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Obama out the knife in that heart by doubling the debt.. 10 trillion to 20 trillion. More than all presidents in history combined. Thank God that idiot is no loner president.
Raw numbers, lacking context and not adjusted for inflation or size of the economy are inherently misleading.
Obama made the same claim about Bush. Two wrongs don't make a right.
POTUS can't pay the phone bill without approval of Congress because Congress controls the purse strings.
Congress doesn't even have the money to pay the IOU's for the money they stole from the Social Security Trust Fund!
No one stole anything. Converting the treasury securities to cash will not increase the federal debt.
Quote:
Originally Posted by Redraven
I wonder how high the debt (not the deficit) has to be before the United States is declared insolvent?
Federal debt is currently 25% of World GDP, and will be 1/3rd of World GDP by about 2025 or so. Federal debt is projected to be 1/2 of World GDP by about 2045, so those would be periods to watch.
And the GOP Congress and the trump want to add Trillions more to that debt. Economic Collapse is going to make the Depression look like a walk in the park, think Road Warrior as a possible future.
Obama out the knife in that heart by doubling the debt.. 10 trillion to 20 trillion. More than all presidents in history combined. Thank God that idiot is no loner president.
RIght = because obviously the recession and the two wars which happened before he was POTUS was something he could have time-traveled and stopped.
Anyone with a 5th grade education knows that most of the Federal Debt is due to the wars, recessions and the bush tax cuts. This has been clear for years and charted out by all the orgs that do such things.
What was Obama supposed to do? Stop paying the military? Let the banks fail and then deal with 30% unemployment?
You should be bowing down to him for tripling the value of the stock market.
If you want to look at it in a crude way, the losses in the Great Recession in the USA - the very basics - were 13 Trillion. That was after things were FIXED. At one point it could have been 50 Trillion plus (value of all bankrupt real estate, worthless stocks, etc.).
Now take 4 Trillion for the Wars - and a somewhere about 3.5 trillion for the Bush Tax Cuts....
And you are complaining that he got 20+ trillion paid out and down for only 10 Trillion in additional debt? Heck, that's a 50% off sale.
If you are looking for someone to blame, it has the initial GOP or GWB - which voted to fund wars from debt and deficit, give tax cuts from debt and do nothing to deal with health care - oh, and two wars and MUCH More.
Trump is now making GWB look like a good POTUS. Just imagine the fleecing this country is in for now?
POTUS can't pay the phone bill without approval of Congress because Congress controls the purse strings.
Correct. This GOP Congress spends like a drunken sailor, and the spending they already asked for this year will increase the debt by another 10 trillion. Then also want to cut taxes without making up for it in spending cuts, and then we have Trump asking for trillion dollar stimulus and additional spending hikes for military. So, yes, the future is not looking too good. It's the "pee in you pants" approach, where it feels nice and warm for a while, but then turns smelly and cold.
We do not need s stimulus, and the POS-TUS needs to understand that.
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