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Old 09-25-2012, 07:20 PM
 
Location: Old Bellevue, WA
18,794 posts, read 13,583,139 times
Reputation: 7921

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Obama Doesn't Remember How Big the Debt Is - YouTube


David Letterman asked Pres. Obama about the debt. First of all, note that the prez does not appear to understand the difference between debt and deficit. Letterman specifically references the overall (accumulated) 'debt,' and Obama immediately mixes that up with the annual surplus/deficit. There has not been an overall surplus since the Andrew Jackson admin in the 19th century. We did have several years of annual surpluses under Pres. Clinton, as Obama says, but we never got close to an overall surplus.

Secondly, note that the prez repeats this myth/meme that I encountered recently in this thread:
Tax foundation report on the growth of 'nonpayers' of federal income tax.

(see posts 8-12)

This myth says that the Iraq war and Bush tax cuts were major factors in fueling the national debt. Obama says:

Quote:
Originally Posted by Pres. Obama
We decided to launch two wars on a credit card. Uh...we cut taxes twice without finding offsetting costs for it....
This is utter nonsense. For one thing, Obama strongly supported going to Afghanistan from the start, so by including that war he appears to be taking a jab at himself. The war in Iraq, which he did oppose, was about 3% of total federal spending for the nine years that it lasted. Eliminating it as a factor would not have appreciably changed the debt outlook.

Secondly, although Pres. Bush did cut tax rates, total tax revenue was relatively flat during the Bush years. Federal revenue was $2.215 trillion in 2001, $2.288 trillion in 2008 (inflation adjusted to 2005 dollars). So neither Iraq nor the Bush tax cuts account for much of the debt problem.

The problem under Bush was overall spending, just as it has been during the Obama years. Obama is right about one thing--the recession did cause a drop in tax revenue. But he was wrong about almost everything else. No wonder the debt has gotten so bad under his watch. He doesn't have the first clue when it comes to the topic of the national debt.
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Old 09-27-2013, 09:40 AM
 
Location: San Diego, CA
10,584 posts, read 7,967,483 times
Reputation: 4146
No wonder the national debt ballooned under Obama--he repeats same myths about debt as lefty CD posters.


A trend that continues without end.
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Old 09-27-2013, 10:22 AM
 
11,780 posts, read 8,211,669 times
Reputation: 3425
Quote:
Originally Posted by wutitiz View Post

This myth says that the Iraq war and Bush tax cuts were major factors in fueling the national debt. Obama says:


This is utter nonsense. For one thing, Obama strongly supported going to Afghanistan from the start, so by including that war he appears to be taking a jab at himself. The war in Iraq, which he did oppose, was about 3% of total federal spending for the nine years that it lasted. Eliminating it as a factor would not have appreciably changed the debt outlook.

Secondly, although Pres. Bush did cut tax rates, total tax revenue was relatively flat during the Bush years. Federal revenue was $2.215 trillion in 2001, $2.288 trillion in 2008 (inflation adjusted to 2005 dollars). So neither Iraq nor the Bush tax cuts account for much of the debt problem.
The CBO, factcheck, and the treasury dept disagree with you.



PolitiFact Ohio | Rep. Dennis Kucinich says Bush tax cuts caused a substantial part of the deficit



Quote:
Originally Posted by wutitiz View Post
The problem under Bush was overall spending, just as it has been during the Obama years. Obama is right about one thing--the recession did cause a drop in tax revenue. But he was wrong about almost everything else. No wonder the debt has gotten so bad under his watch. He doesn't have the first clue when it comes to the topic of the national debt.
Right, Bush cut taxes and then went on a spending spree. This current fiscal woes were predicted back in 2003 by a bunch of economists that said without cuts in spending the tax cuts would burden the US budget. Coupled with the fact that medicare is now paying out more than is taken a deficit was unavoidable.



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Old 09-27-2013, 10:27 AM
 
10,760 posts, read 6,898,155 times
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What has ballooned our debt is wars, tax cuts, and recession. [MOD CUT/flaming]

Last edited by Ibginnie; 09-27-2013 at 10:59 AM..
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Old 10-24-2015, 02:28 PM
 
Location: Oceania
8,623 posts, read 5,894,991 times
Reputation: 8318
Quote:
Originally Posted by lycos679 View Post
The CBO, factcheck, and the treasury dept disagree with you.



PolitiFact Ohio | Rep. Dennis Kucinich says Bush tax cuts caused a substantial part of the deficit





Right, Bush cut taxes and then went on a spending spree. This current fiscal woes were predicted back in 2003 by a bunch of economists that said without cuts in spending the tax cuts would burden the US budget. Coupled with the fact that medicare is now paying out more than is taken a deficit was unavoidable.



Wasn't this thread pointing out how loony lefty C-D posters parrot BHO? Good on ya, mate.
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Old 10-24-2015, 04:00 PM
 
24,885 posts, read 11,610,800 times
Reputation: 11621
I love how this thread goes from "Oh look at these myths, and the president repeats them!"

To full on fact checked data showing that the myths are actually these things called "facts"
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Old 10-24-2015, 05:03 PM
 
Location: New Orleans, La. USA
5,717 posts, read 2,617,177 times
Reputation: 2018
Quote:
Originally Posted by wutitiz View Post

Obama Doesn't Remember How Big the Debt Is - YouTube


David Letterman asked Pres. Obama about the debt. First of all, note that the prez does not appear to understand the difference between debt and deficit.
Nowhere in the above video did Obama not understand the difference between debt and deficit. At what time in the above video did Obama show that lack of understanding?

Quote:
Letterman specifically references the overall (accumulated) 'debt,' and Obama immediately mixes that up with the annual surplus/deficit. There has not been an overall surplus since the Andrew Jackson admin in the 19th century.
In 1998 we had a surplus of $87.9 billion dollars.
1998 United States Federal Budget

In 1999 we had a surplus of $157 billion dollars.
1999 United States Federal Budget

In 2000 we had a federal surplus of $290 billion dollars.
2000 United States Federal Budget

Quote:
Secondly, note that the prez repeats this myth/meme that I encountered recently in this thread:
Tax foundation report on the growth of 'nonpayers' of federal income tax.

(see posts 8-12)

This myth says that the Iraq war and Bush tax cuts were major factors in fueling the national debt. Obama says:
GW Bush's supply side tax cuts gave the richest 1% of Americans $2.5 trillion dollars in tax cuts. And the unneeded Iraq war caused America to move transport ships, aircraft carriers, tanks, helicopters, and huge numbers of US soldiers to Iraq.
Bush Tax Cuts After 2002: June 2002 CTJ Analysis

Do you honestly believe we can cut taxes by $2.5 trillion dollars, and not create deficits?

Do you honestly believe we can move massive amounts of military equipment and soldiers to Iraq, and it does not cost money?

Quote:
This is utter nonsense. For one thing, Obama strongly supported going to Afghanistan from the start, so by including that war he appears to be taking a jab at himself. The war in Iraq, which he did oppose, was about 3% of total federal spending for the nine years that it lasted. Eliminating it as a factor would not have appreciably changed the debt outlook.
The Iraq war is going to cost America around $6 trillion dollars, do you believe $6 trillion dollars is trivial federal spending?

The Iraq War Could Cost More Than $6 Trillion - Business Insider

Quote:
Secondly, although Pres. Bush did cut tax rates, total tax revenue was relatively flat during the Bush years. Federal revenue was $2.215 trillion in 2001, $2.288 trillion in 2008 (inflation adjusted to 2005 dollars). So neither Iraq nor the Bush tax cuts account for much of the debt problem.
GW Bush's tax cuts happened in 2001 and 2003, in those years our revenues fell by more dollars than anytime in American history.

Note: (Receipts=revenues)

Historical Federal Receipt and Outlay Summary

Quote:
The problem under Bush was overall spending, just as it has been during the Obama years.
Obama is the smallest government spender since president Eisenhower.
Forbes Welcome

And if you don't believe the above Forbes source look at the following source (Outlays=spending.)
Historical Federal Receipt and Outlay Summary

Go back to the year 1965 in the above source and notice how spending increases every year. But notice how in the years 2010, 2012, and 2013 government spending goes down.

Last edited by chad3; 10-24-2015 at 05:19 PM..
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Old 10-24-2015, 07:17 PM
 
Location: New Orleans, La. USA
5,717 posts, read 2,617,177 times
Reputation: 2018
@ Wutitiz

And in 2010, 2012, and 2013 government spending did not just slow down (it went backwards and lowered), that's why Obama is the smallest government spender since president Eisenhower.

Historical Federal Receipt and Outlay Summary

Forbes Welcome
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