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  1. #1
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    Obama Added More to Debt in First 19 Months Than all President leading up to Reagan

    that is pretty crazy.......

    (CNSNews.com) - In the first 19 months of the Obama administration, the federal debt held by the public increased by $2.5260 trillion, which is more than the cumulative total of the national debt held by the public that was amassed by all U.S. presidents from George Washington through Ronald Reagan.

    The U.S. Treasury Department divides the federal debt into two categories. One is “debt held by the public,” which includes U.S. government securities owned by individuals, corporations, state or local governments, foreign governments and other entities outside the federal government itself. The other is “intragovernmental” debt, which includes I.O.U.s the federal government gives to itself when, for example, the Treasury borrows money out of the Social Security “trust fund” to pay for expenses other than Social Security.

    At the end of fiscal year 1989, which ended eight months after President Reagan left office, the total federal debt held by the public was $2.1907 trillion, according to the Congressional Budget Office. That means all U.S. presidents from George Washington through Ronald Reagan had accumulated only that much publicly held debt on behalf of American taxpayers. That is $335.3 billion less than the $2.5260 trillion that was added to the federal debt held by the public just between Jan. 20, 2009, when President Obama was inaugurated, and Aug. 20, 2010, the 19-month anniversary of Obama's inauguration.

    By contrast, President Reagan was sworn into office on Jan. 20, 1981 and left office eight years later on Jan. 20, 1989. At the end of fiscal 1980, four months before Reagan was inaugurated, the federal debt held by the public was $711.9 billion, according to CBO. At the end of fiscal 1989, eight months after Reagan left office, the federal debt held by the public was $2.1907 trillion. That means that in the nine-fiscal-year period of 1980-89--which included all of Reagan’s eight years in office--the federal debt held by the public increased $1.4788 trillion. That is in excess of a trillion dollars less than the $2.5260 increase in the debt held by the public during Obama’s first 19 months.

    When President Barack Obama took the oath of office on Jan. 20, 2009, the total federal debt held by the public stood at 6.3073 trillion, according to the Bureau of the Public Debt, a division of the U.S. Treasury Department. As of Aug. 20, 2010, after the first nineteen months of President Obama’s 48-month term, the total federal debt held by the public had grown to a total of $8.8333 trillion, an increase of $2.5260 trillion.

    In just the last four months (May through August), according to the CBO, the Obama administration has run cumulative deficits of $464 billion, more than the $458 billion deficit the Bush administration ran through the entirety of fiscal 2008.

    The CBO predicted this week that the annual budget deficit for fiscal 2010, which ends on the last day of this month, will exceed $1.3 trillion.

    The first two fiscal years in which Obama has served will see the two biggest federal deficits as a percentage of Gross Domestic Product since the end of World War II.

    “CBO currently estimates that the deficit for 2010 will be about $70 billion below last year’s total but will still exceed $1.3 trillion,” said the CBO’s monthly budget review for September, which was released yesterday. “Relative to the size of the economy, this year’s deficit is expected to be the second-largest shortfall in the past 65 years: At 9.1 percent of gross domestic product (GDP), that deficit will be exceeded only by last year’s deficit of 9.9 percent of GDP.”
    http://cnsnews.com/news/article/72404

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  2. #2
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    Obviously a billion or trillion has the exact, same value now...than it did 30 years ago...let alone 100 years ago. Naturally

    I can't deny that Obama is spending a ton of money...but let's remember, with no 1.2 trillion debt at the end of 2009(which compounds every year), there would be no massive stimulus. That's not to say that if, in a couple years, we all find out that the stimulus was a massive failure...then it's on him, of course.

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    Quote Originally Posted by The Schmooze
    That's not to say that if, in a couple years, we all find out that the stimulus was a massive failure...then it's on him, of course.
    Why do you feel it'll take a couple years to realize it was a massive failure when the signs are clear today that it's a massive failure. We can look at the components of the stimulus bill and agree that just about none of it was actually stimulus, or stimulated anything.

    The only indicator left is the tax cuts that people claim are in there, but does anyone know what taxes were cut, for who, and if the cuts are temporary or not?
    "If [Republicans] were around when Columbus set sail, they must have been founding members of the Flat Earth Society." -- Pres. Barack Obama

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    Quote Originally Posted by DodgersFan28 View Post
    Why do you feel it'll take a couple years to realize it was a massive failure when the signs are clear today that it's a massive failure. We can look at the components of the stimulus bill and agree that just about none of it was actually stimulus, or stimulated anything.

    The only indicator left is the tax cuts that people claim are in there, but does anyone know what taxes were cut, for who, and if the cuts are temporary or not?
    First off, it is my understanding that not all of the money has been distributed yet. Secondly, I believe that in many cases, it will take time to realize the full effects of it(much like most legislation). Also, either side can use "funny numbers" to argue whether it's a success or not.

    Look I'm not trying to argue that the stimulus was great, I just think that a little more patience is in order, all things considered. To be objective, I think that quite possibly that the infrastructure aspect of it failed, or wasn't significant enough...judging by how Obama is now throwing more tens of billions towards building roads, etc. I, like everyone else, was thinking: "WTF? Wasn't that the stimulus was for?"

    Your second point highlights a huge problem with the Obama administration. Aside form people's already heightened distrust in government(and will only believe it when they see it), Democrats can't get the message though on what they've accomplished. We're talking major pieces of legislation here: healthcare reform, credit card reform, financial reform, etc...and nobody has a clue what's in these reforms and what's going to happen. It's ironic to say the least, considering the acknowledged excellent oratory skills of Obama.

    Personally, I'm going to sit down before the next presidential election and evaluate whether the stimulus was a success or not(amongst other things), and it will be a factor before casting my vote.

  5. #5
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    Quote Originally Posted by The Schmooze View Post
    Obviously a billion or trillion has the exact, same value now...than it did 30 years ago...let alone 100 years ago. Naturally

    I can't deny that Obama is spending a ton of money...but let's remember, with no 1.2 trillion debt at the end of 2009(which compounds every year), there would be no massive stimulus. That's not to say that if, in a couple years, we all find out that the stimulus was a massive failure...then it's on him, of course.
    well DUHHHHH, but thats not even taking into consideration inflation and the fact that even without inflation,when regan was president, things didnt cost that much less and he actually went through the cold war spending and how did the russians lose that war? oh yea, the fact that we out spent on them.

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  6. #6
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    Quote Originally Posted by The Schmooze
    Personally, I'm going to sit down before the next presidential election and evaluate whether the stimulus was a success or not(amongst other things), and it will be a factor before casting my vote.
    In those other things, you may want to include the fact that Democrats are being told NOT to claim that Health Care Reform Bill will reduce costs and bring down the deficit. (Politico)
    The presentation's final page of "Don'ts" counsels against claiming "the law will reduce costs and deficit."

    The presentation advises, instead, sales pitches that play on personal narratives and promises to change the legislation
    It's an amazing turnaround from the talking points given to the public while the bill was being pushed down our throats. How can you believe anyone whose credibility is shot to crap like this?

    The Herndon Alliance, which presented the research, is a low-profile group that coordinated liberal messaging in favor of the public option in health care. Its "partners" include health care legislation's heavyweight supporters: AARP, AFL-CIO, SEIU, Health Care for America Now, MoveOn and the National Council of La Raza, among many others.
    Now there's a cast of characters you can trust for sure.
    "If [Republicans] were around when Columbus set sail, they must have been founding members of the Flat Earth Society." -- Pres. Barack Obama

  7. #7
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    And Bush added more to the debt than EVERY president before him. And so did Reagan.

    What's the point of these stupid reports?
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  8. #8
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    Quote Originally Posted by ari1013 View Post
    And Bush added more to the debt than EVERY president before him. And so did Reagan.

    What's the point of these stupid reports?
    what this report is saying is that obama added more debt then every president from washington to regan combined. not even bush did that. not a george bush fan by the way.

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    Quote Originally Posted by ari1013 View Post
    And Bush added more to the debt than EVERY president before him. And so did Reagan.

    What's the point of these stupid reports?
    The point is there is not an infinite supply of money in the world and it appears that Washington doesn't believe that. We're a country that pays it's Visa bill with the Master Card. What in the hell could ever be wrong with that?

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    Quote Originally Posted by corralski View Post
    The point is there is not an infinite supply of money in the world and it appears that Washington doesn't believe that. We're a country that pays it's Visa bill with the Master Card. What in the hell could ever be wrong with that?

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    Quote Originally Posted by DodgersFan28 View Post
    In those other things, you may want to include the fact that Democrats are being told NOT to claim that Health Care Reform Bill will reduce costs and bring down the deficit. (Politico)


    It's an amazing turnaround from the talking points given to the public while the bill was being pushed down our throats. How can you believe anyone whose credibility is shot to crap like this?



    Now there's a cast of characters you can trust for sure.
    I hope and pray that they repeal that healthcare fiasco. We are all screwed if this goes into effect as planned.

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    ^ won't happen until '12, if ever.....

  13. #13
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    Quote Originally Posted by ari1013 View Post
    And Bush added more to the debt than EVERY president before him. And so did Reagan.

    What's the point of these stupid reports?
    The point is that no one appears to want to stop the endless increase in debt, both total and annual, and it must stop if the country is to survive long term.
    "If [Republicans] were around when Columbus set sail, they must have been founding members of the Flat Earth Society." -- Pres. Barack Obama

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    Quote Originally Posted by D Roses Bulls View Post
    what this report is saying is that obama added more debt then every president from washington to regan combined. not even bush did that. not a george bush fan by the way.
    Considering that government spending nearly tripled under Bush, I beg to differ.
    Last edited by ari1013; 09-13-2010 at 04:20 PM. Reason: Fixing the mistake. It should be gov't spending, not debt.
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  15. #15
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    Quote Originally Posted by DodgersFan28 View Post
    The point is that no one appears to want to stop the endless increase in debt, both total and annual, and it must stop if the country is to survive long term.
    But it's all Obama's fault right? Let's forget about the fact that the debt jumps insanely under every president through good and bad economies. And let's just blame the one guy who's had the worst economy in decades for it.
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