Total US Debt Rises Over $18 Trillion; Up 70% Under Barack Obama

a reply to: neo96

Just like when Roosevelt confiscated the publics GOLD.

You mean when the Fed Reserve ordered the President they wanted the gold out of the public's hands?

Just like they do now raising taxes on them 'evil' rich.

They didn't raise taxes on the "evil" rich they just let the unneeded Bush tax cuts expire. Something that wasn't even voted on.

And with the wave of his mighty pen, just added trillions more with the student loan debt.

Action was needed because Boehner refused to bring it to a vote. But it is so much better to price higher education out of the hands peons who should just slave away for their betters huh?

And Amnesty for illegals.

Just another thing the do nothing GOP tools refused to vote on they are even at odds with themselves over the matter. These morons getting voted into office just proves the ignorance of the people who voted.

By the time Obama leaves office the national debt will be over 20 trillion dollars.

More than likely it will be but it's better for those "evil" rich who profit from our debt. That and when you inherit an administration that ran everything on a credit card.

But deficits are 'shrinking' ! !!!!!!!!!!!!!!

It is shrinking and that is fact.
US Debt Clock

originally posted by: AgentShillington

originally posted by: ManBehindTheMask

originally posted by: AgentShillington
This might as well be 95 bajillion dollars.

Seriously.

This is a number that doesn't mean anything and never actually will mean anything.

Until the countries we owe to decide to come collect........

Might change your tune , if and when that happens

Nope. It wouldn't. Because... what are they going to do?

Seriously. Ask yourself that question.

What are they going to do?

Fight us? Are they going to come after the biggest kid on the block with the most devastating weapons ever devised in the history of the world over what amounts to a trade disagreement?

No. We will default on our obligations and then we will begin anew.

Why? Because we have the real property to back it up.

They won't have to fight us if Democrats are in charge. They will willingly hand over any and all monies, land, people, etc to pacify any other country coming after the "evil" United States. They do not care if it destroys the country. Same as amnesty for millions upon millions.

originally posted by: xuenchen
An Obama milestone has been reached !!!

The U.S. has hit the $18 Trillion debt trench.

Oh happy day !!!

The National Debt has gone up 70% with Obama in power.

As some have mentioned, much of that is due to policies that continued from Bush's term into Obama's term.
The Budget Deficit as Seen From 2009

Due to Bush's policies and the events of 9/11 along with the War on Terror, some bad things happened to our fiscal picture.
Changes in CBO's Baseline Projections Since January 2001

In January 2001, CBO's baseline projections showed a cumulative surplus of $5.6 trillion for the 2002–2011 period. The actual results have differed from those projections because of subsequent policy changes, economic developments that differed from CBO's forecast, and other factors. As a result, the federal government ran deficits from 2002 through 2011. The cumulative deficit over the 10-year period amounted to $6.1 trillion—a swing of $11.7 trillion from the January 2001 projections.

The CBO makes projections based on current laws - law set to expire are removed from future projections. Most of these laws expired in 2010. Also, if you weren't aware, the 2009 budget is submitted prior to the year, so it was created under Bush's administration but not passed to the president's desk until 5 months after it began - in March 2009. So, the deficit projections from the CBO from 2009 to 2014 were:
2009: $1186B
2010: $703B
2011: $498B
2012: $264B
2013: $257B
2014: $250B

However, under Obama's administration, many of those laws were extended additional years. The actual deficit then became:
2009: $1413B
2010: $1294B
2011: $1300B
2012: $1087B
2013: $680B
2014: $560B

The difference between the two can give you an impact of Obama's administration:
2009: +$227B
2010: +$591B
2011: +$802B
2012: +$823B
2013: +$423B
2014: +$310B

This is of course ignoring the 2007/2008 financial crisis, policies, and their impacts on revenue (note: the fiscal year is OctYYYY-1 through SepYYYY, so fiscal year 2006 is Oct. 2005 through Sep. 2006):
2007: $2570B
2008: $2700B

Revenue after Obama entered office, check out that huge drop in revenue of almost $600B:
2009: $2105B
2010: $2163B
2011: $2303B
2012: $2449B
2013: $2770B
2014: $3020B

Anyway, the deficit has declined - and the decline in the deficit is actually quite remarkable in how much was cut in how many years:
"The decline in the budget deficit since 2009 is the largest four-year improvement since the demobilization from WWII." - Justin Wolfers, who is quite an accomplished economist.

The 2015 fiscal year has started, back in October, but the budget hasn't even been decided on or made its way through Congress to the president for signing, last I checked.

originally posted by: learnatic
a reply to: xuenchen

a single graph would be worth a thousand words particularity when the various presidencies are included in the graph

The binge spending deficits add to the National Debt.

Wait, St. Ronnie Reagan did the same things, why is it Ronnie is okay but Barry isn't? GWB funded a war based on increasing debt, that's okay but not okay be Barry... why?

Beyond the black Democrat thing?

Derek

The National Debt has gone up 70% with Obama in power.

That's what happens when the economy crashes and the government makes a piss-poor effort at restoring it.

Slowly, as the economy has improved, so has the deficit. We're at the same place we were just before the collapse.

originally posted by: links234

The National Debt has gone up 70% with Obama in power.

That's what happens when the economy crashes and the government makes a piss-poor effort at restoring it.

Slowly, as the economy has improved, so has the deficit. We're at the same place we were just before the collapse.

How did the "recession" force Congress to spend all that money?

a reply to: xuenchen

Laws already on the books required spending.

During the Bush to Obama transition, the government lost $600 billion in revenue due to the recession.

The laws requiring spending mostly got extended for a few years due to the recession.

a reply to: xuenchen

You don't remember TARP ($60 billion)? You don't remember the car companies being bailed out ($11.2 billion)? You don't remember Obama's stimulus ($831 billion)? On top of that we still had the wars to pay for. We still had all the other costs to cover. All of which wasn't being paid for because of the Bush and Obama tax cuts. You don't remember Wall St. and the Fed going to Capitol Hill demanding the bailouts because the apocalypse was coming if that money wasn't spent?

Is there simply no history to the debt? We went from zero to $18 trillion the moment Obama was sworn in?? Come on, you're smarter than that.

originally posted by: Greven
a reply to: xuenchen

Laws already on the books required spending.

During the Bush to Obama transition, the government lost $600 billion in revenue due to the recession.

The laws requiring spending mostly got extended for a few years due to the recession.

Would be interesting to see the exact numbers and categories.

a reply to: links234

Some of that was loans and got paid back I think.

a reply to: links234

Is there simply no history to the debt? We went from zero to $18 trillion the moment Obama was sworn in?? Come on, you're smarter than that.

The National Debt went from around $11 Trillion to over $18 Trillion (so far) under Obama.

a reply to: [post]xuenchen[/post]

Yes, as you have continually bashed out its all Obama's fault. Global Warming, the rash on my nuts, my friends dog dying, the stain on the carpets... Obama is to blame for it all!

Your still naive enough to actually believe Obama makes all the decisions?
Your still ignorant enough to acknowledged what Bush's wars and his actions for the banker bailout in no way created this mess to start with?

and yes, Obama is black!

originally posted by: Agit8dChop
a reply to: [post]xuenchen[/post]

Yes, as you have continually bashed out its all Obama's fault. Global Warming, the rash on my nuts, my friends dog dying, the stain on the carpets... Obama is to blame for it all!

Your still naive enough to actually believe Obama makes all the decisions?
Your still ignorant enough to acknowledged what Bush's wars and his actions for the banker bailout in no way created this mess to start with?

and yes, Obama is black!

But But

Obama criticized all this before he was President.

And he promised to fix everything.

He has failed and he has let people down.

a reply to: xuenchen

and you believed him?

like i said, if you actually believe Obama makes the decisions then you've got the president you deserve.

originally posted by: Agit8dChop
a reply to: xuenchen

and you believed him?

like i said, if you actually believe Obama makes the decisions then you've got the president you deserve.

Not for a split second I didn't.