Gee. I've been led to believe it's all Obama's fault.
Guess that's simply NOT TRUE!
Clinton also passed lots of stuff that released the banksters to set up that 26% debt which triggered the crisis in the first place, sure there was a deficit, but it was a false deficit in the first place.
The real error was the wars, which transferred wealth from Americans to the warmongers.
Let's see what happens next, should be interesting.
http://feiersteinblog.dailymail.co.uk/2 … nces-.html
Some of what's being said about the US economic outlook over this side of the pond
I wrote a hub page on "What is the difference between the national debt and the deficit." I would post the link but it would be in violation of HP policy. So I'll try to explain it here.
There are two parts to the equation one is the budget and the other is the national debt. The budget is just like any other budget that would be used for a household or business. It has an income side and an expense side to it. If the government takes in more than they spend, it's a surplus. If they spend more than then they take in, it's a deficit. Clinton had a surplus, but he also had a national debt that was passed on to the next president.
The national debt is the accumulation of debt that is passed on from one president to the next. It is created by borrowing money to pay for things and paying the interests on those loans and it also includes the budget deficit and its interest as well. Each president and administration inherits the national debt from the previous one. Bush had a 10 Trillion national debt. Obama increased the debt by 6 trillion and now will start his new term with a 16 trillion debt. if Romney would have been president, he would have started with the same amount of debt. The biggest part of this debt was created by not funding two wars and medicare part D (the prescription drug program). Bush's debt did not account for these items. When Obama took office, he including these in the national debt.
In order to balance the budget there has to be an increase in revenue and a decrease in spending. Obama wants to accomplish that by increasing taxes on the wealthy and cutting some parts of discretionary spending. Romney wanted to do it by decreasing taxes on the wealthy and corporations and cutting out entitlement programs for the middle class.
The Fiscal cliff that has been in the news is the amount of increase in the budget to pay for last years budget bills, including the interest. The republicans want to negotiate this by saying no tax increases without cutting entitlement programs. Obama wants to pay for this by what I said in the previous paragraph. If they don't come to some kind of compromise and agreement, congress will be in a gridlock like they were last year and subject to a downgrade in the countries credit rating.
I'm sorry this is so lengthy but it has a lot of moving parts to it. You asked what time it was and I told you how to build a watch. Anyway, I hope this helps.
I'm sorry. I did not see the video link until after I posted my comments because I came here from my email notice. But I do think that I did add some value to the video by explaining the difference between the budget and the national debt.
PP73, Very well said! I read an article yesterday that had said they believed the Democrats to have the leverage this time around with the Bush tax cuts set to expire, si I hope obama does not make the same mistake he did first time around, he needs to use that bargaining chip wisely, and reform the tax policy, I am hopeful that the R's will be more willing to compromise with their sights on 2016...
Thanks Tammy: I have a feeling they won't do it on their own or even by Obama pressing them. I think it's going to take the people telling them to stop playing games and holding the economy hostage. They will resist because they have been bought out by big moneyed interests that don't want their taxes raised, but do want accesses to the government for their own interests.
if Obama would make it known to the public what the proposed bill will be , then the Republicans in the House will not be able to spin it and make it look like Obama will not work with them...transparency could be the key on these tax and jobs plans, he could hold press conferences, he needs to make sure Americans understand the fight, then maybe conservatives would stand up to the GOP and say enough already.
http://news.yahoo.com/blogs/ticket/obam … ction.html
"The CBO report also noted that extending Bush-era tax cuts for individuals making under $200,000 per year or families making below $250,000—while letting the reductions on higher-income Americans expire—would boost the economy by 1.25 percent by the end of 2013. This reflects Obama's preferred course. Extending the tax cuts for the wealthiest Americans, noted the report, "would have a relatively small effect on output for dollar of budgetary cost."
I guess that is his plan, lol
It is amazing that for so long we have been hearing how the president ran the country into trillions of dallors of debt. The youtube video clearly explains how all of that debt was created...and it was far from all of the president's doing. Now the fun begins. Let's see how well the republicans will work with the president in this new election cycle. I am referring of course to actions needed to prevent the budget from going off the fiscal cliff.
Where all overwhelming debt comes from . . . good credit.
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