 trillion. But an increase of 87%? Yeah, I think more people - and I'm one - can easily understand that an 87% increase in the national debt over a span of 8 years is not a good thing.
Is such a large percentage increase historic? During World War II, our national debt soared. But those were extraordinary times, and I doubt many of us would quibble over the necessity of going more into debt as a nation during World War II.
Since World War II, the national debt declined rapidly and consistently through both Democratic and Republican Administrations, right up to Reagan.
Two points: If projections hold true, and if President Obama serves two terms, the national debt would increase 87% during that time. That's not a good number. No President would ever want to be compared to President Bush II (at 86% during his two terms) economically, or otherwise.
And secondly, the man who is widely revered by Republicans - President Reagan - managed to oversee a whopping 218% increase in the national debt during his two terms in office.
Percentages are irrelevant. We don't have to pay our debt back in percentages, we have to pay it off in dollars. As far as I'm concerned, Obama has surpassed Reagan.
Percentages are irrelevant. We don't have to pay our debt back in percentages, we have to pay it off in dollars. As far as I'm concerned, Obama has surpassed Reagan.
Furthermore, its 1 thing to increase the debt if you are increasing the economy, but thats not whats happening now either..
For example, I'd gladly take on $100M in debt, if my income increases more than $10M a year.
And secondly, the man who is widely revered by Republicans - President Reagan - managed to oversee a whopping 218% increase in the national debt during his two terms in office.
Congress spent, on average, 2.8% more than Reagan asked for. And 24.5% over 8 years. Also, every balanced-budget Reagan presented to Congress was declared DOA by (Democrat) Tip O'Neill.
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