How Much Did President Obama Add to Deficit

http://www.washingtonpost.com/busine...7fQ_story.html
Ezra Klein
Columnist
Doing the math on Obama's deficits

By Ezra Klein, Published: January 31

The campaign trail can be a lonely place, so Mitt Romney frequently invites friends to accompany him. New Jersey Gov. Chris Christie is an occasional companion. So is Virginia Gov. Bob McDonnell. But more often, Romney brings a large clock.

Romney’s people made it themselves. It has two giant flat-screen televisions pushed side by side. It’s surrounded by a green foam sign. And it’s hooked to two computers feeding it a live count of America’s rising debt burden, which stands well above $15 trillion. The clock represents President Obama’s economic failures. It’s there so Romney can point to it and tell the crowd that if he’s elected, he’ll “do a better job slowing down that clock.” But if you’re a deficit-obsessed voter, the clock doesn’t answer the key question: How much has Obama added to the debt, anyway?


There are two answers: more than $4 trillion, or about $983 billion. The first answer is simple and wrong. The second answer is more complicated but a lot closer to being right.

When Obama took office, the national debt was about $10.5 trillion. Today, it’s about $15.2 trillion. Simple subtraction gets you the answer preferred by most of Obama’s opponents: $4.7 trillion.

But ask yourself: Which of Obama’s policies added $4.7 trillion to the debt? The stimulus? That was just a bit more than $800 billion. TARP? That passed under George W. Bush, and most of it has been repaid.

There is a way to tally the effects Obama has had on the deficit. Look at every piece of legislation he has signed into law. Every time Congress passes a bill, either the Congressional Budget Office or the Joint Committee on Taxation estimates the effect it will have on the budget over the next 10 years. And then they continue to estimate changes to those bills. If you know how to read their numbers, you can come up with an estimate that zeros in on the laws Obama has had a hand in.

Sorry about the multiple posts. Something weird is happening when I try to reply.

Anyway, this thread is definitely worth a look. Its a good look at how Republican
talking points distort factual information.

Sorry about the multiple posts. Something weird is happening when I try to reply.

Anyway, this thread is definitely worth a look. Its a good view of how Republican
talking points distort factual information.

I understand fully that SiriuslyWrong doesnt have much to add when confronted by facts. lol

Summary for those who are pressed for time...... It's Bush's fault...... LOL.

The solution? Tax the rich. Yes, some, no many, have JUDGED that "the rich" need to fork over their ill gotten gains for societal purposes when the top 1% account for 37% of ALL income taxes collected.

Don't you just love original thinking? Next thing you know, Obama will TELL Catholic Universities and Hospitals that they MUST pay for birth control for their employees. Or he'll TELL all Americans that they MUST buy health insurance or face PENALIZATION.

Don't you just love what America is becoming? What's next? Can't set our thermostats over 65 F in winter? Don't laugh, please don't laugh. Oh, that's right, we can't set our thermostats over 18 C because we need to be like everyone else.

Summary of SiriuslyWrong thoughts: I never want to know anything factual about the past, especially when it informs a present truth. i would just rather call President Obama a Marxist.


So once again he ignores the actual thread and pretends that certain facts dont exist.


P.S. As a supporter and follower of Peter Schiff (and his many wildly wrong economic predictions) and as someone who called his prediction "BOLD" that the Dow will drop to 1,400 or gold will rise to $12,000 in the next two years, YOU REALLY SHOULD NOT be giving lectures to ANYONE about economics.
Embarassing.

A reminder that this is the individual who said he didnt get involved in morality arguments (abortion, contraception etc.) LOL.

The thread is about how much President Obama contributed to the deficit during his term.
I quess if you cant argue the facts you change the subject.

How much did he ad? Come on you can say it. Step away from your Republican talking points for a change.

Obama budget predicts $1.3T deficit for 2012

And that includes "taxing the rich" lol. I take that back; this isn't funny.

http://news.yahoo.com/obama-budget-p...192703348.html