Showing posts with label Federal Debt. Show all posts
Showing posts with label Federal Debt. Show all posts

Tuesday, July 19, 2011

A Deal?

It looks like we might be moving closer to a deal regarding the debt ceiling, the debt, spending cuts, and taxes. President Obama and several senators on both sides of the aisle are embracing the "Gang of Six" plan which is considered the grand bargain that the president was looking for for the last few weeks.

The question is how the House will respond. Not well is my guess. Hence, the symbolic vote of a balanced budget vote this week. Much of this is nauseating political theater but it's going to be interesting to see if the GOP can pass up an opportunity like this one. This plan limits the growth of Medicare and Social Security which is vital to reducing the debt we currently hold.

The right has been squawking about this for decades. Will they break their purity pledge on taxes to fulfill their life long dream? Hmmm...

Sunday, July 17, 2011

Are These Numbers Accurate?

Take a look at these numbers.

2001 – $5.871 trillion in debt
2008 – $10.640 trillion in debt

Jan 31st 2009 = $10.569 trillion in debt
Jan 31st 2011 = $14.131 tr­­illion in debt

But of the $3.56-tril­­lion increase, 98% was carry over from Bush programs:

Bush: $910-billi­­on = Interest on Debt 2009/2011
Bush: $360-billi­­on = Iraq War Spending 2009/2011
Bush: $319-billi­­on = TARP/Bailo­­ut Balance from 2008 (as of May 2010)
Bush: $419-billi­­on = Bush Recession Caused Drop in taxes
Bush: $190-billi­­on = Bush Medicare Drug Program 2009/2011
Bush: $211-billi­­on = Bush Meicare Part-D 2009/2011
Bush: $771-billi­­on = Bush Tax Cuts 2009/2011

So that means...

Bush’s contributi­­on:

2001 to 2008: $4.769-tri­­llion
2009 to 2010: $3.181-tri­­llion

Total: $7.950-tri­­llion

Increase Since 2001 = $14.131 – $5.871 = $8.26-tril­­lion

Bush’s contributi­­on: $7.950-tri­­llion / $8.26-tril­­lion = 96%

Increase caused By Bush’s Programs: 96%
Increase caused by Obama’s Programs: 4%

My simple question is...are these numbers accurate? And, if so, why is Obama's spending portrayed as much worse when the numbers show quite clearly that it has not been worse.