Debt is great! When Dems are in charge. It never ceases to amaze me how they ignored it when the O was there, went into office with 10T in debt left with 20T in debt. Not a word was spoken by them. Now Trump is president. There was a total increase in deficit of 80B over the year before. I guess that’s a big deal. Now...
As a comparison, O’s first full year 2009 was 1.4T. Not that anyone in the media cared. The average under Bush was 250B.
FY 2010 - Obama’s first budget created a $1.294 trillion deficit.
FY 2011 - This budget contributed $1.3 trillion to the debt.
FY 2012 - The deficit was $1.087 trillion.
FY 2013 - This was the first Obama budget where the deficit, $679 billion, was less than $1 trillion. Thank sequestration, which forced a 10 percent cut in spending.
FY 2014 - The deficit was $485 billion.
FY 2015 - The deficit fell further, to $438 billion.
FY 2016 - The deficit rose to $585 billion
O’s lowest was 438B
It’s a big deal and doesn’t matter who drives up the debt. Trump is no fiscal conservative and that is quite a shame actually. He needs to be driving slashing spending at all levels and push a balanced budget. He needs to forget the koombya infrastructure makes nice with democrats boondoggle. We don’t have 1 trillion to waste away on what the states themselves should be managing. Why the hell do I care about some bridge in any state but my own?
Deficit spending is trillion + and unfunded liabilities are at 300-400 trillion. If we do not have a fiscal conservative hanging the war drums nothing else will make any difference; the tweets, the “winning”, the this or that won’t make a bill of beans. The nation will be sacked
using round numbers, at $20 trillion in debt, times an average borrowing rate of 4% (someone correct me if that’s a bad number), would equal $800 billion in year in government spending, just to pay interest on the accumulated debt from previous presidents.
So, again round numbers, correct me if these don’t make sense, then about $800 billion of the $1 trillion they are concerned about, is needed to pay interest on previous financial obligations.
Why was nothing said by anyone, when Obama presided over lackluster economic growth, and an increase in the debt from about $9 trillion to about $20 trillion?
The debt under Obama increased more than it did under all previous presidents combined.
A little context and history is appreciated, and should be included, if these media folks ever do any fact checking or context.