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How did our deficit baloon to $1 Trillion/yr under Obama?!

Because he made sure that we accounted for all the under the table costs associated with the two wars, that was not accounted for under the previous administration.
 
Poor guy was handed the economy when it was in the gutters, thanks to the previous administration. Regardless of who is sitting as the president today, the administration would have had to shell out that much money to support the economy and the banks
 
jstern01 said:
Because he made sure that we accounted for all the under the table costs associated with the two wars, that was not accounted for under the previous administration.
Click to expand...

Those were accounted for before, it was just done off budget so the costs were visible. They were still included in the final yearly tally. The wars cost about $100b/year. We have a 1.5T defect.

That stems from increased spending and decreased tax revenue because of the economy.
 
charrison said:
Those were accounted for before, it was just done off budget so the costs were visible. They were still included in the final yearly tally. The wars cost about $100b/year. We have a 1.5T defect.

That stems from increased spending and decreased tax revenue because of the economy.
Click to expand...

1.3 Trillion but what's a few hundred billion among friends? :awe:

Same as last year but down from the 1.45T of 2009.
 
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I imagine this economy has ruined a great many people who used to provide taxes. Perhaps you should first compare revenue to compare deficits.
 
santz said:
Poor guy was handed the economy when it was in the gutters, thanks to the previous administration. Regardless of who is sitting as the president today, the administration would have had to shell out that much money to support the economy and the banks
Click to expand...

Good Lord....it's still blame Bush.

It's not going to work. Obama took a bad situation and made it worse. This economy and all that is happening now is Obama's.
 
Here are the 2010 numbers compared to the 2008 numbers.

In 2008 we had a $458 billion deficit.

In 2010 it was $1,200 billion

The difference:
$361 billion in less revenue
$474 billion more in spending
 
bush cuts being discontinued
I thought we were out of Iraq and Afghanistan now that Obama is elected?
so where is the deficit coming from, must be healthcare
 
Where did it all go wrong?

http://www.cbo.gov/budget/data/historical.pdf

Looking at that, it seems like Medicare & Medicaid are slowly bankrupting us. There are other things that could be argued should be cut (defense spending stands out to me). But when those two programs costs started to balloon we didn't do anything about it then (by cutting spending in other areas or raising taxes) and we're paying for it now.
 
ProfJohn said:
Here are the 2010 numbers compared to the 2008 numbers.

In 2008 we had a $458 billion deficit.

In 2010 it was $1,200 billion

The difference:
$361 billion in less revenue
$474 billion more in spending
Click to expand...

In 2008 the Bush tax cuts were in place for 2 years, the economy was in the shitter and we were funding 2 wars yet the deficit was only $458 Billion. Bush era policies to blame for current mess? Not even close, but the media loves it and a lot of the public seems to buy it.
 
800px-Revenue_and_Expense_to_GDP_Chart_1993_-_2008.png


It's not how much you make... it's how much you spend.
 
Matt1970 said:
In 2008 the Bush tax cuts were in place for 2 years, the economy was in the shitter and we were funding 2 wars yet the deficit was only $458 Billion. Bush era policies to blame for current mess? Not even close, but the media loves it and a lot of the public seems to buy it.
Click to expand...
The Bush tax cuts were passed in 2003 actually. So we were 5 years in at that point.

Whoozyerdaddy's graph explains it all. Giant spike in spending once Obama took over.
 
jstern01 said:
Because he made sure that we accounted for all the under the table costs associated with the two wars, that was not accounted for under the previous administration.
Click to expand...

This is very true and doesn't get enough discussion on these forums.
 
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