Of course, GDP for the first year or two of Obama's reign was directly influenced by the economy that developed under Bush.
This is a pretty dumb comment. So back then, they had the high score. Then Obama came around and blew it away. The truth of the matter is that they all suck, and none of them are fiscally conservative.
Inflation makes the overall number higher.Bushs debt is higher than Reagan but Reagan was the worse of the two with debt since Reagan nearly tripled it.On a percentage basis,Obama's debt is lower than Reagan's and Bush.Much of Obamas debt is also from polices and wars he did not start while most of Reagans and Bushs debt is from their policies.
tony you have conflated the change in Obama yearly deficits with the overall budget shortfall (the deficit) which went up dramatically under Obama. Now.. on this link I subscribe method 1 in which you add it all up from when he took office... which totals over 9 trillion. But... here is the second method which totals up almost 7 trillion... ... illustrating that you add up all the deficits of each to total Obama's deficit. https://www.thebalance.com/national-debt-under-obama-3306293 Before Obama took office, President Bush's last budget (FY 2009) created a deficit of $1.16 trillion. That fiscal year began on October 1, 2008, and continued until September 30, 2009. That means most of that deficit occurred after Obama took office in January. It's not accurate to attribute it to him. FY 2009 - Even though the budget had been approved, Congress added emergency funding to stop the Great Recession. It added the first year's worth of spending from Obama's Economic Stimulus Act to the FY 2009 budget. That $253 billion accrues to Obama. FY 2010 - Obama's first budget created a $1.294 trillion deficit. FY 2011 - This budget contributed $1.3 trillion to the debt. FY 2012 - The deficit was $1.087 trillion. FY 2013 - This was the first Obama budget where the deficit, $679 billion, was less than $1 trillion. Thank sequestration, which forced a 10 percent cut in spending. FY 2014 - The deficit was $485 billion. FY 2015 - The deficit fell further, to $438 billion. FY 2016 - The deficit is expected to be $600 billion FY 2017 - The deficit is projected to be $441 billion. When the deficits from all these budgets are added together, President Obama increased the debt by $6.576 trillion. https://www.elitetrader.com/et/thre...rumps-inauguration.312632/page-2#post-4507508[/QUOTE]
Jem,the debt did go up under Obama,the deficit went down. From your source.The 2009 deficit before Obama took office was 1.16 trillion. "Before Obama took office, President Bush's last budget (FY 2009) created a deficit of $1.16 trillion." 2017,Obamas last budget, the deficit is around 441 billion "FY 2017 - The deficit is projected to be $441 billion." 441 billion is lower than 1.16 trillion
Inflation doesn't make it that much higher. But that's also why I posted it as a percentage of GDP, which is also tied to inflation. As for the "it wasn't his fault" crap, please. The debt was apples to apples as far as the war was concerned, and then his spending layered on.
I see that most sites do now make the distinction between national debt and deficit you are making. But, when I studied econ in college and I learned some business accounting while trading for a living... I was taught debt is the total of money borrowed. When doing the accounting in a review of a budget... a shortfall over any period of time is a deficit. It could be quarterly, yearly or lifetime... etc. when you type deficit into google... the amount by which something, especially a sum of money, is too small. synonyms: shortfall, deficiency, shortage, debt, arrears; More an excess of expenditure or liabilities over income or assets in a given period. "an annual operating deficit" (in sports) the amount or score by which a team or individual is losing. "came back from a 3–0 deficit" An entity could have a big deficit. Outlaying more than it was taking in.... but that deficit is not the same as debt. A company could make up for the deficit with cash reserves. So it could have a big deficit in its operations but not a big debt. It would only have a big debt if it borrowed the money to make up for the big deficit. The words deficit and debt frequently co exist but they are not the same thing. So I propose we should be careful and make sure we distinguish between Yearly Deficit and overall longer term deficit.
Yeah,because coming into office with a 1.1 trillion dollar deficit, 2 wars and an economy losing 500,000 jobs a month wont effect a presidents debt.Thank god Reagan and Bush didn't come into office under those circumstances,I can only imagine the debt they would have racked up.