Posted on 12/04/2014 12:39:19 PM PST by Citizen Zed
White House press secretary Josh Earnest said the long-term national debt, which recently surpassed $18 trillion, is a concern for President Barack Obama, but stressed that the administration has made progress on reducing the short-term deficit.
In a response to a question from TheBlaze Wednesday, Earnest explained the federal deficit is now 2.8 percent of the economy, which he said demonstrated “significant, even historic progress” by the administration.
“The president has been and continues to be mindful of the longer term challenges that remain when it comes to our deficit and debt,” Earnest told TheBlaze. “In the context of the president’s 2015 fiscal year budget, there is a roadmap for making important investments for accelerating economic growth and expanding economic opportunity for middle class families, strengthening security, all while improve the nation’s fiscal outlook.”
As a candidate for president in 2008, Sen. Barack Obama called the $9 trillion under then-President George W. Bush “irresponsible” and “unpatriotic.” When Obama came to office, the national debt was $10.6 trillion.
The Congressional Budget Office said earlier this year that on the debt is 74 percent of the gross domestic product, and is on the path to reach 106 percent of the GDP by 2039. The CBO said that 74 percent is the highest amount of debt held by the public since 1950. Debt was 39 percent of the GDP in 2008.
The national debt reached the milestone of $18 trillion on Friday, according to the Treasury Department. As TheBlaze previously reported, that was a jump of about $40 billion from two days earlier.
(Excerpt) Read more at theblaze.com ...
Math is not a friend of liberals. Never has been.
Come to think of it, neither is science, economics, morality, health, etc. etc etc.
But, on the other hand, womyn’s rights, gay rights, and voter fraud is their forte.
Here is a bit of discomforting information. The first $100 Billion total annual US budget occurred during the Lyndon Johnson presidency in the 60s.
Do these people understand how stupid they sound?
The deficit is “Only” 2.8% of the economy?
What an outrageously dishonest spin of the facts.
This is their asinine formula for “minimzing” the issue:
$18,000,000,000,000×2.8%=$503,999,999,999.99
That some real boo chit right there.
The fact is the deficit is at 100% of our economy.
And $18 Billion is a lot of money these days.
Joni(I voted for her) will “develop” More and More of a RINO(Think MacPain) “Streak” as she is in DC longer and longer.
Let's say that the growth in GDP this year is 2.5% (pretty weak). Okay, that is $420 billion. Our deficit is going to be something like $492 billion. So any growth we have, such that it is, is just due to spending our grandchildren's earnings today. Tell me again, Earnest, about how great things are.
He has reduced the debt from 10 trillion all the way down to 18 trillion. If you don’t find that remarkable you are obviously a racist.
Progress?
http://home.adelphi.edu/sbloch/deficits.html
If you correct for the sloppy math of using 11 months in 2013 and 13 months in 2012, the five highest deficit years in history were 2009, 2010, 2011, 2012, and 2013 the five full years under the current socialist. Only a liar speaking for propaganda purposes, or an enemy of America who wants our country destroyed could claim this is progress.
We don’t have any cups, all we have are these liquid substance surrounders. [Firesign Theater]
Them books obama cooked were so delicious demRATS ate every bit.
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