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Why are the Republicans so pleased about the debt clock?
They have one on display at the convention. However, what they are hoping no one understands are the causes of the debt: Bush's tax cuts, Bush's wars and their aftermath, recession-caused loss of revenue, and recession-caused demand on social safety net programs. Add in interest on Obama's predecessors' debt.
Bush's tax cuts account for over half of the debt during Obama's term. Now Romney wants to enact even more tax cuts.
Revenue loss and demand for the safety net caused by the recession account for around 15% of the debt. The wars account for about another 15%.
Obama's stimulus accounts for about 20%. ACA adds nothing to the cost as Obama built in sources to pay for it. In fact the CBO expects ACA to lead to reduced deficits. They expect repeal of ACA, a major GOP goal, to add to deficits.
If the tax cuts, the recession impact, and the wars are removed from the equation, the debt would be about 15% of GDP, an acceptable number in the past.
Also keep in mind that much of the spending on things other than the above are built into previous policies and government activities: Social Security, Medicare, defense, Congressional salaries, disaster aid, etc.
Apparently the GOP is counting heavily on either ignorance, apathy, or blind belief.
http://www.washingtonpost.com/blogs/ezra-klein/wp/...
Scroll down until you find the article about the debt chart.
Edit: Bush's policies have exponentially increasing costs. Please explain why that isn't Bush's responsibility. Please point out to me what spending increases are the result of Obama's own policies, because, other than the stimulus, I don;t see anything coming even close to the actual deficits. PS: The 2009 budget was Bush's and had almost exactly the deficit that the CBO predicted prior to Obama becoming president. That alone takes over $1 trillion off of "Obama's deficits".
5 Answers
- 9 years agoFavorite Answer
Because they create a sense that it's Obama's fault(as everything is). In reality, the Rpbs are partly responsible for the debt, as is the FED/Bernanke. Ron Paul has explained all this. You snooze, we all lose.
- Anonymous9 years ago
Your first paragraph is a complete disaster. Obama increased the debt more in his first year than Bush did in his 8 years. The interest is insignificant given the absolutely absurd growth in the principal amount.
More importantly, you cannot say that tax cuts have contributed to an increased debt. The fact is, we can achieve lower taxes if we reduce spending, which is the ultimate goal of republicans. But the democratic congress is more than happy to create and pass spend-happy legislation.
I hate you.
Edit: I know you don't see anything. You're a blind liberal. Obama's first day in office, he signed an executive order for obamacare. That alone was a trillion dollars down the toilet. Lower taxes are a good thing; I don't understand why you complain about lower taxes. The issue is spending.
- empLv 69 years ago
Four years later and we are still blaming Bush? Look if Obama can't turn it even around after four years, then why should he get another shot? Seriously if GWB was soooo bad and Obama hasn't done anything to stop GWB's legacy, then why does he deserve to be in office?
- 9 years ago
Obama has added more debt then Bush did in eight years, even with his wars and tax cuts.
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- Anonymous9 years ago
Obama added the most ever to it.
And look now they just forced you to talk about the economy. Another Republican plan has proven to be successful.
