G-20 pumps $1 trillion into beating recession

[debo]

Sweet. We're throwing in half a trillion dollars when obama is about to put us TEN TRILLION DOLLARS in the hole.

One, Obama's not the one doing it. Two, that would've happened regardless of who was president. Three, we nearly doubled our deficit because of the war. Doubling it because of the economy shouldn't come as a shocker.

[lakersrock]

One, Obama's not the one doing it. Two, that would've happened regardless of who was president. Three, we nearly doubled our deficit because of the war. Doubling it because of the economy shouldn't come as a shocker.

Oh, it's not obama's budget that passed through Congress today? I could have sworn it was him wanting to end up driving our debt to 10 trillion through completely retarded spending policies.

No, I guarantee you McCain wouldn't have tried getting a budget the size of obamas. It's insane. In fact, he said as much today during the vote.

Yeah, 1.5 trillion to 3.....now it's going to 10. That's a little more than doubling. In fact, it's over tripling.

[debo]

Oh, it's not obama's budget that passed through Congress today? I could have sworn it was him wanting to end up driving our debt to 10 trillion through completely retarded spending policies.

No, I guarantee you McCain wouldn't have tried getting a budget the size of obamas. It's insane. In fact, he said as much today during the vote.

Yeah, 1.5 trillion to 3.....now it's going to 10. That's a little more than doubling. In fact, it's over tripling.

Not quite, but nice try. The national debt was over $10 trillion in October. Obama inherited something like a $10.2 trillion national debt. It's up to just over $11.1 trillion ATM. At the start of the Bush presidency, the national debt was $5.73 trillion. So, actually, yes, Bush doubled the national debt in his presidency. Obama inherited a nearly trillion dollar bill - one which would've gone to either candidate as president. It counts against him, but really, it's not all that much of his doing.

As much as you want to say McCain wouldn't have tried getting such a large budget, he probably would have in the same situation. He can sit back and say 'No, I wouldn't have' but we just accept that because he's not in the same position.

And as for the spending, we incresed our national debt to 120% of our GDP during WWII, and that popped us right out of the depression/recession we were in. We've been slowly increasing our debt to GDP ratio, and Obama is climbing at a high rate (around 105% now IIRC). Maybe what he's doing is going to work...we'll just have to wait and see.

[ari1013]

Oh, it's not obama's budget that passed through Congress today? I could have sworn it was him wanting to end up driving our debt to 10 trillion through completely retarded spending policies.

No, I guarantee you McCain wouldn't have tried getting a budget the size of obamas. It's insane. In fact, he said as much today during the vote.

Yeah, 1.5 trillion to 3.....now it's going to 10. That's a little more than doubling. In fact, it's over tripling.

Every post of yours progressively gets more and more insane.

1. It's actually $9.3T that you're thinking about -- and that's the CBO's estimate of combined additional debt between now and 2019 at the current revenue levels.

2. When Bush left office, he had doubled our debt from around $5.7T to around $10.5T.

3. The war did cripple our economy because for the first time ever, we went to war without raising taxes to cover the war effort. The $100s of billions we've spent in Iraq went right into our debt. Combined with the deliberate efforts to weaken the dollar to boost domestic exports, we wound up with decade-high inflation levels which further weakened the economy and has now led us to a path of even more debt.

[ari1013]

Not quite, but nice try. The national debt was over $10 trillion in October. Obama inherited something like a $10.2 trillion national debt. It's up to just over $11.1 trillion ATM. At the start of the Bush presidency, the national debt was $5.73 trillion. So, actually, yes, Bush doubled the national debt in his presidency. Obama inherited a nearly trillion dollar bill - one which would've gone to either candidate as president. It counts against him, but really, it's not all that much of his doing.

As much as you want to say McCain wouldn't have tried getting such a large budget, he probably would have in the same situation. He can sit back and say 'No, I wouldn't have' but we just accept that because he's not in the same position.

And as for the spending, we incresed our national debt to 120% of our GDP during WWII, and that popped us right out of the depression/recession we were in. We've been slowly increasing our debt to GDP ratio, and Obama is climbing at a high rate (around 105% now IIRC). Maybe what he's doing is going to work...we'll just have to wait and see.

105%? No.

Our debt:GDP ratio is about 77% right now.

http://uspolitics.about.com/od/thefe...-GDP--1940.htm

That's a good historical look at it.

[debo]

105%? No.

Our debt:GDP ratio is about 77% right now.

http://uspolitics.about.com/od/thefe...-GDP--1940.htm

That's a good historical look at it.

Hmm...I'll have to doublecheck the other graph I read. Maybe it showed a projection of the Debt/GDP ratio over the course of Obama's term? I dunno...I thought 105% sounded high as well.

[debo]

You're right, Ari. I misread the graph I used as a source (and I don't know how, really...haha...I don't know where the hell I got 105%). The one I saw shows about 80%.

http://zfacts.com/p/318.html

[ari1013]

You're right, Ari. I misread the graph I used as a source (and I don't know how, really...haha...I don't know where the hell I got 105%). The one I saw shows about 80%.

http://zfacts.com/p/318.html

80% is the worry mark. Once we breach that, we have to seriously cut back spending. It's one of those things that every economist knows. And it's the reason why I'm not all that worried about long tails resulting from the stimulus.

Unemployment is exactly where it was projected to be (8.5%). It'll hit just under 10% at the end of the year and meanwhile GDP will finally be growing again. By the end of next year the spending can be cut back drastically.