Quote Originally Posted by thirdperson:
Deficit is different from debt. Deficit is the difference between government revenue and spending each year. Actually, deficits decreased almost 75% during Obama term according to Office of management and budget. Below is each year and deficit as a percentage of GDP which economists agree is the best measure because it factors in economy change over time.
2009 9.8%. 2010 8.7%. 2011 8.5%. 2012 6.8%. 2013 4.1%. 2014 2.8%. 2015 2.4%.
Obama doesn't deserve all the blame for doubling of national debt. According to Commitee for a responsible federal budget, debt would still rise by trillions because of tax and spending policies already in place. Also the recession increased future government spending. Plus Obama can't take financial steps without approval from republican controlled Congress.
Recent drop in debt is due to normal fluctuations in government revenue and spending rather than any new policy. Congress hasn't passed any of Trump's policies yet.
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Yes... deficits are different than debts. The primary reason our DEBT increased under Obama is because of the way he handled the financial crisis taking place when he was elected.
Let's take a time out to recall that the primary platform for his campaign was "CHANGE"... and specifically he promised to "Change the Wall Street government"
That lie was exposed within the first year of his Presidency! With the possible exception of Woodrow Wilson, no President in US history has ever done more to actively ensure the protection of corruption on Wall Street, and to maintain the status quo...
Those who put their hopes into his promises could not be faulted for their optimism leading up to the election. However, to still defend him after that first year in office (along with continued Quantitative Easing and the continuation of the Derivatives chain that caused the first housing crisis)... that is inexcusable and deplorable!
To try to suggest that Obama did a good job because he reduced the DEFICIT, while doubling the DEBT... is a perfect example of what Lewis Carroll liked to call "Painting the roses red."
The debt is the number that matters. Take this analogy...
If I commit 20 turnovers in my first game in the NBA... and then the next game I commit only 15 turnovers... then 12... then 10... then 8...
Well, look at that, coach! I have reduced my turnovers by 60% in just 4 games... look how much I am helping the team! (Meanwhile, I am averaging a league-shattering 13 TO's per game)
The real breakdown is this...
- Obama is the only President in history to have never had a balanced budget in any month of his entire Presidency.
- His SMALLEST DEFICIT for any year was still larger than any deficit of any year of any other President in US history.
And my point is this... these deficits were the direct result of his blatant lie to the American people when he promised to change the Wall Street government, and instead came along and proved that he was always a Wall Street shill, from the very beginning... going all the way to his appointment of Eric Holder as Attorney General to "seek prosecution" against those who perpetrated the Housing Market SCAM... a guy who had spent his career helping those same people avoid lawsuits and prosecutions. Holder proceeded to get convictions on ZERO of those guilty parties, and then proceeded to go right back to the same law firm that represented those same scumbag criminals!
Stop trying to defend a scumbag crook, who worked directly to benefit less than .01% of the population of this country, at the expense of the other 99.99%!
And oh yea... brace yourself for the next Housing Crash, because Obama DID NOT CHANGE A F***ING THING, and those criminals have spent the last 8 years doing exactly what they were doing the previous 8 years: getting filthy rich while selling out the U.S. economy!
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