Global financial crisis ring a bell?
What exactly was bushes excuse?

This post was edited by Plaguefear on Sep 10 2018 01:21am

George W. Bush: President Bush added $5.849 trillion, the second-greatest dollar amount. It was the fourth-largest percentage increase. Bush increased the debt by 101 percent from where it started at $5.8 trillion on September 30, 2001. That's the end of FY 2001, which was President Clinton's last budget.

Bush launched the War on Terror in response to the 9/11 attacks. The War on Terror included two wars. The War in Afghanistan cost $1 trillion and the Iraq War cost $807.5 billion. They increased military spending to record levels of $600 billion to $800 billion a year.

President Bush also responded to the 2001 recession by passing the Economic Growth and Tax Relief Reconciliation Act and the Jobs and Growth Tax Relief Reconciliation Act. He approved a $700 billion bailout package for banks to combat the 2008 global financial crisis. Both Presidents Bush and Obama had to contend with higher mandatory spending for Social Security and Medicare.

Barack Obama: Under President Obama, the national debt grew the most dollar-wise. He added $8.588 trillion. This 74 percent increase was the fifth-largest. Obama's budgets included the economic stimulus package. It added $787 billion by cutting taxes, extending unemployment benefits, and funding public works projects.

The Obama tax cuts added $858 billion to the debt in two years. Obama's budget increased defense spending to between $700 billion and $800 billion a year. Federal income was down, thanks to lower tax receipts from the 2008 financial crisis. He also sponsored the Patient Protection and Affordable Care Act. It was designed to reduce the debt by $143 billion over 10 years. But these savings didn't show up until the later years.

By January 2009, the United States had accumulated $10.6 trillion in debt. That's the net amount the country had borrowed from Washington through the Bush years. The gross national debt now stands at $19.7 trillion. That's an increase of $9.1 trillion — not quite a doubling, but pretty close.Oct 19, 2016


^ Less words same info.


/e In case you aren't aware, I didn't make that meme about Obama and the debt.








This post was edited by Ghot on Sep 10 2018 01:39am

Meanwhile Trump inherited a strong economy and still added 1.5 trillion his first year, on pace to add more than Obama did in raw dollars.

Do you expect him to cut any from the deficit in the upcoming years?

This post was edited by Thor123422 on Sep 10 2018 01:41am

Shrekt

I can say Obama added a shitload to the debt, because he already has. As for Trump, it would be the height of lunacy to claim he was going to add more when he's only 2 years into his first term.

Trump’s combination of a big increase in military spending and a very large reduction in revenues meant rapidly growing interest payments both because of higher deficits and debt and fast-rising interest rates. There was also Trump’s “skinny budget” that wasn’t a budget at all; the two full Trump budgets the White House abandoned seemingly moments after they were released; and the health care debate during which the White House scurrilously criticized CBO for daring to produce highly credible analyses showing the president’s numbers were wrong.

The worst thing about all of this is that, even after his policies have done so much damage, neither Trump nor any other members of his economic policy team — Office of Management and Budget Director Mick Mulvaney, Treasury Secretary Steven Mnuchin, National Economic Council Director Larry Kudlow and Council of Economic Advisors Chairman Kevin Hassett — have even hinted about there being a problem that requires attention and a change in attitude and direction.

I said "on pace" and asked if you expect a change.

Do you?