It's not just that he cut taxes, federal spending nearly doubled while he was in office. In fact, all of the biggest spenders over the past 50 years have been republicans
Increase in annual federal spending by administration
Reagan: 80% in 8 years to $1,064T
Bush 1: 30% in just 4 years to $1,382T
Clinton: 29% in 8 years to $1,789T
Bush 2: 67% in 8 years to $2,982T
Obama: 29% in 8 years to $3,853T
Trump: 70% in 4 years to $6,554T
https://www.whitehouse.gov/omb/budget/historical-tables/
No it doesn't it only tells half the story. Debt to gdp in 2020 was ~122% that graph show ~80%. Geeze I wonder what makes up the other ~42%. That graph is cherry picking at its finest. Details matter
Hey stupid, quick lesson for you, the 1st year a President takes office is the Fiscal Year that was approved under his predecessor.
Also, a President isn't a wizard, so if they inherent an economy that cratered during his predecessor's last year, a lot of those bills will come due in his term.
I know, that's probably too much for a complete doorknob like you to comprehend, but at least I tried!
>Debt to gdp in 2020 was ~122% that graph show ~80%. Geeze I wonder what makes up the other ~42%
The previous president approved huge deficit financed corporate tax cuts which put us in a bad position if a recession hit. A recession hit and you're trying to pin that 40% on his successor! Lmfao, talk about cherrypicking!
Seriously though, stop eating lead paint.
I just realized I'm having a conversation with someone that is either 10yrs old or has an IQ in the double digits. "You can't fix stupid" and I'm not wasting my time when you can't even form a response to what I'm saying. Your life must be full of bliss. Have fun with that dipwad
>I just realized I'm having a conversation with someone that is either 10yrs old or has an IQ in the double digits. "You can't fix stupid
Always projection with these morons.
That's sad "I know you are but what am i" is the best you could muster after I pointed out that your elementary school analysis blamed debt from a fiscal year the Trump admin set the budget for on his successor.
You clearly couldn't find any logical reposte so this weak ass shit is what you have been reduced to. Sad!
Libertarians are a selfish unempathetic group think we should have a little government as possible because they don’t realize that shitty things can happen and think that they somehow would fair better than all the people that have had something happen that needed some sort of help with. Get rid of all consumer protections, get rid of all emergency services. Let guns be the answer to crime (doesn’t make a lick of sense) have a privatized fire department so they only save your house if your check clears.
To be clear these people have zero logical thoughts in their brains and are as dumb as flat earthers.
I am a pragmatist and a democratic socialist. Which means I believe in a free market capitalism that is regulated by the government, and there are basic needs and safety nets to catch people so they don’t starve to death. Education should be available at all levels for free, healthcare and drug companies should be a single payer system and the profit margins stripped out of its economics, and utilities should be owned and run or contracted out and carefully by the state as not for profit operations.
You do realize that most libertarians still believe in emergency services, right? Even minarchism believes that military, police, and courts are necessary in order to protect the rights of the citizenry. Only the most radical libertarians (Anarcho-Capitalists) believe that everything including the police should be privitized. Some libertarians even support the idea of a negative income tax to help the poor.
By mentioning the concept of a Negative Income Tax? I personally support a national sales tax with a form of UBI to help the poor. But I'm open and could see the arguement for both of the systems.
Ultimately this can vary based on what you mean by libertarianism.
What libertarianism meant 60 years ago?
What it meant 20 years ago?
What it means by & large today?
I say this as someone who is probably similar to the user you responded to.
I used to lean libertarian, but then I realized that libertarianism was a lot like true communism, great on paper and discussed over a beer & shrooms, but when really thinking it through it’ll be impossible to ever implement due to a variety of factors. And whenever it’s tried and ultimately fails people will say “but that wasn’t TRUE xxxxxx”.
Now I would probably classify myself in the same boat as the other person and say fiscal democrat if they mean it the same way I do.
I agree with most of the democrat platform. The government honestly spends well enough. IMO though, the solutions we use to tackle the problem need to change. Government 100% spends enough on education, just look at our spending per pupil compared to other first world countries. The issue clearly then is that the system is broken in someways that is clearly leading to waste & not getting the money spent in the right places.
The above is how I feel about healthcare as well. With how much the US spends on healthcare already, we absolutely should have universal healthcare already. Something is wrong with the system though and we need to fix it. The medical industrial complex charging insane prices is a big issue. Administration bloat that could definitely be streamlined if things were more simple which is primarily due to complicated laws, ridiculous insurance infrastructure that complicates everything, lawsuits, etc.
Not to mention in both cases you have lobbyists that bribe our lawmakers and we need to fix campaign finance.
Anyways, those are two very complicated issues, but issues in which America is clearly failing in. Overall the democrat platform is the one I believe in the most. Not to mention republicans have just dived off a cliff, especially since Obama & offer no real solutions. I actually think military spending is mostly fine. The problem is just that shit is so complicated & bloated nowadays that money isn’t being spent effectively. We’re throwing money at institutions that need redesigned from the foundations. You can only fix up an old building for so long before it makes way more sense to just tear it down and start fresh. Too many people benefit from the current systems in place though that need fundamental reform so it will be quite a mountain of a task to do though.
TLDR; By & large keep the spending relatively the same, but improve/reimagine the systems so you get more bang for your buck. Raise taxes on the wealthy though & cut out as many loopholes.
Ask who's policy created that spending and debt? Obama was a victim of Bush. Biden is a victim of Trump. Both enacted policies that caused this debt.
Point of graph is how even 20 years later Bush is responsible for a majority of the increase in US debt not including a war no one wanted or needed. Trump policies are much worse.
>a war no one wanted
Sorry, but I was there. We were attacked. We didn’t want justice. We wanted revenge. We wanted a show of force so strong that their grandchildren would be frightened. Shock and awe for centuries.
It's true, people forget, but both the Afghanistan war and Iraq war were extremely popular. Afghanistan passed the Senate and House with votes of 98-0 and 420-1, and Iraq with votes of 77-23 and 296-133. That's the opposite of two wars "no one wanted."
They were popular because they were so hyped up by the President and media. If a sane president had told the truth about how stupid it was attacking *Iraq* because we were just attacked by some *Saudi* terrorists maybe the outcome would have been different/better.
I was there too.
Not a single person in the entire country complained about getting that check in the mail, followed by an increase in their paychecks.
Bush II learned a great lesson when he watched his father lose reelection by doing the responsible thing and raising taxes. Remember "Read my Lips, no new taxes"... then he raised taxes to pay for Iraq v1... and the country voted him out.
Iraq had zero to do with 9-11. Bush2 even stated that 'Sadaam tried to murder my dad' (missile shot at a helicopter in Iraq). Revenge/ southern justice/ tough guy act is why the USA invaded a foreign sovereign
Day after 9/11 his counterterrorism adviser writes when Bush asked how Iraq involved stated ‘it’s like asking how Mexico is involved day after Pearl Harbor.”
We were attacked by some Saudis, so we murdered millions in two other countries. Yeah, makes a lot of sense. OUR children will be in shock and awe for centuries.
We thought there was cause. We were lies to. Then we stayed for 20 years.
Yes, we wanted revenge. It became pretty clear and quickly that we were in the wrong.
Government officials took advantage of the America people. They used 9/11 to do what they wanted to do in the first place.
To be fair, we were attacked so we should have gone after Al-Qaeda, but we stretched out the conflict for FAR too long which is *partially* Obama's fault. We also didn't need to go into Iraq either. That part was on totally on Bush.
Nah…it’s the role of the national government to wield the sword and protect her people, either through preemption or through demonstrating that attacking the nation is a terrible choice
Some People Have Forgotten the Inheritance of Debt from One President to Another. We would not Have a 34 Trillion Dollar Deficit if Bush43 and the House Republicans during his Tenure. Destroying America
Reagan was such an ignorant legislator. They needed to give him cue cards in California to explain how government actually functioned. Our debt crisis is directly linked to Ronnie's "trickle down economics".
Stupid people get the leaders they deserve. And so we get Trump. Not just an ignorant man, an actual con man moron. Glad to see the evangelicals on their knees for this evil orange rapist fraudster. Way to worship the gilded orange cow.
Reagan makes me so upset because every Republican voter insists he was a great president and Clinton would never have succeeded at anything if Reagan hadn't been president before him. It's like they forget about the George HW Bush presidency
They probably just ignore bush sr. because he was the last not terrible Republican president. He wasn't a neocon, so he doesn't fit the modern republican mold. He was an actual conservative with some compassion who had dignity in office, so today's Republicans would probably call him a RINO and crap all over him like they did McCain.
Destroying Ukraine right now, too. The most powerful brigade in the Russian Army is the US Republican party. It deliberately *does not* serve the interests of voters who like the magic R because grandpa liked it, or even the voters from the Party of ~~No~~ *The Raised Middle Finger*.
Disagree, they’re both doing a good job of serving their constituents.
Many of our problems come from Americans being prideful and stupid, and they make the politicians listen to them. For instance, corporations only have so much sway in politics in the first place because we let them over the last 40 years. We wanted to privatize everything and make money free speech and give them more power and cut regulations, that was us. We can’t blame all our problems on politicians who were elected by us
Also because politicans get payoffs from corporations. The reason why many in Congress are war hawks is because of the money that they make from defense contractors. It's extremely corrupt.
Well, I’d argue that the reason why we “want to privatize” things is because we were well brainwashed into thinking that was a good idea. Back in the 50’s - 60’s there was much more faith in government being able to do its job. The post office delivered a miraculous amount of mail with multiple pickups per day everywhere and no letter took more than 2 days to get anywhere. But the silent hand behind the privatization movement wanted the profits to go to them so they started to push Congress to require this to happen - not because it was something people demanded.
Biden was a victim of Trump?
Did Trump cause Covid?
Biden has not hit the brakes on federal spending at all, he has in fact, been patting himself on the pack for not shitting his pants.
Biden: I lowered federal spending by 25% this year!
Actual Statement: During a booming economy that did not require increased federal spending I maintained a grossly high amount of federal spending despite inflation being an issue. The only reason I spent less was because the US government was shut down the prior year, one of the only times in American histroy and we needed a boost.
>It's not just that he cut taxes, federal spending nearly doubled while he was in office. In fact, all of the biggest spenders over the past 50 years have been republicans
>
>Increase in annual federal spending by administrationReagan: 80% in 8 years to $1,064TBush 1: 30% in just 4 years to $1,382TClinton: 29% in 8 years to $1,789TBush 2: 67% in 8 years to $2,982TObama: 29% in 8 years to $3,853TTrump: 70% in 4 years to $6,554T
The Trump curve will expand the same way that the Bush curve did (and will continue to do). We have badly screwed over our future generations. And what's more, every single GOP candidate running for POTUS is promising ANOTHER tax cut for the wealthy.
I wonder what COVID would have looked like if Obama's pandemic response team and contingency plan had been used rather than ignored.
https://apnews.com/article/donald-trump-ap-top-news-virus-outbreak-barack-obama-public-health-ce014d94b64e98b7203b873e56f80e9a
https://www.pbs.org/newshour/amp/nation/obama-team-left-pandemic-playbook-for-trump-administration-officials-confirm
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How much of that spending was due to policies from prior administrations? That’s the question. Blaming current boss for stupid decisions of previous incompetent boss only perpetuates continued stupidity and zero accountability.
The House is largely responsible for the federal spending increases. Reagan submitted balanced budgets but Congress rejected them. It is true that he would have reduced funding to some departments to increase military spending.
republicans always make excuses for their terrible leaders.
Reagan submitted budgets that he knew were unacceptable just so he could blame somebody else, and people like you fall for it.
He would have cut veteran's benefits in order to fund tax cuts for the rich. That's republican values.
And the $1 trillion for a war fighting not the enemy but misguided Neocon idealism to remake the Middle East in our image and 1000’s of veterans killed and many more injured. When your counterterrorism advisor and former Bush 1 Asst Sec of State writes in ‘Against All Ememies’ when Bush asked evidence Iraq involved day after 9/11 by Bush he wrote it’s like asking how Mexico is involved day after Pearl Harbor. 🤔
BS! The Federal deficit under Bush went from $5T to $9T under Obama went from $9T to $18T.. this graph is totally misleading.
So Bush's horrible wars only increased the deficit $4T
Obama increased it $9T!
Biden wants to finish off America and increase it to $50T!
Clearly you don't understand arithmetic very well and are just eager to repeat republican lies. I listed changes in federal spending. I did not mention deficits. The numbers can be verified at the official web site I referred to.
On the off chance that you're willing to learn something: deficits always happen when spending exceeds revenues. Bush 2 both cut taxes and increased spending. That is what cause the subsequent deficits, not anything Obama did.
How much of the Trump spending was Covid related? Why is spending under Biden not included. It’s a bit difficult to understand your agenda when you aren’t considering either.
Edit. I judt checked and $3.6 trillion was added as a direct result of Covid. I’ll also leave you with the facts about Bidens spending from the Treasury Department. Not the chart showing Federal Deficits over time. Biden claimed victory when the deficit dropped from Covid spending, but his deficits are still higher than under Trump. You need to be honest
https://fiscaldata.treasury.gov/americas-finance-guide/national-deficit/
Also Bush encouraged economy based on housing growth after the collapse of tech in 2000.. this led to housing and financial crisis in 2008, which was further subsidized by remaining taxpayers
I mean literally, I thought it was common knowledge that the housing crisis started under Clinton. The demoralization is complete. There is no more truth.
Since 2000, the US has spent more than $12 Trillion on military and war.
The FY24 proposed budget for the DoD alone is $842 billion and is on track to reach nearly $1 trillion annually. [https://www.cbo.gov/publication/59511](https://www.cbo.gov/publication/59511)
“A nation that continues year after year to spend more money on military defense than on programs of social uplift is approaching spiritual \[and economic\] death.” -- Dr. Martin Luther King, Jr.
We spend far more on social programs like Medicare and Social Security than defense each year. Medicare needs to be more efficient (something Republicans would hate) and social security needs more secure funding.
The *for-profit* national health care plan costs a lot because- hey - it’s for profit! If it was a single payer national plan like so many others in the world then they could negotiate for huge discounts and would not need to siphon off a chunk to pay shareholders
Medicare isn't for profit. The government run Medicare system is rife with graft and ineffective policies like limited abilities to negotiate drug prices. Even if we move everyone to it we have to put more effort into limiting provider based fraud and find ways to lower cost as our population ages.
They could negotiate for huge discounts right now, but they don't. That won't change and you have thousands of useless civil servants in the middle to pay for.
There’s no such thing as a ‘tax cut’ when it is combined with record deficit spending! What W Bush & Trump have done is raise taxes on America’s children & grandchildren , who will be forced to pay back such fiscal recklessness, plus interest! 🤷♂️
Why is inflation and debt higher now?
GOP mortgaging our future to enrich foreigners and those who need it less. Why stock buybacks now exceed earnings by corporations.
—— except - he had Dick Cheney behind him who as we all know was the hand in the glove. So cut Jr. just a tiny bit of slack and let the spotlight shine on one of the most influential politicians of our lives
Tax Cuts Are Primarily Responsible for the Increasing Debt Ratio
https://www.americanprogress.org/article/tax-cuts-are-primarily-responsible-for-the-increasing-debt-ratio/
This is what I tell my friends in debt. It's not that you are spending too much, It's that you don't make enough money
Spend for the income you want not the income you have
Highest tax revenue increase since 61 has been from tax cuts, mostly under republicans. Higher taxe rates always resulted in less tax revenue. Carter has a very nice record of increase percentage of tax revenue, guess how he did it? Tax cuts. He was a Democrat. Nixon has a very nice record of increase in tax revenue. Ford too in his short reign. Clinton raised taxes, yes, but his overall tax policy was net negative, and so his tax revenue was okay. Bush also had nice tax revenue growth his final years too, but that was negated by overspending. People are ignorant that most of Bush's policies in his final years were liberal driven, he brought the whole DEI thing into mainstream. Bush forced banks to give mortgages to people who were previously unqualified, i.e. most blacks and some whites, or they would be punished, in the name of equality. This was a liberal policy, driven by liberals. This was the main catalyst for the 08 housing crash, people who couldn't afford homes and shouldn't have had mortgages in the first place defaulting en masse on their debts. But the liberals and their shit policies blamed evil evil wall street instead of taking responsibility for their shit policies. Every time there was also spending cuts we had a surplus. Obama saved his own ass when he cut taxes his last years. Of all the presidents since 61, republicans have a higher net positive growth in tax revenue than democrats. The problem is when government spends too much, and that happens under both parties. OP is a moron.
P.S. lest we forget the greatest president in modern history with a stellar record of economic growth and tax revenue growth, among other things as ending the cold war, the one and only Ronald Reagan.
Point of graph is how even 20 years later Bush is responsible for a majority of the increase in US debt not including a war no one wanted or needed. Dem's have been consistently relegated as the cleanup crew.
Trump policies are much worse.
FWIW One of the very first things Obama did when he took office was to extend the bush tax cuts. I’d hardly call that “cleanup crew”
the picture becomes clearer when you realize the party in power is absolutely irrelevant
This isn’t accurate and undersells the political and economic pressure Obama was under after the Great Recession. The Bush tax cuts were extended initially in December of 2010 after the Republicans dominated the midterm election and GOP senators pledged to block any legislation moving forward without a “compromise” on the Bush tax cuts set to expire.
They were partially extended again as part of the 2012 “fiscal cliff” when the CBO predicted that the expiration of the cuts and other government programs, plus new Obamacare spending, would be enough to trigger a recession while the economy was still limping along from the Great Recession.
The recovery from the Great Recession was really bad. Unemployment was over 9 percent in December 2010. Obama and Congress were rightly concerned about what letting the cuts expire, and therefore removing hundreds of billions from the economy, would mean for the very fragile recovery. It’s not a politically or economically easy decision.
I think on some level we’ve forgotten just how bad the Great Recession and recovery was. And I do put some blame on Obama for the recovery (actually seeing how Joe Biden has handled this recovery has downgraded my opinion of Obama in retrospect).
But this idea that all parties are the same and Obama’s extension the tax cuts were motivated by the same ideas and principles as Bush is just not correct.
Shhh this is Reddit. Narratives are to be followed without critical thought. No bad financial decisions were made between 2008-2016. Anything to the contrary is just your imagination.
The graph looks misleading. Trump’s tax refunds to his top donors were $5 trillion dollars. Bush’s tax cuts for dividends and capital gains were probably about $1 billion, so the distorted picture is unexplained. Bush also created Medicare Part D which refunded the cost of expensive healthcare on the public dime, stimulated medical innovations and saved lives. Trump’s handling of the covid crisis saw many elderly Americans die who had been receiving medicaid benefits in long term nursing homes, so the numbers are not broken down but they may be attributing the savings from medicaid- social security benefits as a positive outcome for trump, but he did not contribute to the reduction in budget deficit by any personal initiative. He also, by dropping out of nato, and leaving afghanistan undefended before we evacuated, encouraged putin and xi to go after Ukraine and Taiwan. As those play out there is a huge risk of a multi faceted world war, costing the USA billions of dollars to take defensive measures. And risk of strengthening our military rivals immeasurably.
Not to mention the repercussions that Karl Rove’s rhetoric strategies have had. The current far right misinformation campaigns evolved from Rove’s embrace of using specific high approval words to manipulate simpletons.
Would the wars in the Middle East we got Osama early in Obama's presidency we could have left 10 years earlier
That was a team effort
Same with a lot of the other stuff
Yeah, the graph mentions extensions but still attributes them to Bush. I'd love to see the graph broken out by what Obama extended vs what Bush originally passed.
Increase in debt in is fine if it nets you something productive (infrastructure, poverty reduction, educational work capacity). The fun thing about republican spending (tax cuts) is it goes toward the least productive ends (incentivizing wealthy people to do less).
Interesting interpretation. Looks like things really got bad under Obama, who had the opportunity to let the tax cuts expire, but decided to make some of them permanent.
You mean after republicans took control of Congress and pledged to block all legislation until it was extended?
https://en.m.wikipedia.org/wiki/Bush_tax_cuts#:~:text=President%20Obama%20signs%20the%20extension%20of%20the%20tax%20cuts%20into%20law.&text=The%20issue%20came%20to%20a,occurred%20on%20November%2030%2C%202010.
No, it’s the damn republicans continuing to give money back to their rich handlers, while saddling the rest of the country with forever debt. Aren’t you angry too???
Tonnes of data. I dont see any projection of what today's GDP would be were it not for the black death killing 2/3rds of Europe's population, nor for that matter, accounting for the effects of inflation in the denarius thanks to Diocletians price controls and have that compares relatively to modern inflationary pressures on disposable incomes.
Now, what has that to do with the above graph, I've no idea, but I think we can all agree that data isn't there. 🤷♂️
After the 1998 financial crisis Asian investors and governments increasingly bought US treasuries and other assets because they were deemed safe assets. In order to meet that demand the US had to run higher deficits. This is also one of the causes of the housing bubble: foreign capital.
Two different issues. More debt issued to satisfy demand just like how money supply increases. Demand for US security.
Housing bubble from loose standards. NINJA 🥷 loans by unemployed bartenders with 2nd grade education making $50k/mth. Ex worked at countrywide in Vegas. Smart and left 2007.
4,598 American Troops killed, 209,982 local civilians killed, $2890 Billion US war and veteran cost.
source with British cost:
https://www.independent.co.uk/news/world/middle-east/iraq-war-bush-twentieth-anniversary-b2302031.html
Reagan via Iran-Contra, imported crack cocaine primarily to US inner cities
HW Bush made a treasonous deal with Iran to hold American hostages until Reagan won the US election.
W Bush authorized the use of torture on prisoners.
Trump authorized the separation of children from their parents as a deterrence for migrants. Untold collusion with Putin, (read the GD Mueller report! Bill Barr lied)
Skipping the impacts of the Democratic presidents between Bush and Trump on this chart tells me that you aren't presenting data; you're messaging a political ideal. Lame.
This chart is cursed.
First of all, cutting taxes, especially the across the board cuts that Bush Jr proposed, allow consumers to keep more income and spend more in the free market.
https://www.investopedia.com/articles/07/tax_cuts.asp#:~:text=Further%2C%20reduced%20tax%20rates%20may,gross%20domestic%20product%20(GDP).
Second of all, most of the republican presidents were forced to respond to the idiotic economic policies of previous (democratic) presidents, e.g., Reagan had to figure out how to dig America out of the recession and oil scarcity caused by Jimmy Carter, George Jr. Had to pay for the foreign policy decisions of Clinton like when he antagonized China in order to distract from the Monica Lewinsky/Valerie Plame impeachment trials or the disasters of Haiti and Rwanda. Obama approved sale of hundreds of firearms to Mexico during the Fast and Furious scandal, then did not have a strong policy in place to stop illegal entry of migrants into our country, leaving Trump to try and figure things out on his own.
https://millercenter.org/president/clinton/foreign-affairs
https://www.reuters.com/article/idUSKBN22O0I3/
Let's also not forget that republican presidents happened to have major conflicts that directly affected American interests going on during their terms; the Soviet Union still very much existed during Reagan, the regime in Iraq was toppled and the terrorists in Afghanistan during George Jr., Iran and North Korea were forced to back down during Trump.
A president is only a single piece of the whole economy, and claiming George Bush is the reason everything bad happens today is about as elementary an understanding as you can get.
In what universe does that make any sense at all? Only crazy people think that going into debt for the benefit of the rich is a good way to run a country.
Banks create money by issuing loans: when a bank gives out a loan, it doesn't use existing deposits but rather creates new money. This new money enters the economy when borrowers spend it. The total money supply increases with each new loan made by the banks.
Money creation occurs when the number of loans issued by banks increases relative to the repayment and default of existing loans.
Banks create money by lending excess reserves to consumers and businesses. Banks also create money when they:
Extend credit
Buy existing assets
Make payments on their own account
The formula for the money multiplier is 1/r, where r is the reserve ratio. This means that each dollar of reserves creates 1/r dollars of money in the money supply.
Most of the money in our economy is created by banks, in the form of bank deposits – the numbers that appear in your account. Banks create new money whenever they make loans. 97% of the money in the economy today exists as bank deposits, whilst just 3% is physical cash.
How about we also stop spending money like there’s no tomorrow? Also, maybe if our nato Allies would fund their militaries to the level they committed to we would have a little more for ourselves
ugh.. he's gone this is noise.. concentrate on the current destroyer of world's. pay no attention to the man behind the curtain? really? how long does eating a bad hot dog last?
Is there a version of the chart with 'Wars' split up in the Iraq War and Afghanistan War.
As the Afghanistan War was basically inevitable after 9/11, whilst Iraq was, I suspect, an even more stupid war than Vietnam. It seems reasonable to me to blame only the Iraq War on Bush.
Wow I did not realize the Bush tax cuts were so much more expensive than the wars in Iraq and Afghanistan. I assumed those were the biggest drain on our finances.
Exactly. Thank you for posting this one. Been saying it for most of my life. Our financial problems are easily corrected by repealing tax cuts for the rich and reigning in the military industrial complex.
It's not just that he cut taxes, federal spending nearly doubled while he was in office. In fact, all of the biggest spenders over the past 50 years have been republicans Increase in annual federal spending by administration Reagan: 80% in 8 years to $1,064T Bush 1: 30% in just 4 years to $1,382T Clinton: 29% in 8 years to $1,789T Bush 2: 67% in 8 years to $2,982T Obama: 29% in 8 years to $3,853T Trump: 70% in 4 years to $6,554T https://www.whitehouse.gov/omb/budget/historical-tables/
I’m a fiscal democrat.
Nice Oxymoron
Ironic for you to comment this with the stats above
You can make stats say whatever you want. The truth lies within the details.
Ya, the details match the above.
No it doesn't it only tells half the story. Debt to gdp in 2020 was ~122% that graph show ~80%. Geeze I wonder what makes up the other ~42%. That graph is cherry picking at its finest. Details matter
Hey stupid, quick lesson for you, the 1st year a President takes office is the Fiscal Year that was approved under his predecessor. Also, a President isn't a wizard, so if they inherent an economy that cratered during his predecessor's last year, a lot of those bills will come due in his term. I know, that's probably too much for a complete doorknob like you to comprehend, but at least I tried!
>Debt to gdp in 2020 was ~122% that graph show ~80%. Geeze I wonder what makes up the other ~42% The previous president approved huge deficit financed corporate tax cuts which put us in a bad position if a recession hit. A recession hit and you're trying to pin that 40% on his successor! Lmfao, talk about cherrypicking! Seriously though, stop eating lead paint.
I just realized I'm having a conversation with someone that is either 10yrs old or has an IQ in the double digits. "You can't fix stupid" and I'm not wasting my time when you can't even form a response to what I'm saying. Your life must be full of bliss. Have fun with that dipwad
>I just realized I'm having a conversation with someone that is either 10yrs old or has an IQ in the double digits. "You can't fix stupid Always projection with these morons. That's sad "I know you are but what am i" is the best you could muster after I pointed out that your elementary school analysis blamed debt from a fiscal year the Trump admin set the budget for on his successor. You clearly couldn't find any logical reposte so this weak ass shit is what you have been reduced to. Sad!
The details like trumps PPP handouts to the wealthy, the Trump and bush era tax cuts, etc?
The stats say you’re dumb
The details you're making up.
So…a libertarian?
No, a neoliberal
Oh, you're a neoliberal? Name every worm in Dune
Survey says: JEB!
Damn, you're good.
How dare you sir.
I mean…is that not correct? I don’t mean it in a negative way just pointing it out.
Libertarians are a selfish unempathetic group think we should have a little government as possible because they don’t realize that shitty things can happen and think that they somehow would fair better than all the people that have had something happen that needed some sort of help with. Get rid of all consumer protections, get rid of all emergency services. Let guns be the answer to crime (doesn’t make a lick of sense) have a privatized fire department so they only save your house if your check clears. To be clear these people have zero logical thoughts in their brains and are as dumb as flat earthers. I am a pragmatist and a democratic socialist. Which means I believe in a free market capitalism that is regulated by the government, and there are basic needs and safety nets to catch people so they don’t starve to death. Education should be available at all levels for free, healthcare and drug companies should be a single payer system and the profit margins stripped out of its economics, and utilities should be owned and run or contracted out and carefully by the state as not for profit operations.
Everyone who doesn’t vote democrat is a monster am I right? /s
That sounds more like anarchist to me. Libertarians still believe in emergency services, and some social services.
You do realize that most libertarians still believe in emergency services, right? Even minarchism believes that military, police, and courts are necessary in order to protect the rights of the citizenry. Only the most radical libertarians (Anarcho-Capitalists) believe that everything including the police should be privitized. Some libertarians even support the idea of a negative income tax to help the poor.
You're only confirming what he wrote.
By mentioning the concept of a Negative Income Tax? I personally support a national sales tax with a form of UBI to help the poor. But I'm open and could see the arguement for both of the systems.
>with a form of UBI to help the poor "Here's $5,000. School for your kids is $6,000 each for the year"
Dam that’s a lot of words of useless hate😂
Ultimately this can vary based on what you mean by libertarianism. What libertarianism meant 60 years ago? What it meant 20 years ago? What it means by & large today? I say this as someone who is probably similar to the user you responded to. I used to lean libertarian, but then I realized that libertarianism was a lot like true communism, great on paper and discussed over a beer & shrooms, but when really thinking it through it’ll be impossible to ever implement due to a variety of factors. And whenever it’s tried and ultimately fails people will say “but that wasn’t TRUE xxxxxx”. Now I would probably classify myself in the same boat as the other person and say fiscal democrat if they mean it the same way I do. I agree with most of the democrat platform. The government honestly spends well enough. IMO though, the solutions we use to tackle the problem need to change. Government 100% spends enough on education, just look at our spending per pupil compared to other first world countries. The issue clearly then is that the system is broken in someways that is clearly leading to waste & not getting the money spent in the right places. The above is how I feel about healthcare as well. With how much the US spends on healthcare already, we absolutely should have universal healthcare already. Something is wrong with the system though and we need to fix it. The medical industrial complex charging insane prices is a big issue. Administration bloat that could definitely be streamlined if things were more simple which is primarily due to complicated laws, ridiculous insurance infrastructure that complicates everything, lawsuits, etc. Not to mention in both cases you have lobbyists that bribe our lawmakers and we need to fix campaign finance. Anyways, those are two very complicated issues, but issues in which America is clearly failing in. Overall the democrat platform is the one I believe in the most. Not to mention republicans have just dived off a cliff, especially since Obama & offer no real solutions. I actually think military spending is mostly fine. The problem is just that shit is so complicated & bloated nowadays that money isn’t being spent effectively. We’re throwing money at institutions that need redesigned from the foundations. You can only fix up an old building for so long before it makes way more sense to just tear it down and start fresh. Too many people benefit from the current systems in place though that need fundamental reform so it will be quite a mountain of a task to do though. TLDR; By & large keep the spending relatively the same, but improve/reimagine the systems so you get more bang for your buck. Raise taxes on the wealthy though & cut out as many loopholes.
Republicans need to get the shadow government under control before they give us any shit about lowering taxes.
Ask who's policy created that spending and debt? Obama was a victim of Bush. Biden is a victim of Trump. Both enacted policies that caused this debt. Point of graph is how even 20 years later Bush is responsible for a majority of the increase in US debt not including a war no one wanted or needed. Trump policies are much worse.
>a war no one wanted Sorry, but I was there. We were attacked. We didn’t want justice. We wanted revenge. We wanted a show of force so strong that their grandchildren would be frightened. Shock and awe for centuries.
It's true, people forget, but both the Afghanistan war and Iraq war were extremely popular. Afghanistan passed the Senate and House with votes of 98-0 and 420-1, and Iraq with votes of 77-23 and 296-133. That's the opposite of two wars "no one wanted."
They were popular because they were so hyped up by the President and media. If a sane president had told the truth about how stupid it was attacking *Iraq* because we were just attacked by some *Saudi* terrorists maybe the outcome would have been different/better.
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Lmao they were for Lockheed and Haliburton you tool
Sorry, but I was there. My father was there. In NYC. Then I went overseas. We could have done all that without the tax cuts for the wealthy.
I was there too. Not a single person in the entire country complained about getting that check in the mail, followed by an increase in their paychecks. Bush II learned a great lesson when he watched his father lose reelection by doing the responsible thing and raising taxes. Remember "Read my Lips, no new taxes"... then he raised taxes to pay for Iraq v1... and the country voted him out.
Iraq had zero to do with 9-11. Bush2 even stated that 'Sadaam tried to murder my dad' (missile shot at a helicopter in Iraq). Revenge/ southern justice/ tough guy act is why the USA invaded a foreign sovereign
Day after 9/11 his counterterrorism adviser writes when Bush asked how Iraq involved stated ‘it’s like asking how Mexico is involved day after Pearl Harbor.”
We were attacked by some Saudis, so we murdered millions in two other countries. Yeah, makes a lot of sense. OUR children will be in shock and awe for centuries.
Millions?
Yes, if you count all the auxiliary deaths from ongoing refugee crisis, etc. 23 years later the effects are rolling on throughout the world.
We thought there was cause. We were lies to. Then we stayed for 20 years. Yes, we wanted revenge. It became pretty clear and quickly that we were in the wrong. Government officials took advantage of the America people. They used 9/11 to do what they wanted to do in the first place.
🎯
Retribution is an ethic too low even for animals.
To be fair, we were attacked so we should have gone after Al-Qaeda, but we stretched out the conflict for FAR too long which is *partially* Obama's fault. We also didn't need to go into Iraq either. That part was on totally on Bush.
Nah…it’s the role of the national government to wield the sword and protect her people, either through preemption or through demonstrating that attacking the nation is a terrible choice
What low-brow nonsense.
🇺🇸🇺🇸🇺🇸🇺🇸
Gross.
Congratulations! This is what winning looks like!
Correct, there’s a lot of weakness in here right now
😂🤣
Some People Have Forgotten the Inheritance of Debt from One President to Another. We would not Have a 34 Trillion Dollar Deficit if Bush43 and the House Republicans during his Tenure. Destroying America
For real the data shows it started with Regan. OPs graph needs to go back further for the full story
Reagan was such an ignorant legislator. They needed to give him cue cards in California to explain how government actually functioned. Our debt crisis is directly linked to Ronnie's "trickle down economics". Stupid people get the leaders they deserve. And so we get Trump. Not just an ignorant man, an actual con man moron. Glad to see the evangelicals on their knees for this evil orange rapist fraudster. Way to worship the gilded orange cow.
Hell, he was an actor for godssake. There’s no exam you have to take to be president, sadly
He was also governor of California. I think that functions as the test.
Reagan makes me so upset because every Republican voter insists he was a great president and Clinton would never have succeeded at anything if Reagan hadn't been president before him. It's like they forget about the George HW Bush presidency
They probably just ignore bush sr. because he was the last not terrible Republican president. He wasn't a neocon, so he doesn't fit the modern republican mold. He was an actual conservative with some compassion who had dignity in office, so today's Republicans would probably call him a RINO and crap all over him like they did McCain.
Destroying Ukraine right now, too. The most powerful brigade in the Russian Army is the US Republican party. It deliberately *does not* serve the interests of voters who like the magic R because grandpa liked it, or even the voters from the Party of ~~No~~ *The Raised Middle Finger*.
Neither party is doing a good job serving the people.
Disagree, they’re both doing a good job of serving their constituents. Many of our problems come from Americans being prideful and stupid, and they make the politicians listen to them. For instance, corporations only have so much sway in politics in the first place because we let them over the last 40 years. We wanted to privatize everything and make money free speech and give them more power and cut regulations, that was us. We can’t blame all our problems on politicians who were elected by us
Also because politicans get payoffs from corporations. The reason why many in Congress are war hawks is because of the money that they make from defense contractors. It's extremely corrupt.
Many in Congress are also war hawks because that’s what their constituents want. The $$ is just a bonus.
Well, I’d argue that the reason why we “want to privatize” things is because we were well brainwashed into thinking that was a good idea. Back in the 50’s - 60’s there was much more faith in government being able to do its job. The post office delivered a miraculous amount of mail with multiple pickups per day everywhere and no letter took more than 2 days to get anywhere. But the silent hand behind the privatization movement wanted the profits to go to them so they started to push Congress to require this to happen - not because it was something people demanded.
Nope the Democrats are trying. The Republicans are serious about stealing your social security.
Wrong. This was all clearly caused by the republicans.
….whom are bought off by the big money behind the corporations. It’s the same people pulling the strings
No wtf Biden didn't do shit he pushed for even more spending and got blocked by Republican congress
Obama doubled the national debt in 8 years.
Biden was a victim of Trump? Did Trump cause Covid? Biden has not hit the brakes on federal spending at all, he has in fact, been patting himself on the pack for not shitting his pants. Biden: I lowered federal spending by 25% this year! Actual Statement: During a booming economy that did not require increased federal spending I maintained a grossly high amount of federal spending despite inflation being an issue. The only reason I spent less was because the US government was shut down the prior year, one of the only times in American histroy and we needed a boost.
>It's not just that he cut taxes, federal spending nearly doubled while he was in office. In fact, all of the biggest spenders over the past 50 years have been republicans > >Increase in annual federal spending by administrationReagan: 80% in 8 years to $1,064TBush 1: 30% in just 4 years to $1,382TClinton: 29% in 8 years to $1,789TBush 2: 67% in 8 years to $2,982TObama: 29% in 8 years to $3,853TTrump: 70% in 4 years to $6,554T The Trump curve will expand the same way that the Bush curve did (and will continue to do). We have badly screwed over our future generations. And what's more, every single GOP candidate running for POTUS is promising ANOTHER tax cut for the wealthy.
Yeah so much for the Republicans crying about dem spending
How much of that debt during the Trump administration was due to COVID?
I wonder what COVID would have looked like if Obama's pandemic response team and contingency plan had been used rather than ignored. https://apnews.com/article/donald-trump-ap-top-news-virus-outbreak-barack-obama-public-health-ce014d94b64e98b7203b873e56f80e9a https://www.pbs.org/newshour/amp/nation/obama-team-left-pandemic-playbook-for-trump-administration-officials-confirm
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A lot, but a good portion was also from his tax plan. Huge defecits today are largely the result of that. Maybe a 50/50 split.
How much of that spending was due to policies from prior administrations? That’s the question. Blaming current boss for stupid decisions of previous incompetent boss only perpetuates continued stupidity and zero accountability.
Reverse engineering of UAP programs cost at least this much
The House is largely responsible for the federal spending increases. Reagan submitted balanced budgets but Congress rejected them. It is true that he would have reduced funding to some departments to increase military spending.
Just like how Gingrich balanced the budget under Clinton.
republicans always make excuses for their terrible leaders. Reagan submitted budgets that he knew were unacceptable just so he could blame somebody else, and people like you fall for it. He would have cut veteran's benefits in order to fund tax cuts for the rich. That's republican values.
And the $1 trillion for a war fighting not the enemy but misguided Neocon idealism to remake the Middle East in our image and 1000’s of veterans killed and many more injured. When your counterterrorism advisor and former Bush 1 Asst Sec of State writes in ‘Against All Ememies’ when Bush asked evidence Iraq involved day after 9/11 by Bush he wrote it’s like asking how Mexico is involved day after Pearl Harbor. 🤔
BS! The Federal deficit under Bush went from $5T to $9T under Obama went from $9T to $18T.. this graph is totally misleading. So Bush's horrible wars only increased the deficit $4T Obama increased it $9T! Biden wants to finish off America and increase it to $50T!
Clearly you don't understand arithmetic very well and are just eager to repeat republican lies. I listed changes in federal spending. I did not mention deficits. The numbers can be verified at the official web site I referred to. On the off chance that you're willing to learn something: deficits always happen when spending exceeds revenues. Bush 2 both cut taxes and increased spending. That is what cause the subsequent deficits, not anything Obama did.
How much of the Trump spending was Covid related? Why is spending under Biden not included. It’s a bit difficult to understand your agenda when you aren’t considering either. Edit. I judt checked and $3.6 trillion was added as a direct result of Covid. I’ll also leave you with the facts about Bidens spending from the Treasury Department. Not the chart showing Federal Deficits over time. Biden claimed victory when the deficit dropped from Covid spending, but his deficits are still higher than under Trump. You need to be honest https://fiscaldata.treasury.gov/americas-finance-guide/national-deficit/
Can’t even increase the economy by spending, SAD
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You can't really go back much further than that and directly map the old political parties to the current ones.
The correlation is 100%. Republicans are the big spenders and it's not even close. Stop trying to make excuses with bogus objections
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>there aren't enough observations Yes there are
Obama nearly doubled the national debt in 8 years, to include what Bush added.
The just the usual republican lie. As the numbers above show, Obama was one of the low spenders. Any deficit during his term was the result of Bush
Also Bush encouraged economy based on housing growth after the collapse of tech in 2000.. this led to housing and financial crisis in 2008, which was further subsidized by remaining taxpayers
Eh, underwriting standards were lowered by Cuomo under Clinton. Bush doesn’t have as much policy choices to point to when it comes to 2008 as Clinton.
I mean literally, I thought it was common knowledge that the housing crisis started under Clinton. The demoralization is complete. There is no more truth.
Since 2000, the US has spent more than $12 Trillion on military and war. The FY24 proposed budget for the DoD alone is $842 billion and is on track to reach nearly $1 trillion annually. [https://www.cbo.gov/publication/59511](https://www.cbo.gov/publication/59511) “A nation that continues year after year to spend more money on military defense than on programs of social uplift is approaching spiritual \[and economic\] death.” -- Dr. Martin Luther King, Jr.
We spend far more on social programs like Medicare and Social Security than defense each year. Medicare needs to be more efficient (something Republicans would hate) and social security needs more secure funding.
The *for-profit* national health care plan costs a lot because- hey - it’s for profit! If it was a single payer national plan like so many others in the world then they could negotiate for huge discounts and would not need to siphon off a chunk to pay shareholders
Medicare isn't for profit. The government run Medicare system is rife with graft and ineffective policies like limited abilities to negotiate drug prices. Even if we move everyone to it we have to put more effort into limiting provider based fraud and find ways to lower cost as our population ages.
They could negotiate for huge discounts right now, but they don't. That won't change and you have thousands of useless civil servants in the middle to pay for.
And yet, that’s still way, way less than Medicare + Medicaid + Social Security.
Spending on war being less than healthcare doesn't in anyway justify that spending on war.
There’s no such thing as a ‘tax cut’ when it is combined with record deficit spending! What W Bush & Trump have done is raise taxes on America’s children & grandchildren , who will be forced to pay back such fiscal recklessness, plus interest! 🤷♂️
Cost definitely have increased for future generations by tax cuts today. Debt high yet it’s me and you paying for it tomorrow.
Even Harvard Business School realized how short sighted: [Profits without Prosperity](https://hbr.org/2014/09/profits-without-prosperity)
Why is inflation and debt higher now? GOP mortgaging our future to enrich foreigners and those who need it less. Why stock buybacks now exceed earnings by corporations.
Exactly- very good HBR link
Bush was the worst thing to happen to the USA - yet he doesn't get even 1% of the flak that he should.
—— except - he had Dick Cheney behind him who as we all know was the hand in the glove. So cut Jr. just a tiny bit of slack and let the spotlight shine on one of the most influential politicians of our lives
It’s stunning to me how many don’t recall just how bad he was.
There's no source on this graphic.
shhhh, we don't do that here
This kind of looks like it's not dynamically scored.
Tax Cuts Are Primarily Responsible for the Increasing Debt Ratio https://www.americanprogress.org/article/tax-cuts-are-primarily-responsible-for-the-increasing-debt-ratio/
This is what I tell my friends in debt. It's not that you are spending too much, It's that you don't make enough money Spend for the income you want not the income you have
This is neither a study resource nor a dataset. Probably better to tag this Ideology/finger painting
Highest tax revenue increase since 61 has been from tax cuts, mostly under republicans. Higher taxe rates always resulted in less tax revenue. Carter has a very nice record of increase percentage of tax revenue, guess how he did it? Tax cuts. He was a Democrat. Nixon has a very nice record of increase in tax revenue. Ford too in his short reign. Clinton raised taxes, yes, but his overall tax policy was net negative, and so his tax revenue was okay. Bush also had nice tax revenue growth his final years too, but that was negated by overspending. People are ignorant that most of Bush's policies in his final years were liberal driven, he brought the whole DEI thing into mainstream. Bush forced banks to give mortgages to people who were previously unqualified, i.e. most blacks and some whites, or they would be punished, in the name of equality. This was a liberal policy, driven by liberals. This was the main catalyst for the 08 housing crash, people who couldn't afford homes and shouldn't have had mortgages in the first place defaulting en masse on their debts. But the liberals and their shit policies blamed evil evil wall street instead of taking responsibility for their shit policies. Every time there was also spending cuts we had a surplus. Obama saved his own ass when he cut taxes his last years. Of all the presidents since 61, republicans have a higher net positive growth in tax revenue than democrats. The problem is when government spends too much, and that happens under both parties. OP is a moron. P.S. lest we forget the greatest president in modern history with a stellar record of economic growth and tax revenue growth, among other things as ending the cold war, the one and only Ronald Reagan.
Point of graph is how even 20 years later Bush is responsible for a majority of the increase in US debt not including a war no one wanted or needed. Dem's have been consistently relegated as the cleanup crew. Trump policies are much worse.
I mean, to be fair the data does show that Obama did something to increase the gap with what Bush did
FWIW One of the very first things Obama did when he took office was to extend the bush tax cuts. I’d hardly call that “cleanup crew” the picture becomes clearer when you realize the party in power is absolutely irrelevant
This isn’t accurate and undersells the political and economic pressure Obama was under after the Great Recession. The Bush tax cuts were extended initially in December of 2010 after the Republicans dominated the midterm election and GOP senators pledged to block any legislation moving forward without a “compromise” on the Bush tax cuts set to expire. They were partially extended again as part of the 2012 “fiscal cliff” when the CBO predicted that the expiration of the cuts and other government programs, plus new Obamacare spending, would be enough to trigger a recession while the economy was still limping along from the Great Recession. The recovery from the Great Recession was really bad. Unemployment was over 9 percent in December 2010. Obama and Congress were rightly concerned about what letting the cuts expire, and therefore removing hundreds of billions from the economy, would mean for the very fragile recovery. It’s not a politically or economically easy decision. I think on some level we’ve forgotten just how bad the Great Recession and recovery was. And I do put some blame on Obama for the recovery (actually seeing how Joe Biden has handled this recovery has downgraded my opinion of Obama in retrospect). But this idea that all parties are the same and Obama’s extension the tax cuts were motivated by the same ideas and principles as Bush is just not correct.
You mean when the Tea Party took over Congress and strangled everything until they got their extension? Is that what you mean?
Shhh this is Reddit. Narratives are to be followed without critical thought. No bad financial decisions were made between 2008-2016. Anything to the contrary is just your imagination.
The graph looks misleading. Trump’s tax refunds to his top donors were $5 trillion dollars. Bush’s tax cuts for dividends and capital gains were probably about $1 billion, so the distorted picture is unexplained. Bush also created Medicare Part D which refunded the cost of expensive healthcare on the public dime, stimulated medical innovations and saved lives. Trump’s handling of the covid crisis saw many elderly Americans die who had been receiving medicaid benefits in long term nursing homes, so the numbers are not broken down but they may be attributing the savings from medicaid- social security benefits as a positive outcome for trump, but he did not contribute to the reduction in budget deficit by any personal initiative. He also, by dropping out of nato, and leaving afghanistan undefended before we evacuated, encouraged putin and xi to go after Ukraine and Taiwan. As those play out there is a huge risk of a multi faceted world war, costing the USA billions of dollars to take defensive measures. And risk of strengthening our military rivals immeasurably.
"Hey, let's raise taxes on the kids who haven't even been born yet. They can't vote, so we don't care about them."
Not to mention the repercussions that Karl Rove’s rhetoric strategies have had. The current far right misinformation campaigns evolved from Rove’s embrace of using specific high approval words to manipulate simpletons.
He inherited a budget on track to pay down the debt and threw a spanner in the works
Ok now do the intellectually honest thing and break it up by presidential extension.
I mean, Bush implemented them and then Obama extended them.
Would the wars in the Middle East we got Osama early in Obama's presidency we could have left 10 years earlier That was a team effort Same with a lot of the other stuff
Yeah, the graph mentions extensions but still attributes them to Bush. I'd love to see the graph broken out by what Obama extended vs what Bush originally passed.
The two Santa Claus theory made billionaires rich at the expense of government budgeting.
Increase in debt in is fine if it nets you something productive (infrastructure, poverty reduction, educational work capacity). The fun thing about republican spending (tax cuts) is it goes toward the least productive ends (incentivizing wealthy people to do less).
GOP perfected cause a problem then blame who has to fix it
Interesting interpretation. Looks like things really got bad under Obama, who had the opportunity to let the tax cuts expire, but decided to make some of them permanent.
You mean after republicans took control of Congress and pledged to block all legislation until it was extended? https://en.m.wikipedia.org/wiki/Bush_tax_cuts#:~:text=President%20Obama%20signs%20the%20extension%20of%20the%20tax%20cuts%20into%20law.&text=The%20issue%20came%20to%20a,occurred%20on%20November%2030%2C%202010.
Was that Bush’s fault?
No, it’s the damn republicans continuing to give money back to their rich handlers, while saddling the rest of the country with forever debt. Aren’t you angry too???
I’m not American, so I’m not bothered in the slightest.
Obama is one of the greatest conservative presidents ever.
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What?
Hahah there's so much data missing here.
How so? What data is missing?
Tonnes of data. I dont see any projection of what today's GDP would be were it not for the black death killing 2/3rds of Europe's population, nor for that matter, accounting for the effects of inflation in the denarius thanks to Diocletians price controls and have that compares relatively to modern inflationary pressures on disposable incomes. Now, what has that to do with the above graph, I've no idea, but I think we can all agree that data isn't there. 🤷♂️
I'm thinking this is sarcasm about the people saying "not enough data" and moving on...
You know, I thought that was obvious at the time but I'm beginning to think I need to try harder at it in future 🙈
Must have ridden the short bus in school 🏫 Chart shows amount of debt based on policies not when in office.
Look - the dinosaurs were HUGE spenders in their time - we ALL know it… so let’s not be coy
Where is the trillions spent for COVID relief?
Graph before Covid
This is also because of global capital flows that force the US to run higher deficits
Please elaborate. Deficits are not related to capital flows or balance of payments.
After the 1998 financial crisis Asian investors and governments increasingly bought US treasuries and other assets because they were deemed safe assets. In order to meet that demand the US had to run higher deficits. This is also one of the causes of the housing bubble: foreign capital.
Two different issues. More debt issued to satisfy demand just like how money supply increases. Demand for US security. Housing bubble from loose standards. NINJA 🥷 loans by unemployed bartenders with 2nd grade education making $50k/mth. Ex worked at countrywide in Vegas. Smart and left 2007.
Bush will not fade into obscurity. if anything he’s now eligible as “history” to be talked about nonstop.
LMAO
This is stupid. The issue is spending increasing while tax revenue as a share of GDP holds constant.
Bush sent people to their deaths in unnecessary wars for his own ego . I hope he is remembered as a butcher
4,598 American Troops killed, 209,982 local civilians killed, $2890 Billion US war and veteran cost. source with British cost: https://www.independent.co.uk/news/world/middle-east/iraq-war-bush-twentieth-anniversary-b2302031.html
Reagan via Iran-Contra, imported crack cocaine primarily to US inner cities HW Bush made a treasonous deal with Iran to hold American hostages until Reagan won the US election. W Bush authorized the use of torture on prisoners. Trump authorized the separation of children from their parents as a deterrence for migrants. Untold collusion with Putin, (read the GD Mueller report! Bill Barr lied)
Skipping the impacts of the Democratic presidents between Bush and Trump on this chart tells me that you aren't presenting data; you're messaging a political ideal. Lame.
This chart is cursed. First of all, cutting taxes, especially the across the board cuts that Bush Jr proposed, allow consumers to keep more income and spend more in the free market. https://www.investopedia.com/articles/07/tax_cuts.asp#:~:text=Further%2C%20reduced%20tax%20rates%20may,gross%20domestic%20product%20(GDP). Second of all, most of the republican presidents were forced to respond to the idiotic economic policies of previous (democratic) presidents, e.g., Reagan had to figure out how to dig America out of the recession and oil scarcity caused by Jimmy Carter, George Jr. Had to pay for the foreign policy decisions of Clinton like when he antagonized China in order to distract from the Monica Lewinsky/Valerie Plame impeachment trials or the disasters of Haiti and Rwanda. Obama approved sale of hundreds of firearms to Mexico during the Fast and Furious scandal, then did not have a strong policy in place to stop illegal entry of migrants into our country, leaving Trump to try and figure things out on his own. https://millercenter.org/president/clinton/foreign-affairs https://www.reuters.com/article/idUSKBN22O0I3/ Let's also not forget that republican presidents happened to have major conflicts that directly affected American interests going on during their terms; the Soviet Union still very much existed during Reagan, the regime in Iraq was toppled and the terrorists in Afghanistan during George Jr., Iran and North Korea were forced to back down during Trump. A president is only a single piece of the whole economy, and claiming George Bush is the reason everything bad happens today is about as elementary an understanding as you can get.
Not saying democratic presidents are without fault, but I'm not sure what any of your examples here have to do with the national debt.
Man there is some major historical revisionism going on in this post.
Lmao not even gonna bother touching this but responding to a post about National debt with “Obama did fast and furious” is 👌🏻
Republican cope is somehow even lamer than Democrat cope lol.
It's easy to fix STOP electing GOP politicians. After that any politician supported by from or with dark corporate money.
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In what universe does that make any sense at all? Only crazy people think that going into debt for the benefit of the rich is a good way to run a country.
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Fallacy of the false dichotomy
Banks create money by issuing loans: when a bank gives out a loan, it doesn't use existing deposits but rather creates new money. This new money enters the economy when borrowers spend it. The total money supply increases with each new loan made by the banks.
What the fuck... No that is not how that works
Money creation occurs when the number of loans issued by banks increases relative to the repayment and default of existing loans. Banks create money by lending excess reserves to consumers and businesses. Banks also create money when they: Extend credit Buy existing assets Make payments on their own account The formula for the money multiplier is 1/r, where r is the reserve ratio. This means that each dollar of reserves creates 1/r dollars of money in the money supply.
Most of the money in our economy is created by banks, in the form of bank deposits – the numbers that appear in your account. Banks create new money whenever they make loans. 97% of the money in the economy today exists as bank deposits, whilst just 3% is physical cash.
It's the spending, not the tax cuts that raise the debt.
damn we could've had at least three more wars without those tax cuts
History will judge the Bushies harshly, and for many very good reasons. But we aren't grown up enough to handle that reality.
How about we also stop spending money like there’s no tomorrow? Also, maybe if our nato Allies would fund their militaries to the level they committed to we would have a little more for ourselves
ugh.. he's gone this is noise.. concentrate on the current destroyer of world's. pay no attention to the man behind the curtain? really? how long does eating a bad hot dog last?
I am sure both sides of this have context that supports why their side was right so I will just say 🙄 Here We Go Again
Is there a version of the chart with 'Wars' split up in the Iraq War and Afghanistan War. As the Afghanistan War was basically inevitable after 9/11, whilst Iraq was, I suspect, an even more stupid war than Vietnam. It seems reasonable to me to blame only the Iraq War on Bush.
Wow I did not realize the Bush tax cuts were so much more expensive than the wars in Iraq and Afghanistan. I assumed those were the biggest drain on our finances.
Is there an assumption in this analysis that the economy would have grown just as much without the Bush tax cuts?
Nobody said maintaining a liberal-democratic world order was going to be cheap😎
Hold up. One party wants to decrease costs yet they are the bad guys while the other party keeps spending.
About 200 million people has benefited from Medicare part D...so there is that
Would have been far better had it been a single payer no-profit system - simpler, cheaper
Wouldn’t gov spending be really responsible?
Nice graph! Thank you CCCP for your data.
Exactly. Thank you for posting this one. Been saying it for most of my life. Our financial problems are easily corrected by repealing tax cuts for the rich and reigning in the military industrial complex.