Myths/Obama/federal budget/70 percent increase - Revision history

Woozle: /* Figures */ deficit, not debt

2015-09-23T01:04:50Z

Figures: deficit, not debt

Woozle: /* Figures */ note about CBO discrepancy

2015-09-23T01:00:38Z

Figures: note about CBO discrepancy

Woozle: /* Links */ Krugman article may come in handy

2015-02-22T20:42:52Z

Links: Krugman article may come in handy

Woozle: Created page with "{{hdr/claim|The federal debt has increased by almost 70 percent under Obama.}} File:45471-land-figure1a.png|thumb|The debt exploded as Bush left office in order to aid recov..."

2015-02-22T20:39:06Z

Created page with "{{hdr/claim|The federal debt has increased by almost 70 percent under Obama.}} File:45471-land-figure1a.png|thumb|The debt exploded as Bush left office in order to aid recov..."

New page

{{hdr/claim|The federal debt has increased by almost 70 percent under Obama.}}
[[File:45471-land-figure1a.png|thumb|The debt exploded as Bush left office in order to aid recovery from the Great Recession. Due to a successful recovery, it is expected to actually ''recede'' a little by 2017 and then start edging upwards again – with deficits between 2.5% and 3% of GDP, which is an entirely healthy level.]]
==Analysis==
While this is true, it says as much about Republican policies and actions as it does about Obama's policies and actions.
# Obama took office on the heels of the worst recession since the {{l/wp|Great Depression}} 80 years earlier – a recession that was [[issuepedia:2008 financial meltdown|set in motion]] largely by the actions of his predecessor and Republican deregulatory initiatives.
# While even a linear projection (which is unrealistically pessimistic) shows the debt approximately doubling under Obama by the time he leaves office, it also doubled under Bush – who not only didn't have to deal with a major economic crisis upon assuming office, but even had a ''surplus''.
#* Bush swiftly reversed our good fortunes through heedless spending coupled with major tax breaks for the rich.
#* Obama has reversed our bad fortunes through deficit spending and generally sound fiscal policy.
#* Obama was also up against an obstructionist Republican majority that automatically opposed anything Democrats suggested. The debt would probably have come down a great deal further if Republicans had been less focused on making Democrats (and [[Republican Party/small government|government in general]]) look bad and more focused on actual governing, i.e. doing their jobs.
==Conclusions==
If you're upset about the size of the deficit, you should be angry at Bush for (among other things) starting two wars while reducing taxes for the rich, and at the Republicans in general for pushing through deregulation of Wall Street in 1999. (No, you [[Myths/Bill Clinton helped cause the 2008 financial meltdown|can't]] [[Myths/Bill Clinton helped cause the 2008 mortgage crisis|blame]] Bill Clinton any more than you can blame Obama.)
==Figures==
[[File:Deficit-GOP-presidents.jpg|thumb|Clinton is the only president to reduce the deficit within the past 50 years. (He wasn't a [[Republican]].)]]
Total Federal Debt on certain key dates:
{| class=listing
! Date !! What !! Unadjusted !! Inflation-Adjusted ($T) !! US GDP (unadj. $T) !! % of GDP
|-
|'''1993-09-30'''* || {{l/ip|Bill Clinton}} assumes office || align=right | 4,411,488,883,139.38 || align=right | 7.351 || align=right | 7.033 || align=right | 63%
|-
|'''2001-09-30'''* || {{l/ip|George W. Bush}} assumes office || align=right | 5,807,463,412,200.06 || align=right | 7.895 || align=right | 10.7 || align=right | 54%
|-
|'''2009-01-20''' || {{l/ip|Barack Obama}} assumes office || align=right | 10,626,877,048,913.08 || align=right | 11.92 || align=right | 14.57 || align=right | 73%
|-
|'''2014-12-03''' || date of DailySignal article || align=right | 17,976,896,374,080.00 || align=right | 18.3 || align=right | 17.71 || align=right | 101%
|-
|'''2015-02-22''' || date of this writing || align=right | 18,138,459,241,907.59 || align=right | 18.1 || align=right | -- || align=right | --
|}
<small>* closest date for which a figure is available</small>

Note that the inflation-adjusted deficit has actually gone ''down'' just a bit since the DailySignal article just a few months ago.
==Links==
===Reference===
* [http://www.treasurydirect.gov/tdhome.htm TreasuryDirect] (US Department of the Treasury):
** [http://www.treasurydirect.gov/govt/reports/pd/pd_debttothepenny.htm The Debt to the Penny and Who Holds It]
** [http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt.htm Historical Debt Outstanding – Annual]
* '''2014-07-15''' [http://www.cbo.gov/publication/45471 The 2014 Long-Term Budget Outlook] (Congressional Budget Office)
===Fertilizer===
* '''2014-12-03''' [http://dailysignal.com/2014/12/03/since-obama-took-office-federal-debt-increased-almost-70-percent/ Since Obama Took Office, the Federal Debt Has Increased by Almost 70 Percent]

@@ Line 12: / Line 12: @@
 ==Figures==
 [[File:Deficit-GOP-presidents.jpg|thumb|Clinton is the only president to reduce the deficit within the past 50 years. (He wasn't a [[Republican]].)]]
-Total Federal Debt on certain key dates:
+'''Total Federal Debt''' on certain key dates:
 {| class=listing
 ! Date !! What !! Unadjusted !! Inflation-Adjusted ($T) !! US GDP (unadj. $T) !! % of GDP
@@ Line 29: / Line 29: @@
 Notes:
-* As of 2/22, the inflation-adjusted deficit had actually gone ''down'' just a bit since the DailySignal article a few months earlier.
+* As of 2/22, the inflation-adjusted debt had actually gone ''down'' just a bit since the DailySignal article a few months earlier.
-* [https://www.cbo.gov/publication/50250#section0 The CBO says] that the 2015 deficit will be 2.7% of GDP, having peaked at 10% in 2007. Both of these are way off from my numbers, so I think I must be calculating wrong; the actual figures are much better.
+* [https://www.cbo.gov/publication/50250#section0 The CBO says] that the 2015 ''deficit'' will be 2.7% of GDP, having peaked at 10% in 2007, but that it will go back up again unless relevant laws change.
 ==Links==

@@ Line 28: / Line 28: @@
 <small>* closest date for which a figure is available</small>
-Note that the inflation-adjusted deficit has actually gone ''down'' just a bit since the DailySignal article just a few months ago.
+Notes:
 ==Links==
 ===Reference===

@@ Line 35: / Line 35: @@
 ** [http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt.htm Historical Debt Outstanding &ndash; Annual]
 * '''2014-07-15''' [http://www.cbo.gov/publication/45471 The 2014 Long-Term Budget Outlook] (Congressional Budget Office)
 ===Fertilizer===
 * '''2014-12-03''' [http://dailysignal.com/2014/12/03/since-obama-took-office-federal-debt-increased-almost-70-percent/ Since Obama Took Office, the Federal Debt Has Increased by Almost 70 Percent]