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These are all terms in respect to the US GDP,debt and deficit.
debt = all money owed since the beginning of time.
Functional Deficit = revenue - all expenses
Budget deficit = revenue - Budgeted expenses.
for example, for most individuals, credit card debt is a functional expense because you can pay a minimum, not the full amount at once.
All of which explains deficit spending, the one thing that Obama excels at. That and ignoring facts and lying about what he is doing. Of course, a devotee such as you will never see this or admit.
If you ever are in the presence of the wizard, I know what you should ask for.
The thing that is amazing is Obama does no have the Iraq expense like GW. Obama keeps on adding entitlement programs and more departments in the US Gov.
Any Democrat that is running for office or trying to keep his or her job has a lot of explaining to do to the American People.
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Quote:
Originally Posted by Arjay51
All of which explains deficit spending, the one thing that Obama excels at. That and ignoring facts and lying about what he is doing. Of course, a devotee such as you will never see this or admit.
If you ever are in the presence of the wizard, I know what you should ask for.
every president excels at deficit spending. George Bush's last deficit was 1.4 trillion. He ran a deficit all 8 years of his presidency. He didnt even include the war budgets in his deficits.
None of that even matters because its a deflection. You and the OP were claim i was wrong, now your argument is that it doesnt matter that im right because Obama wasnt calculating the deficit the way you would.
every president excels at deficit spending. George Bush's last deficit was 1.4 trillion. He ran a deficit all 8 years of his presidency. He didnt even include the war budgets in his deficits.
None of that even matters because its a deflection. You and the OP were claim i was wrong, now your argument is that it doesnt matter that im right because Obama wasnt calculating the deficit the way you would.
yes bush ran deficits....but only in the 200-500 billion dollar range not trillion dollars like the government has in the last 6 years.
and yes the war spending was part of the budget...it was only separate from the defense bill...
bush's last year FY09 was also obamas first year...the bush SIGNED budget was only 550 billion deficit...adding tarp and obamas omnibus bill is what drove it to 1.4 trillion....obamas first year fy10 was 1.6 trillion
every president excels at deficit spending. George Bush's last deficit was 1.4 trillion. He ran a deficit all 8 years of his presidency. He didnt even include the war budgets in his deficits.
None of that even matters because its a deflection. You and the OP were claim i was wrong, now your argument is that it doesnt matter that im right because Obama wasnt calculating the deficit the way you would.
Yes, every president has increased the debt every single Fiscal Year since Eisenhower in 1957.
However, Obama's gets the benefit of collecting Bush-TARP pay backs on his balance sheets that while those Bush-TARP costs were added to Bush's budgets.
Also, Obama signed 9 of the 12 CRs for FY 2009, Bush signed 3. Some of the spending of FY 2009 commonly attributed to Bush, was signed into law by Obama, because Bush vowed to veto the Democratic legislation.
Speaking of Bush using continuing resolutions to fund the Iraq War - do you remember when Obama correctly called out Bush on that? Saying that CRs reduce transparency and allow debt to grow quicker? Then do you remember Obama saying that he wouldn't do such a thing? Guess who used CRs for his 1st 2 years despite having a Democratic congress? Obama has used CRs more than Bush, after blasting Bush for it.
Not that it matters, right? Obama is hottttttttttttttt!
Meanwhile, FY 2014 say the real factual debt rise $1.1 Trillion, and the government is estimating that the national debt will rise $4 Trillion over the next 4 years up to $21.8 Trillion by 2018. That is okay though, Obama is cool and we have falling deficits - keep your fingers crossed on interest rates that could raise the annual deficits $500 Billion a year.
At some point, in the future, Presidents Obama, Bush, and Clinton will be just footnotes in history but the national debt will always be with us.
How will the debt affect everyone?
It doesn't take a leap of imagination to foresee awful unintended consequences of the debt, besides the federal government sucking the life blood out of tax payers to just meet the national debt interest payments.
It would be great if we could look to our political leaders to lead the way, but we all know that is not going to happen.
Is there any good news? Below is an answer to the question in 2007:
"That being said, the national debt (outstanding Treasury securities), is not as large as you think. Of the $9 trillion, $5 trillion is held by local governments and government agencies (mostly by the Federal Reserve). Of the remaining $4 trillion, half is held by American citizens and institutions (i.e., money market funds and banks). The remaining $2 trillion is held by foreign governments, individuals, and firms."
every president excels at deficit spending. George Bush's last deficit was 1.4 trillion. He ran a deficit all 8 years of his presidency. He didnt even include the war budgets in his deficits.
None of that even matters because its a deflection. You and the OP were claim i was wrong, now your argument is that it doesnt matter that im right because Obama wasnt calculating the deficit the way you would.
And for that Bush was fiercely criticized by fiscal conservatives, eventually lost their support, which was reflected in the approval numbers, and even in migrating of many votes to Obama, for the latter's opposition to boosting debt limits in the pre-2008 times.
This actually illustrates how different the right and left are. One side calls out their own leaders for broken promises and bad policies. The other just digs themselves deeper and deeper in lies.
The verbiage of his speeches are a fig-newton of his imagination and have little to do with facts. This has been proven repeatedly when he is fact checked!
Is there any good news? Below is an answer to the question in 2007:
"That being said, the national debt (outstanding Treasury securities), is not as large as you think. Of the $9 trillion, $5 trillion is held by local governments and government agencies (mostly by the Federal Reserve). Of the remaining $4 trillion, half is held by American citizens and institutions (i.e., money market funds and banks). The remaining $2 trillion is held by foreign governments, individuals, and firms."
What has changed since then?
Wow... were do I begin...
Let's say you hold (either directly or through a group plan) $100K in treasury notes in your retirement account. Your ability to convert it to cash, that can be taken to a grocery store, depends on other people's ability to repay the federal debt. If they cannot, you are facing a very miserable retirement.
The same is true with debt held by local governments and agencies: without getting the cash back they won't be able to operate and pay their retirees.
It's getting even better with the debt held by the Fed: defaulting on it will wipe out your bank account.
Now, let's say we default only on the foreign obligations. This is a legitimate casus belli, and China will most probably start a war. They have 1.5 billion of people, became a manufacturing powerhouse, and are building an enormous navy. We will need money to fight, and I don't think you can expect China to lend us money to fight them. We will loose.
Quote:
Originally Posted by Mistermobile
"What has changed since then?"
Nothing, except it got twice as bad.
Article author's misunderstanding of the above is a vivid illustration of how uneducated and/or deprived of integrity the main stream journalists are.
The U.S. has been in debt every year but one, 1835.
Every president inherits debt, adds to it and passes it on.
Interest on the debt is part of the annual deficit which typically creates more debt.
Throw taxpayers a tax cut bone and most don't care about deficits/ debt.
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