And a surplus means we could pay down debt accumulated, and Bush destroyed the surplus and ran up record deficits, six million jobs lost under him and led the economy into the toilet and Obama was faced with cleaning up the mess, yet you all blame him for the problems.
Gasoline up 100% under Obama
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SparrowHawk
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Just STOP with the Orwellian bleating for a second and do some freakin' homework. Debt as a percentage of GDP has been Higher then it was at the height of the Great Depression for nearly 30 years. This year it's expected to fall in at about 103% which would make the highest since post WWII When it ballooned to 112% before easing back down under Eisenhower.
No matter what Bush did or didn't do, Barack Obama has presided over a 24% increase in the debt to GDP ratio versus a 12% increase under Bush over 8 years versus 2 Years for Obana
It increased as he had to clean up the mess from Bush's economic policies that killed the economy, is that too hard to understand?
Financing Afghanistan and Iraq wars exploded the deficit and his economic policies killed the economy.
Financing Afghanistan and Iraq wars exploded the deficit and his economic policies killed the economy.
get off the Bush hate, dude......it goes way beyond it and you should know it.
The last two years of his presidency were characterized by the worsening subprime mortgage crisis, which resulted in dramatic government intervention to bailout damaged financial institutions and a weakening economy.
The U.S. national debt grew significantly from 2001 to 2008, both in dollars terms and relative to the size of the economy (GDP), due to a combination of tax cuts and wars in both Afghanistan and Iraq. Budgeted spending under President Bush averaged 19.9% of GDP, similar to his predecessor President Bill Clinton, although tax receipts were lower at 17.9% versus 19.1%.
The U.S. national debt grew significantly from 2001 to 2008, both in dollars terms and relative to the size of the economy (GDP), due to a combination of tax cuts and wars in both Afghanistan and Iraq. Budgeted spending under President Bush averaged 19.9% of GDP, similar to his predecessor President Bill Clinton, although tax receipts were lower at 17.9% versus 19.1%.
The last two years of his Presidency......no chance absolutely and positively things set in motion before his Presidency could or would have an untimely economic impact to his stay at the White House??
Wonder where and how the subprime mortgage crisis popped on the scene........
Where you cutting and pasting from, BTW?
Dog Wonder
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Those NINJA (No Income No Job No Assets) loans are a product of Countrywide and their ilk who gave loans to every swinging penis that applied, then bundled them for sale to investors who thought the loans were good.
Not something that just popped up.
Good point Dog.....nothing better than keeping one's nose to the ground.
Aside from that.......who pushed those firms to give loans to the poor,down trodden who never would be able to pay off those loans?
Ms Tree
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You might want to look a bit deeper into his bankruptcies and his creditors. Much of what I have read indicates that his creditors did not stick with him out of love and affection. They 'stuck' with him because they already had a boat load of money sunk into his black hole's. They were hoping to break even and not loose all of the money. Trump is a huckster. I would not let him pick up my dogs crap.
Ms Tree
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The person I would like to vote into office is the person who does not want the job. So far I have not seen nor heard of that person.
I do not trust anyone who would want that job. You are screwed anyway you turn. The country is in such dire straights right now that anyone who wants the job or says that they have the answer is either an idiot or a liar or both.
I do not trust anyone who would want that job. You are screwed anyway you turn. The country is in such dire straights right now that anyone who wants the job or says that they have the answer is either an idiot or a liar or both.
They stuck with him because over the long term, Trump made money for them rather than lost long term......DUH
Thought you was a kitty guy....except for that funny looking dog.
SparrowHawk
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Would you wake up and stop with the AFL-CIO lying bullshite.
No one is discussing spending here and budget deficits, were talking DEBT. Beside which if we use spending OR Debt increases The Supreme Leader of the People Democratic Republic of Barackistan loses as both are runaway and unsustainable.
You can lay everything that has happened the last two years squarely at Obama's feet & no amount of "It's Bush's Fault/Big Lie Propaganda" will change the facts. Barack Obama had both houses of Congress for 2 years and he had the opportunity to bring the debt.budget under control as Clinton did. He FAILED He had the opportunity to end the Liberty confiscating Patriot Act, he FAILED to do so. He had the choice to demonstrate fiscal responsibility and keep the Fed from printing worthless paper and devaluing the dollar to the point where $7.00/gal gas and another recession are likely. He FAILED to do so! He FAILED to end two wars, instead starting yet another ill defined adventure into Libya. Last I looked Gitmo is still open, yet another example of abject FAILURE
Granted some of the above started with his predecessor. However he had ample time to address/correct those situations and he FAILED to do so. He's into his third year and his blind Hitler Jungen supporters are still spewing the "it's all Bush's fault" he's had ample time to demonstrate his leadership skills and political acumen, He has FAILED in every effort.
For me the statute of limitations has expired on Bush and Barack Obama needs to be held accountable for his piss poor performance. The only good thing about paying $5 to $7 per gallon is it virtually guarantees the scar upon the land will be another FAILED one term wonder.
The cumulative debt of the United States in the past seven completed fiscal years was approximately $4.08 trillion, or about 40.8% of the total national debt at the time of that completion of approximately $10.0 trillion.2001-2007
The total surplus in FY 2001 was $128 billion. A combination of tax cuts and spending initiatives has added almost $1.7 trillion—through budget deficits—to the national debt since then (October 1, 2001 through September 30, 2007). It should be noted that yearly debt accumulation often exceeds the yearly budget deficit, because, for example, paying the interest on the debt is not planned in the budget to be paid off or because Social Security receipts run a surplus (see Fiscal policy of the United States). The total budget deficit for FY 2007 was $162 billion.
From the end of Fiscal Year 2001 (ending Oct. 1, 2001) to the fourth quarter of 2007, the economy has produced $6.5 trillion (in constant 2000 dollars) over and above third quarter 2001 GDP levels of $9.87 trillion per year. In the same period the federal government accumulated $3.0 trillion in gross debt (in constant 2000 dollars) or a debt load of 46.5¢ per dollar of the increased production (for comparison purposes in expressing the size of the debt; that is, new debt didn't exceed new production, but growing economies of growing populations are dependent for their vitality to certain consumption levels, so the increased production isn't necessarily immediately usable in its entirety to pay for the debt).
Most debt was accumulated as a result of tax cuts and increased national security spending. According to Richard Kogan and Matt Fiedler, "the largest costs — $1.2 trillion over six years — resulted from the tax cuts enacted since the start of 2001. Increased spending for defense, international affairs, and homeland security – primarily for prosecuting the wars in Iraq and Afghanistan – also was quite costly, amounting to almost $800 billion to date. Together, tax cuts and the spending increases for these security programs account for 84 percent of the increases in debt racked up by Congress and the President over this period." Lawrence Kudlow, however, noted "The U.S. has spent roughly $750 billion for the five-year war. Sure, that’s a lot of money. But the total cost works out to 1 percent of the $63 trillion GDP over that time period. It's miniscule [sic]." He also reported that "during the five years of the Iraq war,. . .household net worth has increased by $20 trillion." Nobel laureate Joseph Stiglitz has estimated the total cost of the Iraq War at closer to $3 trillion.
Interest on the debt (including both public and intragovernmental amounts) increased from $322 billion to $454 billion annually. The share of public debt owned by foreigners increased significantly from 31% in June 2001 to 50% in June 2008, with the dollar balance owed to foreigners increasing from $1.0 trillion to $2.6 trillion. This also significantly increased the interest payments sent overseas, from approximately $50 billion in 2001 to $121 billion during 2008.
President Bush also signed into law Medicare Part D, which provides additional prescription drug benefits to seniors. The program was not funded by any changes to the tax code. According to the GAO, this program alone created $8.4 trillion in unfunded obligations in present value terms, a larger fiscal challenge than Social Security.
The total surplus in FY 2001 was $128 billion. A combination of tax cuts and spending initiatives has added almost $1.7 trillion—through budget deficits—to the national debt since then (October 1, 2001 through September 30, 2007). It should be noted that yearly debt accumulation often exceeds the yearly budget deficit, because, for example, paying the interest on the debt is not planned in the budget to be paid off or because Social Security receipts run a surplus (see Fiscal policy of the United States). The total budget deficit for FY 2007 was $162 billion.
From the end of Fiscal Year 2001 (ending Oct. 1, 2001) to the fourth quarter of 2007, the economy has produced $6.5 trillion (in constant 2000 dollars) over and above third quarter 2001 GDP levels of $9.87 trillion per year. In the same period the federal government accumulated $3.0 trillion in gross debt (in constant 2000 dollars) or a debt load of 46.5¢ per dollar of the increased production (for comparison purposes in expressing the size of the debt; that is, new debt didn't exceed new production, but growing economies of growing populations are dependent for their vitality to certain consumption levels, so the increased production isn't necessarily immediately usable in its entirety to pay for the debt).
Most debt was accumulated as a result of tax cuts and increased national security spending. According to Richard Kogan and Matt Fiedler, "the largest costs — $1.2 trillion over six years — resulted from the tax cuts enacted since the start of 2001. Increased spending for defense, international affairs, and homeland security – primarily for prosecuting the wars in Iraq and Afghanistan – also was quite costly, amounting to almost $800 billion to date. Together, tax cuts and the spending increases for these security programs account for 84 percent of the increases in debt racked up by Congress and the President over this period." Lawrence Kudlow, however, noted "The U.S. has spent roughly $750 billion for the five-year war. Sure, that’s a lot of money. But the total cost works out to 1 percent of the $63 trillion GDP over that time period. It's miniscule [sic]." He also reported that "during the five years of the Iraq war,. . .household net worth has increased by $20 trillion." Nobel laureate Joseph Stiglitz has estimated the total cost of the Iraq War at closer to $3 trillion.
Interest on the debt (including both public and intragovernmental amounts) increased from $322 billion to $454 billion annually. The share of public debt owned by foreigners increased significantly from 31% in June 2001 to 50% in June 2008, with the dollar balance owed to foreigners increasing from $1.0 trillion to $2.6 trillion. This also significantly increased the interest payments sent overseas, from approximately $50 billion in 2001 to $121 billion during 2008.
President Bush also signed into law Medicare Part D, which provides additional prescription drug benefits to seniors. The program was not funded by any changes to the tax code. According to the GAO, this program alone created $8.4 trillion in unfunded obligations in present value terms, a larger fiscal challenge than Social Security.
In 2003, the Bush Administration attempted to create an agency to oversee Fannie Mae and Freddie Mac. The bill never made progress in Congress, facing sharp opposition by Democrats. The Bush economic policy regarding Fannie Mae and Freddie Mac changed during the economic downturn of 2008, culminating in the federal takeover of the two largest lenders in the mortgage market. Further economic challenges have resulted in the Bush administration attempting an economic intervention, through a requested $700 billion bailout package for Wall Street investment houses.
The last year of Bush's second term was dominated by an economic recession. The National Bureau of Economic Research (NBER) marked December 2007, the month with the highest payroll employment numbers, as the high point of American economic production with output declining from then on to the present. GDP declined by an annualized -0.5% in the third quarter and -3.8% in the fourth quarter of 2008. The two consecutive quarters of negative economic growth met the "rule of thumb" definition of a recession, confirming the NBER's declaration of a recession.
Bush responded to the early signs of economic problems with lump-sum tax rebates and other stimulative measures in the Economic Stimulus Act of 2008. In March 2008, Bear Stearns, a major US investment bank heavily invested in subprime mortgage derivatives, began to go under. Rumors of low cash reserves dragged Bear's stock price down while lenders to Bear began to withdraw their cash. The Federal Reserve funneled an emergency loan to Bear through JP Morgan Chase. (As an investment bank, Bear could not borrow from the Fed but JP Morgan Chase, a commercial bank, could).
The Fed ended up brokering an agreement for the sale of Bear to JP Morgan Chase that took place at the end of March. In July, IndyMac went under and had to be placed in conservatorship. In the middle of the summer it seemed like recession might be avoided even though high gas prices threatened consumers and credit problems threatened investment markets, but the economy entered crisis in the fall. Fannie Mae and Freddie Mac were also put under conservatorship in early September.
A few days later, Lehman Brothers began to falter. Treasury Secretary Hank Paulson, who in July had publicly expressed concern that continuous bailouts would lead to moral hazard, decided to let Lehman fail. The fallout from Lehman's failure snowballed into market-wide panic. AIG, an insurance company, had sold credit default swaps insuring against Lehman's failure under the assumption that such a failure was extremely unlikely.
Without enough cash to pay out its Lehman-related debts, AIG went under and was nationalized. Credit markets locked up and catastrophe seemed all too likely. Paulson proposed providing liquidity to financial markets by having the government buy up debt related to bad mortgages with a Troubled Asset Relief Program. Congressional Democrats advocated an alternative policy of investing in financial companies directly. Congress passed the Emergency Economic Stabilization Act of 2008, which authorized both policies.
Throughout the crisis, Bush seemed to defer to Paulson and Federal Reserve Chairman Ben Bernanke. He kept a low public profile on the issue with his most significant role being a public television address where he announced that a bailout was necessary otherwise the United States "could experience a long and painful recession."
The last year of Bush's second term was dominated by an economic recession. The National Bureau of Economic Research (NBER) marked December 2007, the month with the highest payroll employment numbers, as the high point of American economic production with output declining from then on to the present. GDP declined by an annualized -0.5% in the third quarter and -3.8% in the fourth quarter of 2008. The two consecutive quarters of negative economic growth met the "rule of thumb" definition of a recession, confirming the NBER's declaration of a recession.
Bush responded to the early signs of economic problems with lump-sum tax rebates and other stimulative measures in the Economic Stimulus Act of 2008. In March 2008, Bear Stearns, a major US investment bank heavily invested in subprime mortgage derivatives, began to go under. Rumors of low cash reserves dragged Bear's stock price down while lenders to Bear began to withdraw their cash. The Federal Reserve funneled an emergency loan to Bear through JP Morgan Chase. (As an investment bank, Bear could not borrow from the Fed but JP Morgan Chase, a commercial bank, could).
The Fed ended up brokering an agreement for the sale of Bear to JP Morgan Chase that took place at the end of March. In July, IndyMac went under and had to be placed in conservatorship. In the middle of the summer it seemed like recession might be avoided even though high gas prices threatened consumers and credit problems threatened investment markets, but the economy entered crisis in the fall. Fannie Mae and Freddie Mac were also put under conservatorship in early September.
A few days later, Lehman Brothers began to falter. Treasury Secretary Hank Paulson, who in July had publicly expressed concern that continuous bailouts would lead to moral hazard, decided to let Lehman fail. The fallout from Lehman's failure snowballed into market-wide panic. AIG, an insurance company, had sold credit default swaps insuring against Lehman's failure under the assumption that such a failure was extremely unlikely.
Without enough cash to pay out its Lehman-related debts, AIG went under and was nationalized. Credit markets locked up and catastrophe seemed all too likely. Paulson proposed providing liquidity to financial markets by having the government buy up debt related to bad mortgages with a Troubled Asset Relief Program. Congressional Democrats advocated an alternative policy of investing in financial companies directly. Congress passed the Emergency Economic Stabilization Act of 2008, which authorized both policies.
Throughout the crisis, Bush seemed to defer to Paulson and Federal Reserve Chairman Ben Bernanke. He kept a low public profile on the issue with his most significant role being a public television address where he announced that a bailout was necessary otherwise the United States "could experience a long and painful recession."
All well and fine if you want to castigate GW.......but how has the national debt done under our current Illegal vs GW?
