How the U.S. Went $10 Trillion in Debt in a Decade (unemployment, Congress)

[ozzie679]

Red State: How the U.S. Went $10 Trillion in Debt in a Decade | BNET

In 2001, the Congressional Budget Office projected that the U.S. government would erase its debt by 2006 and sport a hefty $2.3 trillion surplus by 2011. A decade later, we’re some $10 trillion in the red — the deepest hole relative to the size of the economy since 1950.

Between 2001 and 2011, about two-thirds (68 percent) of the $12.7 trillion growth in federal debt has been due to new legislation. Forty percent of this legislative growth was the result of tax cuts enacted after January 2001, and 60 percent resulted from spending increases. tax cuts and spending increases

[thebigr]

Good Read. It pretty much sums it up. When Obama extended the Bush tax cuts I then knew who side of the game he was on. That man might go down as one of the biggest lying presidents we ever had.

[Majin]

Tax cuts for the rich and endless wars in the middle east.

[ovcatto]

Originally Posted by thebigr

Good Read. It pretty much sums it up. When Obama extended the Bush tax cuts I then knew who side of the game he was on. That man might go down as one of the biggest lying presidents we ever had.

Which side would that be? Workers who had their unemployment benefits or the Democratic left who would have preferred to lose rather than compromise?

[thebigr]

Originally Posted by ovcatto

Which side would that be? Workers who had their unemployment benefits or the Democratic left who would have preferred to lose rather than compromise?

He is on the side of Wall Street, The Bankers, and all of the very wealthy people. He is no different than the last fool we had in the White House. I gave Obama the benifit of the doubt and he has been a huge disappointment.