Posts Tagged ‘debt’

Hey Look! That One is Way Ahead!

Friday, June 1st, 2012

debt2I’ve seen a “Who Increased The Debt?” chart here and there around the net and on more than one Facebook post, so odds are you’ve come across it or one of it’s variations.  I also think that I hear Joe Teehan allude to these same figures somewhat regularly on the KGMI Morning Show.

Through one of the Facebook links I located this copy of the chart on the right at Politcususa which is a self described liberal politics blog.  With the title Politicausa centered between images of  self-proclaimed  socialist Senator Bernie Sanders and by most accounts socialist President Obama, I had no doubt that the “facts” on the site were skewed to the left.

I wasn’t really sure how far left and exactly what actual information they were skewing so I had a look see.  It turns out that Snopes already had a go at the chart six months ago and they had deemed the Who Increased the Debt chart a mixture of truth and fiction.  What they actually determined was that the chart was probably based on accurate information (as of April 2011) just not well represented or of any use.

“So, as far as raw numbers go, the chart is reasonably accurate…

The chart isn’t a true comparison of equals…

the increase reported for Barack Obama will be considerably higher by the time he leaves office.”

Snopes bottomline really says all that anyone needs to know about the Who Increased the Debt chart,

All in all, this is a case of relatively accurate information which is of marginal value due to the lack of proper comparative context

Alternative debt analysis1Being of marginal value hasn’t stopped Barack Obama supporters from spreading it around the net though.  Apparently it is of some value to them if they get enough people like Joe Teehan to pass along the misinformation as truth.  And we all know that lies become truth if you hear them enough. Way to go Joe!

So as not to make this blog post just a negative commentary or a repost of a Snopes post, I thought I would add a couple of charts of my own that actually contain proper comparative context.  I used the same data, but I didn’t compare apples to oranges nor mush and manipulate the numbers into a chart where I tell you who is at fault in our national debt problem.  Instead,  I just charted the hard numbers, dollars vs. time.

 

Alternative debt analysis 2Anyone with out a preconceived agenda will probably agree with my 9-year old, who when seeing the charts proclaimed, “Hey look! That one is way ahead!” as he pointed to the Barack Obama spending line.  How do you disagree with that?   If spending taxpayer money were a race, President Obama is clearly in the lead.

My charts don’t bode well for a sitting President seeking a second term in office.  It would be one thing to spend this much money if our economy were booming, but it isn’t.   It would be another thing if this outrageous level of spending were actually kicking our economy into overdrive, but it isn’t.  Frankly I can’t see anything positive coming from this level of spending nor the Obama Administration in general.

And President Obama is asking us to offer him 4 more years of spending?  I don’t think we can take it.

PS

And what about all the probamas who blame President Bush for much of President Obama’s early term spending?   I say sure, there is always some carryover spending from one administration to another, but don’t tell me that President Obama and his administration don’t have a spending problem when they couldn’t even wait to take office to start spending.

UPDATE on November 10, 2008 at 7:15 PM EST:
A source tells NBC News that Obama pushed Bush on an economic stimulus package, saying that action is needed now, not after the inauguration:

According to the source, Obama told Bush that action is needed on a stimulus package now – in a lame duck session – and cannot wait until after the inauguration.
Obama also urged help for automakers and encouraged the acceleration of the disbursement of $25 billion dollars for the industry.

On his third focus – housing – Obama voiced his concern that homeowners whose mortgage rates are about to go up will need aid to prevent more Americans from defaulting on home loans.

HuffingtonPost

And another,

President-elect Barack Obama asked President Bush today to request the release of the second $350 billion in federal bailout funds so he would have “ammunition” if the country’s fragile economy weakened further.The White House said that Bush has agreed to request the money.
Obama, speaking after a meeting with Mexican President Felipe Calderon, said it would be “irresponsible” to enter the White House without having asked Bush to request the funds. He called the cash “potential ammunition” in case the economy worsened.
Bush to Ask for TARP; Obama to ‘Rebrand’ It

By MARK MOONEYJan. 12. 2009

Bush Deficit vs. Obama Deficit

Tuesday, July 7th, 2009

wapoobamabudget1I’m not really into reposting other’s material, but I’ll make this article from the Heritage Foundation one of the few exceptions.   As per their usual, they have with great visual simplicity, painted a picture of outrageous spending habits of the the Obama Administration.

No, they don’t let President Bush off the hook, for his poor spending, they just clearly show how much worse things became after President Obama was elected.  It’s no wonder that people are taking to the streets in protest.

And after you check out the outrageous spending plan, don’t miss the penny explanation of President Obama’s budget cuts?

Bush Deficit vs. Obama Deficit in Pictures

President Barack Obama has repeatedly claimed that his budget would cut the deficit by half by the end of his term. But as Heritage analyst Brian Riedl has pointed out, given that Obama has already helped quadruple the deficit with his stimulus package, pledging to halve it by 2013 is hardly ambitious. The Washington Post has a great graphic which helps put President Obama’s budget deficits in context of President Bush’s.

What’s driving Obama’s unprecedented massive deficits? Spending. Riedl details:

  • President Bush expanded the federal budget by a historic $700 billion through 2008. President Obama would add another $1 trillion.
  • President Bush began a string of expensive finan­cial bailouts. President Obama is accelerating that course.
  • President Bush created a Medicare drug entitle­ment that will cost an estimated $800 billion in its first decade. President Obama has proposed a $634 billion down payment on a new govern­ment health care fund.
  • President Bush increased federal education spending 58 percent faster than inflation. Presi­dent Obama would double it.
  • President Bush became the first President to spend 3 percent of GDP on federal antipoverty programs. President Obama has already in­creased this spending by 20 percent.
  • President Bush tilted the income tax burden more toward upper-income taxpayers. President Obama would continue that trend.
  • President Bush presided over a $2.5 trillion increase in the public debt through 2008. Setting aside 2009 (for which Presidents Bush and Obama share responsibility for an additional $2.6 trillion in public debt), President Obama’s budget would add $4.9 trillion in public debt from the beginning of 2010 through 2016.

UPDATE: Many Obama defenders in the comments are claiming that the numbers above do not include spending on Iraq and Afghanistan during the Bush years. They most certainly do. While Bush did fund the wars through emergency supplementals (not the regular budget process), that spending did not simply vanish. It is included in the numbers above. Also, some Obama defenders are claiming the graphic above represents biased Heritage Foundation numbers. While we stand behind the numbers we put out 100%, the numbers, and the graphic itself, above are from the Washington Post. We originally left out the link to WaPo. It has been now been added.

CLARIFICATION: Of course, this Washington Post graphic does not perfectly delineate budget surpluses and deficits by administration. President Bush took office in January 2001, and therefore played a lead role in crafting the FY 2002-2008 budgets. Presidents Bush and Obama share responsibility for the FY 2009 budget deficit that overlaps their administrations, before President Obama assumes full budgetary responsibility beginning in FY 2010. Overall, President Obama’s budget would add twice as much debt as President Bush over the same number of years.


Technically, yes

Sunday, February 22nd, 2009

printing money I think most remember that campaigning Barack Obama promised to give tax breaks to 95% of Americans and promised that “If you make under $250,000, you will not see your taxes increase by a single dime. Not your income taxes, not your payroll taxes, not your capital gains taxes. Nothing.” 

I certainly remember those promises and because of there shear boldness, I think they were among the few campaign promises that now President Obama has to keep, lest he be crucified by the press.(pun intended)  So not surprisingly, the tax related items caught my eye in a bevy of “Obama” related articles in the Herald this morning.   

President Barack Obama on Friday rejected his transportation secretary’s suggestion that the administration consider taxing motorists based on how many miles they drive instead of how much gasoline they buy. (article)

Very happy to see that taxing motorists based on miles driven is not part of his administrations plan.  A stupid, stupid, stupid idea that does nothing to encourage using less gasoline and oh, yes, that would be a tax increase for those of us who make under $250,000 dollars/yr.  I am glad to see that the pseudo He is technically sticking to his word. 

And as a conservative I’ve got to be happy with this tax break for the working class.

The president said his signature two-year "Making Work Pay" tax break will affect 95 percent of working families, and, in six weeks’ time, a typical family will start taking home at least $65 more every month.

Most workers are to see about a $13 per week increase in their take-home pay. In 2010, the credit would be about $7.70 a week, if it is spread over the entire year. (article)

And I was, that is until I read one small detail; you get the credit even if you don’t make enough to pay taxes.  So is President Obama really enacting a “Making NOT-Work Pay” tax break?  Looks like it.

So technically speaking these programs fulfill Barack Obama’s campaign promises; 95% of us may get a tax break; and it appears he is trying to stick to his promise of not taxing those of us who make under $250,000. 

I should be praising this guy up and down the aisle, but I’ve got this nagging feeling that I can’t seem to quite put a finger on….

Oh, yeah! 

OUR CHILDREN will have to pay back trillions of dollars of debt, so WE don’t get taxed right now, and WE get $13 per week right now, and because the Obama Administration won’t quit spending money like no administration has ever done in the past.  That’s change and that sucks!