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Good God, is his election the biggest mistake America has ever made?
And just look what we have to look forward to in the future.
Blah, blah, blah. Why do Republicans and people on the right always state the same ole thangs!? We had to spend money to save this country from entering a DEPRESSION. Simple as that. Instead of asking yourself that question, you should ask what was the ROOT CAUSE of this mess!
"I walked into office facing a massive deficit, most of which was the result of not paying for two wars, two tax cuts, and an expensive prescription drug program," Mr. Obama said last month in a speech to corporate executives at a Business Roundtable conference. "When we walked in, we had a deficit of $1.3 trillion and projected debt over the course of a decade of $8 trillion," he told the CEOs on February 24th. "The lost revenue from this recession put us in an even deeper hole. And the steps we took to save the economy from depression last year have necessarily added to the deficit -- about $1 trillion, compared to the $8 trillion that we inherited."
Good point.
Not really, considering obama was in congress when the democrats drove up the debt and deficits.
Took Bush and a dem congress 4 years, it has only taken obama 421 days to run up 2 trillion.
"I walked into office facing a massive deficit, most of which was the result of not paying for two wars, two tax cuts, and an expensive prescription drug program," Mr. Obama said last month in a speech to corporate executives at a Business Roundtable conference. "When we walked in, we had a deficit of $1.3 trillion and projected debt over the course of a decade of $8 trillion," he told the CEOs on February 24th. "The lost revenue from this recession put us in an even deeper hole. And the steps we took to save the economy from depression last year have necessarily added to the deficit -- about $1 trillion, compared to the $8 trillion that we inherited."
Good point.
Um... Its not even close to a good point because DEMOCRATS voted for "not paying for the war" and they have done NOTHING about the tax cuts nor the prescriptin drug program.. What has OBAMA done about the very things he criticized? NOTHING
Quote:
Originally Posted by NYer75
Blah, blah, blah. Why do Republicans and people on the right always state the same ole thangs!? We had to spend money to save this country from entering a DEPRESSION. Simple as that. Instead of asking yourself that question, you should ask what was the ROOT CAUSE of this mess!
blah blah blah, why do Democrats and the left always have to avoid the question and make excuses while ignoring the very fact that the Depression you claimed, BEGAN when Democrats took over Congress
Blah, blah, blah. as that. Instead of asking yourself that question, you should ask what was the ROOT CAUSE of this mess!
well let me INFORM you but these problems stem from: 1993, 1995, and 1999 and you can thank the liberals for it, and most of it goes back to the clinton era. why because ECONOMICS run in 10(+/-4) year CYCLES and what we are facing NOW is in DIRECT RELATION to what happened back in the 90's
1993 NAFTA---- passed by the democrat controlled congress, pushed by clinton, signed by clinton---the consequence ...... 60+ million HIGH PAYING jobs have been lost, 2 trillion worth of debt from the lost wages.
1995 clinton (through his chief of HUD (Henry Cisneros and also through his second chief of HUS Andrew coumo)) eased the rules on obtaining mortgages allowing more 'exotic' mortgages and 'no-dov' mortgages-----the consequence ......housing SKYROCKETED causing low inventories causing a 'not normal' increase in home prices, sellers got greedy, buyers got even greedier (looking to PROFIT in a skyrocketing market by flipping) and bought THINKING that prices would still increase and their ADJUSTABLE mortgage would pay it self off in MINIMUMAL years...EVEN THOUGH THESE INCREASES IN HOME VALUES WERE TOTALLY UNHEARD OF, AND MORTGAGE RATES WERE AT 40 YEAR LOWS( what did they think an adjustable mortgage gotten at 40 year lows would do in the term(3 months-3years) when it adjusted...of course it would go up, their CONTRACT even said after the term it would be 6% PLUS PRIME)))
For many potential homebuyers, the lack of cash available to accumulate the required downpayment and closing costs is the major impediment to purchasing a home. Other households do not have sufficient available income to to make the monthly payments on mortgages financed at market interest rates for standard loan terms. Financing strategies, fueled by the creativity and resources of the private and public sectors, should address both of these financial barriers to homeownership."
The above is the start of the mortgage meltdon: Clinton's National Homeownership Strategy...
1996 clinton signed The Telecommunications Act of 1996 (The Act was claimed to foster competition. Instead, it allowed industry consolidation whose actions reduced the number of major media companies from around 30 in 1993 to 10 in 1996, and reducing the 10 in 1996 to 6 in 2005.)
1999 Clinton DEREGULATES the banking industry
2000 clinton signs the China trade bill
2000 clinton signs the Commodity Futures Modernization Act of 2000..(which paves the way for ENRON)
2001 January...clinton helps get China into the WTO
Um... Its not even close to a good point because DEMOCRATS voted for "not paying for the war" and they have done NOTHING about the tax cuts nor the prescriptin drug program.. What has OBAMA done about the very things he criticized? NOTHING
blah blah blah, why do Democrats and the left always have to avoid the question and make excuses while ignoring the very fact that the Depression you claimed, BEGAN when Democrats took over Congress
Obama didn't even vote for the Iraq war, but you're a know-it-all, so you knew that, right?
i said Democrats not Obama.. You do understand that DEMOCRATS held the spending purse since 2007 right?
The OP is about the debt on Obama's watch. Try and stay on topic know-it-all.
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