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Old 07-03-2011, 08:16 PM
 
Location: Chesterfield,Virginia
4,919 posts, read 4,379,041 times
Reputation: 2650

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Wonder if this is the reason for the rumors that he will step down?
Quote:
In fact, the debt accrued under Geithner is greater than all federal debt accrued in the first 204 years of the nation’s history. The national debt did not reach $3.7 trillion until October 1991, according to historical Treasury data that reaches back to 1791.

Geithner, who reportedly may step down from his position soon, has overseen the accrual of more federal debt (in only 2.5 years) than every Treasury secretary combined from Alexander Hamilton to Nicholas Brady, who was Treasury secretary in October 1991 when the national debt reached $3.7 trillion.

Debt Increased More Under Geithner Than Under Any Treasury Secretary in U.S. History | CNSnews.com
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Old 07-03-2011, 09:00 PM
 
25,058 posts, read 24,915,112 times
Reputation: 11726
what do we do about the debt that the U.S. is going to be liable for under the rules of fractional-reserve banking? It's a hell of a lot more than a couple trillion
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Old 07-03-2011, 09:02 PM
 
Location: Austin
30,720 posts, read 18,154,089 times
Reputation: 8848
Quote:
Originally Posted by MrClose View Post
Wonder if this is the reason for the rumors that he will step down?

I doubt it. Why would Obama want him to step down? Spending more and more of taxpayer's money is how Obama defines SUCCESS.
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Old 07-03-2011, 09:25 PM
 
31,371 posts, read 33,869,324 times
Reputation: 14928
More Republican fuzzy math.


In absolute dollar value, yes. Increase in percentage rise, no ****ing way.

Under Henry Morgenthau, Jr. national debt rose to 117% of GDP.

Henry Paulsen oversaw the rise of the national debt by 20.7%

Meanwhile under Gietner national debt rose 9%.
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Old 07-03-2011, 09:54 PM
 
Location: Chesterfield,Virginia
4,919 posts, read 4,379,041 times
Reputation: 2650
Quote:
Originally Posted by ovcatto View Post
More Republican fuzzy math.


In absolute dollar value, yes. Increase in percentage rise, no ****ing way.

Under Henry Morgenthau, Jr. national debt rose to 117% of GDP.

Henry Paulsen oversaw the rise of the national debt by 20.7%

Meanwhile under Gietner national debt rose 9%.
Between 1992 and 2000, the U.S. debt increased by less than $200 billion a year.

Between 2001 and 2008, during the Bush administration, the debt increased by $500 billion a year.

But between 2008 and 2010, during the Obama administration, the debt has increased by $1.5 trillion a year!


In 2008, during the presidential election debates, then Sen. Obama, after voting for a $700 billion rescue package for troubled banks, was asked how he would adjust his budget to accommodate this increase in spending. He promised us he would cut spending during his first two years as president.



Right after his election, President Obama did exactly the opposite.

He signed a trillion-dollar stimulus bill, as he and his economic advisors believed that government spending would stimulate the economy.

Since then, he has increased the national debt by more than $1 trillion dollars each year.
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Old 07-03-2011, 09:55 PM
 
4,374 posts, read 3,137,461 times
Reputation: 1431
Quote:
Originally Posted by MrClose View Post
Between 1992 and 2000, the U.S. debt increased by less than $200 billion a year.

Between 2001 and 2008, during the Bush administration, the debt increased by $500 billion a year.

But between 2008 and 2010, during the Obama administration, the debt has increased by $1.5 trillion a year!

And people say Obama hasn't accomplished anything.

Pshaw!
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Old 07-04-2011, 12:16 AM
 
12,270 posts, read 10,156,012 times
Reputation: 8053
Oh c'mon, you folks all know it Bush's fault.
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Old 07-04-2011, 12:46 AM
 
23,837 posts, read 21,054,655 times
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Necessary or not, that's got to be a pretty gut-wrenching tagline to carry around with you for the rest of your life. Not exactly a high note for the history books.
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Old 07-04-2011, 12:50 AM
 
Location: SF Bay Area
14,323 posts, read 20,476,087 times
Reputation: 18436
Quote:
Originally Posted by MrClose View Post
Wonder if this is the reason for the rumors that he will step down?



Debt Increased More Under Geithner Than Under Any Treasury Secretary in U.S. History | CNSnews.com
Unfortunately, the problems that Bush/GOP created over 8 horrific years, are far worse and more severe than any in history, and the remedies to fix these problems cost far more than at any time in history. Depends on your perspective.

Most importantly though, Pubs were completely ineffective in turning a SURPLUS into a record deficit. Frankly, what good are they?
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