Most of the $14.5 trillion debt was accumulated under Republican presidents, in many cases supported by Republican majorities in one or both Houses of Congress and by right wing Democrats.
If Democrats can’t dump this guy in 2012 they need to put as much distance between him and themselves before he destroys the party altogether.
The debt has risen under Obama. But much of it has accumulated as a result of sharp revenue declines due to high unemployment and the continuation of tax cuts for the wealthy. Also contributing to the deficit are Obama’s continuation of the Bush wars; a huge and unnecessary war budget; and Wall Street thievery and the subsequent taxpayer bailout.
An inadequate stimulus – that included worthless tax cuts; needed aid to the states; and some money for job creation – was also a factor.
Republicans are responsible for nearly 75% of the total debt. Granted Democratic Congresses were involved in the accumulation. But Republican presidents repeatedly signed off on the debt without so much as a whimper from fellow Republicans.
We are actually in the midst of a revenue crisis. Tax collections as a percent of GDP are at their lowest levels since the 1950s.
Let’s raise taxes on the wealthy.
Republicans are largely responsible for the deficit. The budget was headed in the direction of long term balance when Clinton left office. The deficit was $10.5 trillion when Bush exited. We must all be tired of hearing that Republicans voted to raise the debt ceiling 7 times under Bush – with hardly a care in the world.
The current stand off by the GOP is hypocritical and crassly political as past actions clearly reveal.
They remain intransigent primarily due to the expectation that Obama will fold as he has done routinely in the past. In this case, though the Republicans are not simply facing down Obama. They are holding the entire nation hostage.
They are waiting until Obama surrenders and offers cuts to the social safety net without making even the slightest concession. Foolishly, Obama has jeopardized his presidency by offering cuts anathema to his base without an agreement in hand.
It remains to be seen how Obama’s offer of safety net cuts will play in Tampa-St. Pete; or Peoria for that matter.
Greece said to at 130/100 debt to GDP. Japan 220/100. Italy 120/100. Japan’s economy is doing as well as can be expected; better than the U S economy. And the Japanese are still borrowing at record low interest rates.
U S revenue was 6% of GDP in 1950; 1% today. The U S is beset by a devastating revenue crisis. Unless revenue increases, full recovery may take a decade if it occurs at all.
Let’s raise taxes on the wealthy.
There is a backlash coming no doubt. Voters are beginning to understand that the only agenda Republicans have is to advance the decades old vendetta against the social safety net.
Unfortunately, we have in the White House a president who seems to share that vendetta.
No one can question any longer that the man is a DINO and hopefully liberals are coming around to the realization that it is better to have a Republican president that a right wing Democrat.
Why? Democrats in Congress would be more likely to resist the agenda of a right wing Republican rather than supinely accommodate the policies of the DINO as they are now doing.
Although they are still Democrats aren’t they?
If they had any gumption at all, the Dems would abandon this president in 2012. Put as much distance between him and themselves as they possibly can and as fast as they possibly can. In other words, dump this guy before he destroys the party altogether.
Anyone care to venture a guess how the president’s cuts will play in Tampa-St. Pete???