On Oct. 4, the debt held by the public — not including Social Security and Medicare — had risen 89.3 percent since Mr. Obama took office, according to FactCheck.org, a nonprofit project of the Annenberg Public Policy Center of the University of Pennsylvania. The administration recently projected an annual deficit of $750 billion in the fiscal year that began Oct. 1 and $626 billion the year after that.“At that rate, the debt owed to the public will more than double during the Obama presidency,” FactCheck said in its quarterly statistical report on Mr. Obama’s tenure in office.
Perhaps it might possibly be computed just what slowly climbing out from the second greatest recession the history of this country might just play at least a part in possibly at least some 50% of that increased debt. And strangely enough, I am not one to totally blame the former administration of GW Bush for all of that recession, but his administration does warrant at least some of that blame at best.
It is going to take a fairly fortunate streak of luck, prudent cuts to government spending, and prudent tax increases to those that can afford such increases, to even bring things down to a zero level deficit, let alone ever even begin to chop away at the actual debt. And that is not going to be totally influenced by even a completely GOP run government, any more than a completely Democrat one. Sorry, but that is the truth of the situation.
My compliments to Narrowminded for providing one of the best posts he ever has. While there is some context and content missing, he provides an excellent snapshot of a Democrat trying to improve the economy of the early 1960s.I just wish to point out that the head of the International Monetary Fund said last summer that had the US Congress done its job regarding passing legislation, budgets, et al, the world economy would be 4% better than it was at the time of her comments. CEOs last summer said that if Congress would do specific things, the CEOs could start hiring and spending money to invest on corporate infrastructure and innovations.We need compassionate conservatives and fiscally responsible liberals to come together to do those things that will make our nation stronger and reunify a people divided by paid media hotheads and politicians who are more loyal to party than country. As far as RINOs go… when you hear about the Republicans who are now referred to as, “In Name Only”, it makes one realize that not even Ronald Reagan or Bush Sr could get elected unless more of the moderate right was willing to come forward.The party that wins isn’t the one who has the most people who support their views, it’s the ones who has the most supporters come out to vote. If you don’t vote, you are part of the problem, no matter what side you are on.Respectfully,C.
in 2008 the USA suffered the 7 worst panic in its history and due to gov actions it is still hurting // the 1873 panic which ranks number 2 took 6 years to recover i am afraid this recovery will take longer
“Private debt” is many times the “federal debt”, and HAS been coming down a little. It’s a result of better controls in the market, and some improvement in the economy. Yes, we need more improvement, but “Reaganomics” created that private debt, and allowing banks to solicit to folks who had nothing, conning them into either credit cards, or houses they couldn’t afford, was THE BANKS, with removal of Glass-Stiegal, NOT “Dodd -Frank”. They took what should have been a better law there, and twisted every chink in the armor that Glass Stiegal would have kept sealed, and DF would have worked to everyone’s benefit.
ConserveGov over 10 years ago
On Oct. 4, the debt held by the public — not including Social Security and Medicare — had risen 89.3 percent since Mr. Obama took office, according to FactCheck.org, a nonprofit project of the Annenberg Public Policy Center of the University of Pennsylvania. The administration recently projected an annual deficit of $750 billion in the fiscal year that began Oct. 1 and $626 billion the year after that.“At that rate, the debt owed to the public will more than double during the Obama presidency,” FactCheck said in its quarterly statistical report on Mr. Obama’s tenure in office.
http://p.washingtontimes.com/news/2013/oct/9/obamas-national-debt-rate-on-track-to-double/#ixzz2nFCUmYmZ
frodo1008 over 10 years ago
Perhaps it might possibly be computed just what slowly climbing out from the second greatest recession the history of this country might just play at least a part in possibly at least some 50% of that increased debt. And strangely enough, I am not one to totally blame the former administration of GW Bush for all of that recession, but his administration does warrant at least some of that blame at best.
It is going to take a fairly fortunate streak of luck, prudent cuts to government spending, and prudent tax increases to those that can afford such increases, to even bring things down to a zero level deficit, let alone ever even begin to chop away at the actual debt. And that is not going to be totally influenced by even a completely GOP run government, any more than a completely Democrat one. Sorry, but that is the truth of the situation.
chazandru over 10 years ago
My compliments to Narrowminded for providing one of the best posts he ever has. While there is some context and content missing, he provides an excellent snapshot of a Democrat trying to improve the economy of the early 1960s.I just wish to point out that the head of the International Monetary Fund said last summer that had the US Congress done its job regarding passing legislation, budgets, et al, the world economy would be 4% better than it was at the time of her comments. CEOs last summer said that if Congress would do specific things, the CEOs could start hiring and spending money to invest on corporate infrastructure and innovations.We need compassionate conservatives and fiscally responsible liberals to come together to do those things that will make our nation stronger and reunify a people divided by paid media hotheads and politicians who are more loyal to party than country. As far as RINOs go… when you hear about the Republicans who are now referred to as, “In Name Only”, it makes one realize that not even Ronald Reagan or Bush Sr could get elected unless more of the moderate right was willing to come forward.The party that wins isn’t the one who has the most people who support their views, it’s the ones who has the most supporters come out to vote. If you don’t vote, you are part of the problem, no matter what side you are on.Respectfully,C.
oneoldhat over 10 years ago
in 2008 the USA suffered the 7 worst panic in its history and due to gov actions it is still hurting // the 1873 panic which ranks number 2 took 6 years to recover i am afraid this recovery will take longer
Dtroutma over 10 years ago
“Private debt” is many times the “federal debt”, and HAS been coming down a little. It’s a result of better controls in the market, and some improvement in the economy. Yes, we need more improvement, but “Reaganomics” created that private debt, and allowing banks to solicit to folks who had nothing, conning them into either credit cards, or houses they couldn’t afford, was THE BANKS, with removal of Glass-Stiegal, NOT “Dodd -Frank”. They took what should have been a better law there, and twisted every chink in the armor that Glass Stiegal would have kept sealed, and DF would have worked to everyone’s benefit.
ConserveGov over 10 years ago
I tell them I’m a Junior.