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Old 08-11-2012, 03:42 PM
 
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I'm a little ignorant on this. Apologies.

It seems I was seeing 500 billion annual deficits under Bush 2, who wreaked havoc on the economy with two unfunded wars. Then when Obama entered office he got us out of Iraq yet I started seeing 1 trillion annual deficits. So it seems we can look forward to the national debt growing by roughly a trillion a year for the next 4 years, assuming he gets reelected---that is, assuming all stays the same, about 20 trillion by the time he leaves office. How did the deficit double under his tenure? And can the country survive with a 20 trillion dollar debt?
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Old 08-11-2012, 03:52 PM
 
Location: The Triad (NC)
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Quote:
Originally Posted by thrillobyte View Post
I'm a little ignorant on this. Apologies.
Ever see an avalanche come down a mountain?

It builds and builds and builds... until close to the end when it has all that mass.
Most of that mass was *inside* of it long before the end when you can finally see how deep it really is.

hth
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Old 08-11-2012, 04:27 PM
 
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Quote:
Originally Posted by MrRational View Post
Ever see an avalanche come down a mountain?

It builds and builds and builds... until close to the end when it has all that mass.
Most of that mass was *inside* of it long before the end when you can finally see how deep it really is.

hth
Yes, but this like happened overnight. It didn't go from 500b to 600b to 800b to 900b. It was like 2008: 500b, then 2009: 1T.
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Old 08-11-2012, 04:58 PM
 
Location: The Triad (NC)
31,389 posts, read 69,915,701 times
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Quote:
Originally Posted by thrillobyte View Post
Yes, but this like happened overnight.
Nope... it sure didn't
It started shortly after W came into office, exacerbated by reductions in tax rates
at the same time that two land wars in Asia were going on...
plus of course the debacle of the financial and RE market meltdown he bequeathed.

With BUSH in office the national debt was $5,943,438,563,436 on 12/31/2001
Which grew to $8,170,424,541,313 12/31/2005... then to $10,699,804,864,612 12/31/2008

Since then t
he national debt (that avalanche effect) gas grown to $15,125,898,976,397 12/31/20111

Oh yeah... and it didn't double during the last term but it did rise by 41%. (15.1 vs 10.7)
What's amazing is that it didn't go even higher than it has.

ETA: (It is higher now -at about 16T- but still not doubled)

Source

Last edited by MrRational; 08-11-2012 at 05:36 PM..
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Old 08-11-2012, 05:13 PM
 
Location: Volcano
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There's a good reason George W. Bush has kept a very low profile since 2008, and won't even be attending this year's Republican Convention... he's almost the Invisible Man of the Republican Party. It's because on his watch the regulations got lifted that allowed the financial markets to crash so badly, and the plays were set in motion that transformed the Clinton surplus into a growing deficit. Then the Republicans and Tea Party got together to obstruct even the most moderate Administration attempts to restore previous taxes on the rich and on corporations.

As a popular internet meme put it... Photo of George W with a thumbs up and a big grin and the caption: "Thanks for blaming the (new) guy!"
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Old 08-11-2012, 06:21 PM
 
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Yes, but wasn't Bush just following the script handed to him by the elite power brokers behind the curtain? It's not like he and Cheney were in a room plotting all this on their own. They were taking very explicit directions on how to turn the world stage in the direction the Wizards wanted.
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Old 08-11-2012, 08:39 PM
 
Location: The Woodlands
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Quote:
Originally Posted by thrillobyte View Post
. And can the country survive with a 20 trillion dollar debt?
No, at some point the US Govt is going to default on some of its obligations. We will be Greece on a much bigger scale.
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Old 08-11-2012, 08:47 PM
 
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Originally Posted by Cranston View Post
No, at some point the US Govt is going to default on some of its obligations. We will be Greece on a much bigger scale.
Which obligations are the most likely in your opinion?
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Old 08-11-2012, 09:19 PM
 
3,371 posts, read 4,350,135 times
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Restating OP's question:

Why did deficit double under Obama?

Answer: Because Obama was unable to triple or quadruple it. Republican-dominated House stopped him.

Any other questions? That one was easy.
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Old 08-11-2012, 11:08 PM
 
Location: Vallejo
16,342 posts, read 18,310,666 times
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Quote:
Originally Posted by Teak View Post
Restating OP's question:

Why did deficit double under Obama?

Answer: Because Obama was unable to triple or quadruple it. Republican-dominated House stopped him.

Any other questions? That one was easy.
Actually, the deficit decreased under Obama. Not doubled, not tripled. Decreased. And it had nothing to do with Republicans as they didn't gain control of House until 2010... they the allowed an increase in the deficit, although not to the levels achieved under Bush. Bushy has the dubious honor of nearly increasing the deficit by 10-fold. Good job, Bush!
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