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Obama has added more to National Debt than Washington through Reagan -- COMBINED...

posty

By posty,
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posty Huddler

posty

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http://cnsnews.com/news/article/72404

 

In the first 19 months of the Obama administration, the federal debt held by the public increased by $2.5260 trillion, which is more than the cumulative total of the national debt held by the public that was amassed by all U.S. presidents from George Washington through Ronald Reagan.

 

The U.S. Treasury Department divides the federal debt into two categories. One is “debt held by the public,” which includes U.S. government securities owned by individuals, corporations, state or local governments, foreign governments and other entities outside the federal government itself. The other is “intragovernmental” debt, which includes I.O.U.s the federal government gives to itself when, for example, the Treasury borrows money out of the Social Security “trust fund” to pay for expenses other than Social Security.

 

At the end of fiscal year 1989, which ended eight months after President Reagan left office, the total federal debt held by the public was $2.1907 trillion, according to the Congressional Budget Office. That means all U.S. presidents from George Washington through Ronald Reagan had accumulated only that much publicly held debt on behalf of American taxpayers. That is $335.3 billion less than the $2.5260 trillion that was added to the federal debt held by the public just between Jan. 20, 2009, when President Obama was inaugurated, and Aug. 20, 2010, the 19-month anniversary of Obama's inauguration.

 

By contrast, President Reagan was sworn into office on Jan. 20, 1981 and left office eight years later on Jan. 20, 1989. At the end of fiscal 1980, four months before Reagan was inaugurated, the federal debt held by the public was $711.9 billion, according to CBO. At the end of fiscal 1989, eight months after Reagan left office, the federal debt held by the public was $2.1907 trillion. That means that in the nine-fiscal-year period of 1980-89--which included all of Reagan’s eight years in office--the federal debt held by the public increased $1.4788 trillion. That is in excess of a trillion dollars less than the $2.5260 increase in the debt held by the public during Obama’s first 19 months.

 

When President Barack Obama took the oath of office on Jan. 20, 2009, the total federal debt held by the public stood at 6.3073 trillion, according to the Bureau of the Public Debt, a division of the U.S. Treasury Department. As of Aug. 20, 2010, after the first nineteen months of President Obama’s 48-month term, the total federal debt held by the public had grown to a total of $8.8333 trillion, an increase of $2.5260 trillion.

 

In just the last four months (May through August), according to the CBO, the Obama administration has run cumulative deficits of $464 billion, more than the $458 billion deficit the Bush administration ran through the entirety of fiscal 2008.

 

The CBO predicted this week that the annual budget deficit for fiscal 2010, which ends on the last day of this month, will exceed $1.3 trillion.

 

The first two fiscal years in which Obama has served will see the two biggest federal deficits as a percentage of Gross Domestic Product since the end of World War II.

 

“CBO currently estimates that the deficit for 2010 will be about $70 billion below last year’s total but will still exceed $1.3 trillion,” said the CBO’s monthly budget review for September, which was released yesterday. “Relative to the size of the economy, this year’s deficit is expected to be the second-largest shortfall in the past 65 years: At 9.1 percent of gross domestic product (GDP), that deficit will be exceeded only by last year’s deficit of 9.9 percent of GDP.”

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cre8tiff Huddler

cre8tiff

Posted
Posted
http://cnsnews.com/news/article/72404

 

In the first 19 months of the Obama administration, the federal debt held by the public increased by $2.5260 trillion, which is more than the cumulative total of the national debt held by the public that was amassed by all U.S. presidents from George Washington through Ronald Reagan.

 

The U.S. Treasury Department divides the federal debt into two categories. One is “debt held by the public,” which includes U.S. government securities owned by individuals, corporations, state or local governments, foreign governments and other entities outside the federal government itself. The other is “intragovernmental” debt, which includes I.O.U.s the federal government gives to itself when, for example, the Treasury borrows money out of the Social Security “trust fund” to pay for expenses other than Social Security.

 

At the end of fiscal year 1989, which ended eight months after President Reagan left office, the total federal debt held by the public was $2.1907 trillion, according to the Congressional Budget Office. That means all U.S. presidents from George Washington through Ronald Reagan had accumulated only that much publicly held debt on behalf of American taxpayers. That is $335.3 billion less than the $2.5260 trillion that was added to the federal debt held by the public just between Jan. 20, 2009, when President Obama was inaugurated, and Aug. 20, 2010, the 19-month anniversary of Obama's inauguration.

 

By contrast, President Reagan was sworn into office on Jan. 20, 1981 and left office eight years later on Jan. 20, 1989. At the end of fiscal 1980, four months before Reagan was inaugurated, the federal debt held by the public was $711.9 billion, according to CBO. At the end of fiscal 1989, eight months after Reagan left office, the federal debt held by the public was $2.1907 trillion. That means that in the nine-fiscal-year period of 1980-89--which included all of Reagan’s eight years in office--the federal debt held by the public increased $1.4788 trillion. That is in excess of a trillion dollars less than the $2.5260 increase in the debt held by the public during Obama’s first 19 months.

 

When President Barack Obama took the oath of office on Jan. 20, 2009, the total federal debt held by the public stood at 6.3073 trillion, according to the Bureau of the Public Debt, a division of the U.S. Treasury Department. As of Aug. 20, 2010, after the first nineteen months of President Obama’s 48-month term, the total federal debt held by the public had grown to a total of $8.8333 trillion, an increase of $2.5260 trillion.

 

In just the last four months (May through August), according to the CBO, the Obama administration has run cumulative deficits of $464 billion, more than the $458 billion deficit the Bush administration ran through the entirety of fiscal 2008.

 

The CBO predicted this week that the annual budget deficit for fiscal 2010, which ends on the last day of this month, will exceed $1.3 trillion.

 

The first two fiscal years in which Obama has served will see the two biggest federal deficits as a percentage of Gross Domestic Product since the end of World War II.

 

“CBO currently estimates that the deficit for 2010 will be about $70 billion below last year’s total but will still exceed $1.3 trillion,” said the CBO’s monthly budget review for September, which was released yesterday. “Relative to the size of the economy, this year’s deficit is expected to be the second-largest shortfall in the past 65 years: At 9.1 percent of gross domestic product (GDP), that deficit will be exceeded only by last year’s deficit of 9.9 percent of GDP.”

 

Do we really need to hash this over again?

 

Obama inherited a huge amount from W.

 

Jeez Louise, what does this make, a score of posts claiming that Obama is recklessly running up the deficit?

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cre8tiff Huddler

cre8tiff

Posted
Posted (edited)
Did you read the article or is your blame bush response just automatic. :wacko:

 

I did read it, sure, but it is all actually right here:

 

When President Barack Obama took the oath of office on Jan. 20, 2009, the total federal debt held by the public stood at 6.3073 trillion

 

Bush started his 8 years with a surplus a SURPLUS.

 

That means that good old George W added 6.3073 trillion to the debt in 8 years. Kinda flies in the face of the title of the thread.

Edited by cre8tiff
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geeteebee Huddler

geeteebee

Posted
Posted
I did read it, sure, but it is all actually right here:

 

 

 

Bush started his 8 years with a surplus a SURPLUS.

 

That means that good old George W added 6.3073 trillion to the debt in 8 years. Kinda flies in the face of the title of the thread.

 

 

Wow. Do you not understand the difference between the terms deficit and debt? He had a budget surplus but the national debt was not zero when he took office. :wacko:

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flemingd Huddler All-Pro

flemingd

Posted
Posted
Bush started his 8 years with a surplus a SURPLUS.

 

That means that good old George W added 6.3073 trillion to the debt in 8 years. Kinda flies in the face of the title of the thread.

 

No he didn't that's just ridiculous.

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bpwallace49 Huddler All-Pro

bpwallace49

Posted
Posted (edited)
I did read it, sure, but it is all actually right here:

 

 

 

Bush started his 8 years with a surplus a SURPLUS.

 

That means that good old George W added 6.3073 trillion to the debt in 8 years. Kinda flies in the face of the title of the thread.

 

Yeah . . . the debt versus the budget surplus are very different things.

 

the gubment debt was there before GWB . . but you are correct in saying that they had a ANNUAL budget surplus that he pissed away . . but the two are very, very different.

 

EDITED for geeteebee . . . .

Edited by bpwallace49
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wiegie Huddler All-Pro

wiegie

Posted
Posted

DEBT and suplus are two different things. (Deficit and surplus are basically just the same thing.)

 

One thing that really matters for this issue though is when the fiscal year started/ended. (Note, fiscal year 2009 began on Oct 1, 2008--so in order to make accurate comparisons, you would need to make sure that you have accounted for this. (And really, if you want to lay blame for deficits/surpluses, you should really try to only look at policies that were enacted or changed under each president--although this is somewhat difficult.)

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geeteebee Huddler

geeteebee

Posted
Posted
Yeah . . . the deficit versus the budget surplus are very different things.

 

the deficet was there before GWB . . but you are correct in saying that they had a ANNUAL budget surplus that he pissed away . . butthetwo are very, very different.

 

 

No they are not. You don't seem to grasp the concept very well either. You either have a budget deficit or a budget surplus. One is a plus and one is a minus. They contribute to (a deficit) or subtract from (a surplus) our national debt.

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bpwallace49 Huddler All-Pro

bpwallace49

Posted
Posted
No they are not. You don't seem to grasp the concept very well either. You either have a budget deficit or a budget surplus. One is a plus and one is a minus. They contribute to (a deficit) or subtract from (a surplus) our national debt.

 

Nope . . just misstated DEBT versus DEFICIT. Intent was the same, just misstated the terms.

 

Are you happy now?

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driveby Huddler

driveby

Posted
Posted
Point to one single post you where you ever admitted you were wrong about anything there, brainiac.

 

I made a mistake, and I owned it.

Point to one where I was wrong and didn't admit it.

 

Just bustin' your balls dude for coming out with guns blazing and being totally clueless. :wacko:

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moneymakers Huddler

moneymakers

Posted
Posted

Me posted 2 weeks ago and it vanished.

 

poof. gone

 

lets not forget to add that obama has spent more than the entire Iraq war cost.

 

oops did I say too much.

 

lets not spread truth.

 

is it too early to celebrate. pelosi has less than two months.

than poof - she will be gone.

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gbpfan1231 Huddler

gbpfan1231

Posted
Posted
Me posted 2 weeks ago and it vanished.

 

poof. gone

 

lets not forget to add that obama has spent more than the entire Iraq war cost.

 

oops did I say too much.

 

lets not spread truth.

 

is it too early to celebrate. pelosi has less than two months.

than poof - she will be gone.

Could we burn Pelosi as opposed to burning the Quran?? Not sure anyone would be against that??

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