Bush did NOT create 10 trillion dollars in debt, why are people using that for their arguments?
When Bush took office, the debt was NOT ZERO….
http://www.treasurydirect.gov/govt/reports/pd/feddebt/feddebt_ann2001.pdf
http://newsbusters.org/node/5312
When Clinton left office the debt was 5.8 trillion …. So again .. why is 10 TRILLION dollars Bush’s fault again?
Yes, Clinton had a 800 billion? +/- surplus on the BUDGET but not on the DEBIT, the budget isn’t in question, what is though is Bush actually “creating” 10 trillion all by himself.
Any thoughts to why democrats use the argument that Bush created the full 10 trillion dollars in debit?
Yes,
People DO think that, and use it as arguments..
http://answers.yahoo.com/question/index;_ylt=AhxWx.jreFasld_cE3z5NMTsy6IX;_ylv=3?qid=20090618195802AAOIUAs
no, just half of it…the rest can be traced all the way back to Reagan
controlling spending is like stopping a freight train…it takes a few years for a new guy to brake it and start a new direction…the last fiscally repsonsible presidents were Nixon and Carter…bitch about them as much as you like, but they had balanced budgets
Clinton actually added 2.5 trillion dollars to the national debt.
Bush doubled that – wars are expensive
And now Obama will double Bush’s Debt — Quadrupling Clinton’s debt.
I’ve never said that. I’ve said that the national debt was around 6 trillion when he came in, and over ten trillion when he left.
I’ve also noted that the Republicans controlled the White House, House, and Senate for six of Bush’s 8 years.
That fact once prompted someone to ask Tom Delay “just how much of a Republican majority does it take to control spending”?
No one thinks Bush created it by himself.
What liberals like to point out is this:
http://zfacts.com/p/318.html
We’ve had a debt since WW2. It’s decreased (relative to GDP) under most presidents, but it skyrocketed under Regan, Bush #1, and Bush #2.
It’s not debt itself that angers liberals. It’s money wasted when the nation has more pressing concerns – Regan/Bushes spent a fortune on military spending / wars of choice, and gave gobs of it to the ultra-rich. As a nation, we have little to show for it except a big IOU to China.
I mean, Kennedy/LBJ and the Democrat majority put a man on the moon and finished the Interstate Highway system while still reducing the debt and fighting a war in Vietnam.
There’s no reason Bush shouldn’t have been able to get us off our energy dependence and fight the war on terror. He had all the resources in the world and squandered all of them.
It is much easier to blame the problems that you created on someone else.
clinton only balanced the budget…he never left the nation with a surplus. the debt can be traced back many decades…and this current economic collapse has been predicted for decades as well. This “recession” is only the beginning. we need to strengthen our currency (go back to the gold standard or introduce a new one) if we expect this “recession” to turn around and not turn into the worse depression in us history. Obama will not even mention the current state of the dollar…which means he either has no idea what he is doing, or he wants the dollar to collapse so he can claim his throne.
While, with the growth of US deficits, the need for foreign investors for financing it grows, US creditworthiness is rapidly deteriorating. The ratio of total US debt to GDP from 163 % in 1980 became 240% in 1990 and jumped to 346% in 2007.It is enormously aggravated with the dramatic developments of 2007-2008, including the addition to the public debt of $6 trillion liabilities of Fannie and Freddie and the $700 billion of the Paulson Plan. America has been transformed into a super-Argentina in a non-declared default.
Because HE DID.
Have it your way just like the rest of the clowns in this forum GWB was the greatest thing since sliced Bologna, That’s why this current administration is on easy street because bush did such a stellar job. My asss.
They love to lay all blame on the former administration to justify that their choice is better. Makes them feel good about themselves.
It’s really a insecurity they have about the current administration thing.
It was $5.7 Trillion when Bush started as president and $11 Trillion when he left.
As Barack Obama assumes the mantle of the presidency and duties of the office, he has inherited from his predecessor a federal government that has a staggering national debt of more than $10 trillion, a ballooning federal deficit this year estimated at $438 billion – and a government that recently assumed responsibility for some $5 trillion of the nation’s consumer debt.
The irony is that George W. Bush, who billed himself as a conservative in the mold of Ronald Reagan, leaves a legacy of profligate federal spending, record debt and an economy in shambles.
A broad range of conservative thinkers, surveying the political and economic fallout of the two Bush terms, are openly voicing their concerns that it may take years for the Republican Party and the nation to repair the damage Bush policies have inflicted.
“Bush has added a staggering $32 trillion to unfunded government liabilities future generations of Americans will have to bear,” wrote the London Sunday Times’ Andrew Sullivan, a maverick conservative who described Bush’s economic policies as “fiscal madness.”
Clinton did not have a surplus and increased the DEBT each year he was in office. Biggest myth of his administration.
http://www.craigsteiner.us/articles/16
QUICK OBSERVATIONS
Obama Proposes More Powerful Federal Reserve – Given recent news, I don’t think this is a good idea
Foreign Disinvestment, Bond Yields, and Bond Trafficking – All kinds of strange things in the bond market
Federal Reserve Bullying Banks? – We’ll know more soon, but it looks that way
IMF Competing with the U.S. and the Dollar – And yet President Obama wants to borrow money to fund the competititon
Russia To Cut Holdings in Treasuries – It really seems to becoming unraveled quickly
More observations…
The U.S. Treasury website that tracks the U.S. National Debt proves there was never a surplus because the national debt increased every year. This article simply explains why/how people claim otherwise for political reasons.
For those that want a more detailed explanation of why a claimed $236 billion surplus resulted in the national debt increasing by $18 billion, please read this follow-up article.
http://www.craigsteiner.us/articles/16
Stop it! You’re making their brains hurt.
In all fairness, other than a few hardcore types, I have not seen many Democrats defend Obama’s spending,. or Republicans deny Bush’s spending. Both were and are, out of control. And liberal, conservative, moderate, or those who don’t care, our children and grandchildren will pay for it.
It was Reagan, Bush41, and Bush43, Clinton balanced the budget.
as rahm imanuel says “don’t let a good crisis go to waste.” it therefore follows why tell the facts if you can use fiction to justify your policies.
lighten up, beavis… i’m a democrat, and i never accused bush of being responsible for the entire 10 trillion.
i accuse the entire GOP, who had control of the congress for 6 of those 8 years of not living up to their claim of being the party of fiscal repsonsibility.
they said “trust us, we know how to watch your money!” and went ahead and doubled the debt on us anyway.
screw them. they deserved the spanking they got. they were warned in 2006 that middle america was fed up with fiscal hypocrisy and sewer-mouthed politics. democrats are almost as bad, but Karl Rove was a true maestro. they should have listened.
.
DUBYA, who you call BUSH,
GREW THE GOVERNMENT BY 40%. He more than DOUBLED OUR DEBT PLUS HE USED ALL THE SURPLUS.
To add insult to injury…………………… THE JOBS THAT WERE CREATED UNDER HIS WATCH WERE…………………………
TRANSLATOR JOBS,
SO THAT THE ILLEGALS, 12 MILLION CAN TAKE OUR JOBS & DEPRESS OUR WAGES.
After giving Big Business ALL the TAX BREAKS, BIG BUSINESS decided to TREAT ALL OF US THE SAME, those who were still working, BY WORKING THE DOG SHIT OUT OF US!
DUBYA & THE REPUBLICAN PARTY ALLOWED OUR COUNTRY TO GET IN THE CONDITION IT IS IN.
DON’T TRY AND PUT ICE CREAM ON TOP OF SHEAT AND TELL US TO EAT IT!
Clinton took everybody out for free ice cream, and now it’s Bush’s fault when the bill comes due. You have to remember, these are the same people who didn’t understand enough economics to realize that if you tax the rich as Obama promised in his campaign, the rich will simply take their money elsewhere – and the rest of us will be left to foot the bill out of paychecks that already don’t meet our expenses.
And another thing – all that money Bush spent on the war? The first big chunk of it was to rebuild the military that Clinton gutted in order to get a lot of that “surplus” Dems are always bragging about. And he also got some of it from Social Security.
No … not ‘all by himself ‘ … he was helped and encouraged by all the other greedy shortsighted capitalists with their noses constantly in the trough … but Bush deserves the blame because the buck stopped with him and he didn’t do anything about it … now it’s the next president’s problem … God help him!
No doubt that Bush did not act like a conservative, but the dems and Obama are doubling down on it.
When the Pelosi/Reid left-wing Democrats took control of Congress, the national debt stood at $9 trillion.
Based on Obama’s overview of his $4 trillion $1.75 trillion deficit budget, the chart predicts that, by 2010 — after the Democrats have controlled congress for only four years, the national debt will stand at $17.6 trillion. That is very nearly double the $8.67 trillion debt the Democrats “inherited.”
The CBO estimated that the “cumulative deficit from 2010 to 2019 under the President’s proposals would total $9.3 trillion dollars”, and that the debt held by the public would rise to 82% of GDP by 2019.
The CBO estimates that the total national debt will be $17.27 trillion dollars by 2019 under the proposed Obama budget, while the GDP will be just under $21 trillion dollars.
Bush created slightly less than half, but he didn’t create the entire thing. It’s a misconception.
Bush did not create the ten trillion in current debt, that would be false. He and his Congress did create 10 trillion in new and future debt. That’s true.