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Thread: Both parties helped run up US $14 trillion debt

  1. #1
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    Default Both parties helped run up US $14 trillion debt

    WASHINGTON Two centuries after America's birth, the national debt was a bit under $1 trillion when Ronald Reagan took office in 1981. Just three decades later, it has soared above $14 trillion, and accusations of blame are flying. Both Republicans and Democrats played major roles in driving the figure sky high.

    Leaders of both parties acknowledge that failing to raise the limit could force the government to begin defaulting on some of its obligations for instance making interest payments on Treasury bills and bonds with severe adverse consequences, including possibly pushing the economy back into recession

    Republicans like to blame Obama and congressional Democrats, citing heavy spending that they claim has done little to end the recession or create jobs. Democrats argue that the stage for fiscal ruin was set by Republican President George W. Bush, with large tax cuts that favored the wealthy, two wars and a vastly underfunded prescription drug program for the elderly. They accuse Bush of squandering a budget surplus handed him by President Bill Clinton.

    In fact, spending far outpaced revenues in both the Bush and Obama years. And the main culprit in addition to war spending was the devastating 2007-2009 recession, which not only prompted hundreds of billions of dollars in downturn-fighting spending by both the Bush and Obama administrations, but also resulted in a sharp dip in tax revenues due to sagging individual and corporate incomes.

    If there are no changes in government policies, the debt will soar to $18.76 trillion by 2014 and $20.8 trillion by 2016, according to administration projections.

    http://www.msnbc.msn.com/id/42587471...more_politics/

    Wow, that is pretty sobering statement.

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    Senior Member dnf777's Avatar
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    Quote Originally Posted by Roger Perry View Post
    WASHINGTON Two centuries after America's birth, the national debt was a bit under $1 trillion when Ronald Reagan took office in 1981. Just three decades later, it has soared above $14 trillion, and accusations of blame are flying. Both Republicans and Democrats played major roles in driving the figure sky high.

    Leaders of both parties acknowledge that failing to raise the limit could force the government to begin defaulting on some of its obligations for instance making interest payments on Treasury bills and bonds with severe adverse consequences, including possibly pushing the economy back into recession

    Republicans like to blame Obama and congressional Democrats, citing heavy spending that they claim has done little to end the recession or create jobs. Democrats argue that the stage for fiscal ruin was set by Republican President George W. Bush, with large tax cuts that favored the wealthy, two wars and a vastly underfunded prescription drug program for the elderly. They accuse Bush of squandering a budget surplus handed him by President Bill Clinton.

    In fact, spending far outpaced revenues in both the Bush and Obama years. And the main culprit in addition to war spending was the devastating 2007-2009 recession, which not only prompted hundreds of billions of dollars in downturn-fighting spending by both the Bush and Obama administrations, but also resulted in a sharp dip in tax revenues due to sagging individual and corporate incomes.

    If there are no changes in government policies, the debt will soar to $18.76 trillion by 2014 and $20.8 trillion by 2016, according to administration projections.

    http://www.msnbc.msn.com/id/42587471...more_politics/

    Wow, that is pretty sobering statement.
    Geez Rog,
    Gonna start calling you "Mr. Sunshine" if you keep that up.

    I think we're all gonna have to lop off a pound of flesh to get out of this one. Not just NPR and PP! Defense, Medicare, and the tax man.

    Reagan has to be grinning in his grave about now...hearing not only republicans, but democrats and those inbetween talking about diminishing medicare and other social programs.
    God Bless PFC Jamie Harkness. The US Army's newest PFC, but still our neighbor's little girl!

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    Quote Originally Posted by Roger Perry View Post
    WASHINGTON Democrats argue that the stage for fiscal ruin was set by Republican President George W. Bush, with large tax cuts that favored the wealthy, two wars and a vastly underfunded prescription drug program for the elderly.
    And the result after George W Bush's 8 years the debt increased 4.36 T, and the debt/GDP percentage increased 13.55 (average). He left office with a with the economy in the worse shape since the Great Depression and saddling the next president with cleaning up the mess.
    What its prominence suggest, and what all science confirms is that the dog is a creature of the nose- A. Horowitz.

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    Quote Originally Posted by Losthwy View Post
    And the result after George W Bush's 8 years the debt increased 4.36 T, and the debt/GDP percentage increased 13.55 (average). He left office with a with the economy in the worse shape since the Great Depression and saddling the next president with cleaning up the mess.
    Yep, and the next President has done nothing to clean up the deficit. All he's done is make it much worse.
    "A government big enough to give you everything you want, is big enough to take away everything you have." - Thomas Jefferson

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    Senior Member JDogger's Avatar
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    Quote Originally Posted by Steve Hester View Post
    Yep, and the next President has done nothing to clean up the deficit. All he's done is make it much worse.
    When the next, next Preident comes to be, will all be made right? Don't count on it. We have met the enemy and he is us. JD
    One cannot reason someone out of something they were not reasoned into. - Jonathan Swift

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    Senior Member Steve Hester's Avatar
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    Quote Originally Posted by JDogger View Post
    When the next, next Preident comes to be, will all be made right? Don't count on it. We have met the enemy and he is us. JD
    But, as it pertains to the deficit only, Obama has only substantially added to it.
    "A government big enough to give you everything you want, is big enough to take away everything you have." - Thomas Jefferson

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    Quote Originally Posted by Steve Hester View Post
    Yep, and the next President has done nothing to clean up the deficit. All he's done is make it much worse.
    We could argue about this for years and historians will do the same. Were the stimulus bills an absolute necessity? So forth. Many think Bush lead this country to the brink of another depression. Look at the numbers of when Bush took office- stock market, jobs, etc. and those numbers when he left. Companies too big to fail, Enron, etc, close to a financial meltdown. He left a mess. Check the current trend of the market and job creation. Worse or better?
    What its prominence suggest, and what all science confirms is that the dog is a creature of the nose- A. Horowitz.

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    Senior Member Steve Hester's Avatar
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    For the amount of money spent, job "creation" has been insignificant. And the stock market is nothing more than a way to gauge the gamble of the day.
    "A government big enough to give you everything you want, is big enough to take away everything you have." - Thomas Jefferson

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    Quote Originally Posted by Losthwy View Post
    We could argue about this for years and historians will do the same. Were the stimulus bills an absolute necessity? So forth. Many think Bush lead this country to the brink of another depression. Look at the numbers of when Bush took office- stock market, jobs, etc. and those numbers when he left. Companies too big to fail, Enron, etc, close to a financial meltdown. He left a mess. Check the current trend of the market and job creation. Worse or better?
    Speaking to the first part of your logic...

    Imagine if you will...NO 9/11
    Do you think that hurt our nation or helped????

    Speaking to the second...

    Easy to talk upward trend when you are starting from a bottom...

    NCA

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    Senior Member zeus3925's Avatar
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    Going back to the 1950's I remember politicians trying to beat the national debt into votes. Only Clinton made any progress on reducing it. The rest just earmarked it to death.
    Zeus

    I don't want to feed an ugly dog!

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