Most of the “Obama Debt” was due to inheriting an economy that was rapidly sliding towards another Great Depression. Government revenues (aka taxes) plummeted along with corporate revenues & personal incomes. Back in 1930, Hoover cut spending in response to the shortfalls in revenue.
The GOP tax cuts will drive up the deficit during an economic expansion, just like they did in 2001. When the next inevitable recession hits, some poor Democrat will probably get blamed, again.
Sorry Mikey, the last four balanced budgets came under President Clinton. Republicans took over the White House and Congress in 2001. They rammed through the Bush tax cuts in 2001, we flipped immediately back to deficit mode in 2001 and have run annual deficits every single year since.
For his first annual budget next week, President Obama has banned four accounting gimmicks that President George W. Bush used to make deficit projections look smaller. The price of more honest bookkeeping: A budget that is $2.7 trillion deeper in the red over the next decade than it would otherwise appear, according to administration officials.
The new accounting involves spending on the wars in Iraq and Afghanistan, Medicare reimbursements to physicians and the cost of disaster responses.
But the biggest adjustment will deal with revenues from the alternative minimum tax, a parallel tax system enacted in 1969 to prevent the wealthy from using tax shelters to avoid paying any income tax.
Typical Republican tactic, go into huge debt then blame the Democrats and the weak minded Republican base goes Wall and Lock Her Up and other insanities because thinking is beyond them. The tax cuts to the rich and the wall will be huge deficits adding to the debt but the base will blame it on Hillary!!!
Uncle Joe Premium Member over 6 years ago
Most of the “Obama Debt” was due to inheriting an economy that was rapidly sliding towards another Great Depression. Government revenues (aka taxes) plummeted along with corporate revenues & personal incomes. Back in 1930, Hoover cut spending in response to the shortfalls in revenue.
The GOP tax cuts will drive up the deficit during an economic expansion, just like they did in 2001. When the next inevitable recession hits, some poor Democrat will probably get blamed, again.
MG over 6 years ago
Mr. Ramirez conveniently forgets that O had to pay for two wars, massive bank bailout and recession, all of which were initiated by W.
phredturner over 6 years ago
The last president to have a balanced budget was Bill Clinton
DonnyTwoScoops over 6 years ago
Sorry Mikey, the last four balanced budgets came under President Clinton. Republicans took over the White House and Congress in 2001. They rammed through the Bush tax cuts in 2001, we flipped immediately back to deficit mode in 2001 and have run annual deficits every single year since.
Silly Season over 6 years ago
Still with this lie?
http://www.nytimes.com/2009/02/20/us/politics/20budget.html
For his first annual budget next week, President Obama has banned four accounting gimmicks that President George W. Bush used to make deficit projections look smaller. The price of more honest bookkeeping: A budget that is $2.7 trillion deeper in the red over the next decade than it would otherwise appear, according to administration officials.
The new accounting involves spending on the wars in Iraq and Afghanistan, Medicare reimbursements to physicians and the cost of disaster responses.
But the biggest adjustment will deal with revenues from the alternative minimum tax, a parallel tax system enacted in 1969 to prevent the wealthy from using tax shelters to avoid paying any income tax.
NeedaChuckle Premium Member over 6 years ago
Typical Republican tactic, go into huge debt then blame the Democrats and the weak minded Republican base goes Wall and Lock Her Up and other insanities because thinking is beyond them. The tax cuts to the rich and the wall will be huge deficits adding to the debt but the base will blame it on Hillary!!!