According to CBS News, the national debt has increased more under President Obama than under President Bush. According to the U.S. Treasury, President Bush increased the public debt by $4.9 trillion in the 8 years of his presidency. That would include all that spending for the wars in Afghanistan and Iran as well as the new Department of Homeland Security on top of all the other stuff as well as the costs incurred by the dDmocrat-controlled Congress from 2006 on. President Obama hasn't yet served out his first 4-year term, but in the time he has served (about a 3 years and 8 months) the national debt has climbed $5.5 trillion. According to the White House, in 2011 the government took in $2.3 trillion. The good news, of course, is that they only spent $3.6 trillion, so there's that. For 2012, they estimate another $2.5 trillion coming in and $3.8 trillion spent. Looks like they're headed in the right direction.
Now we're hearing about Romney's horrendous plan to cut taxes by $4 trillion in order to improve this condition. Understand that the "$5 trillion" is not a straightforward number. I mean, it can't be, given that the government doesn't actually take in $5 trillion in a year. No, that number is over 10 years. Romney's plan would cut something like $500 billion a year. A much more reasonable number.
Or, let's do it the other way. Let's go with the 10-year forecast concept. Under Romney's plan, in 10 years the government will have lost $5 trillion. Fine. Under Obama's plan, based on the current rates, the debt will have increased $18 trillion.
So, which plan is the better one? Well, it's my guess that neither will solve the problems we're facing, but comparing a $5 trillion decrease with an $18 trillion increase and calling the latter "better" seems inane.
3 comments:
It's probably worse than that because we are on the back side of the Laffer curve. As tax rates increase revenues decrease resulting in even high than projected deficits.
Starting this week, I am a retired old codger. :-] One reason I will be voting for Romney is that I think he will be the better choice for this nation’s economy. I have no pension, so I will be depending on the investments I have been building up for 30+ years to see me through to the casket.
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Off-topic.
On one of his last days on the air, Andrew Tallman said, “I feel like a kid the day before Christmas. I can’t wait to see what the Lord has for me.”
Is your grapevine such that you’ve been able to keep up with Andrew? I’m just curious whether he stayed in Arizona, or got a job with a radio station somewhere else.
Thanks.
Yes, Dan, I was guilty of optimism. It will probably be much worse than another $18 trillion.
Anonymous, to the best of my recollection Andrew became a producer in Oregon. I know he left the state for a job in radio.
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