Obama increased the debt more than Reagan and George W.....Myth and BS

[BigRedChief]

The biggest contributors to the total federal debt, by far, are Republicans, starting with President Ronald Reagan, who doubled the debt during his eight years, from about $1.6 trillion to over $3.0 trillion, and George H.W. Bush, who added another $1.5 trillion in just four years, before George W. added nearly $5 trillion.

In fact, over his eight-year reign, George W. watched the total deficit go from about $5.7 trillion to $10.625 trillion, an increase of almost $5 trillion! And, in his last full fiscal year (2007/2008), which ended September 30, 2008, there was an increase of almost $1 trillion ($0.962 trillion) for just one year!

When President Obama took office on January 20, 2009, the federal debt stood at $10.626 trillion. As of the end of September, which is the end of a 2008/2009 federal fiscal year, the debt was $11.776 trillion, or an increase of about $1.15 trillion. Before President Obama took office, about $500 billion already had been spent in the 2008/2009 federal fiscal year…by the no-contest winner of the federal-deficit Presidents: George W. Bush.

[Saul Good]

Why should we take this seriously when the post seems to use "debt" and "deficit" interchangeably?

[patteeu]

Do you know how ridiculous you sound defending Obama on runaway spending, BRC? Do you really believe that Obama will make it through his term without eclipsing the debt racked up by either Reagan or Bush by huge margins?

If you feel strongly about admitting open gays into the military or about special benefits for unions or about expanded government control over banks and auto companies, then by all means pimp your guy, but don't make a fool of yourself by trying to defend Obama's spending record.

[patteeu]

Without doing any checking of my own (i.e. using your numbers), here are the average annual deficits for Reagan, Bush, and Obama:

Reagan - $175 billion/yr
Bush - $616 billion/yr
Obama - $1.15 trillion/yr

Even if we give Obama every benefit of the doubt and assign that $500 billion you were talking about to Bush, the numbers are

Reagan - $175 billion/yr
Bush - $654 billion/yr
Obama - $929 billion/yr

In other words, under both scenarios, Obama is worse than Reagan and Bush COMBINED.

And he's not going to have anyone else to blame for any part of year 2 so it's going to get worse for Obama, not better.

[Saul Good]

This also only addresses money spent, not obligations. You can't just compare where the numbers were when one president took office versus when another left office versus the numbers right this minute.

If my wife is in charge of our family's finances until the end of January, she could charge up $10,000 on the credit card this weekend. Then, when we get the bill in February, she could point to the bill when she was in charge versus the bill when I was in charge to make it seem like I was the one who couldn't manage a budget. It would be about as honest as these numbers.

[Norman Einstein]

Originally Posted by BigRedChief

The biggest contributors to the total federal debt, by far, are Republicans, starting with President Ronald Reagan, who doubled the debt during his eight years, from about $1.6 trillion to over $3.0 trillion, and George H.W. Bush, who added another $1.5 trillion in just four years, before George W. added nearly $5 trillion.

In fact, over his eight-year reign, George W. watched the total deficit go from about $5.7 trillion to $10.625 trillion, an increase of almost $5 trillion! And, in his last full fiscal year (2007/2008), which ended September 30, 2008, there was an increase of almost $1 trillion ($0.962 trillion) for just one year!

When President Obama took office on January 20, 2009, the federal debt stood at $10.626 trillion. As of the end of September, which is the end of a 2008/2009 federal fiscal year, the debt was $11.776 trillion, or an increase of about $1.15 trillion. Before President Obama took office, about $500 billion already had been spent in the 2008/2009 federal fiscal year…by the no-contest winner of the federal-deficit Presidents: George W. Bush.

Just wondering there BRC, where did you cut and past this one from? Not showing the references on purpose? Stealing content? Wanting others to think you wrote this yourself?

[Saul Good]

Originally Posted by patteeu

Without doing any checking of my own (i.e. using your numbers), here are the average annual deficits for Reagan, Bush, and Obama:

Reagan - $175 billion/yr
Bush - $616 billion/yr
Obama - $1.15 trillion/yr

Even if we give Obama every benefit of the doubt and assign that $500 billion you were talking about to Bush, the numbers are

Reagan - $175 billion/yr
Bush - $654 billion/yr
Obama - $929 billion/yr

In other words, under both scenarios, Obama is worse than Reagan and Bush COMBINED.

And he's not going to have anyone else to blame for any part of year 2 so it's going to get worse for Obama, not better.

How much of Bush's was interest from the debt in 2000?

[BigRedChief]

Originally Posted by patteeu

Do you know how ridiculous you sound defending Obama on runaway spending, BRC? Do you really believe that Obama will make it through his term without eclipsing the debt racked up by either Reagan or Bush by huge margins?

If you feel strongly about admitting open gays into the military or about special benefits for unions or about expanded government control over banks and auto companies, then by all means pimp your guy, but don't make a fool of yourself by trying to defend Obama's spending record.

I'm not defending his spending. I'm providing context. Reagan raised taxes, Reagan doubled the debt. Reagan increased the deficit. Where were Reagan's poll #'s after one year in office?

My point is historical context is needed by some here.

And FTR, I think we should balance the budget and not spend one dime more than we take in. And that the budget should be balanced by taking on entitlements.

[patteeu]

Originally Posted by BigRedChief

I'm not defending his spending. I'm providing context. Reagan raised taxes, Reagan doubled the debt. Reagan increased the deficit. Where were Reagan's poll #'s after one year in office?

My point is historical context is needed by some here.

And FTR, I think we should balance the budget and not spend one dime more than we take in. And that the budget should be balanced by taking on entitlements.

Obama is no Reagan.

[BigRedChief]

Originally Posted by patteeu

Obama is no Reagan.

Thats right. He's spending less, he's not raising taxes like Reagan and his top tax rate he wants to have is 34%. Reagans was what 70%? Again, context.

[patteeu]

Originally Posted by BigRedChief

Thats right. He's spending less, he's not raising taxes like Reagan and his top tax rate he wants to have is 34%. Reagans was what 70%? Again, context.

He's not spending less. You posted the numbers... how could you not know this?

Reagan CUT top tax rates by 60%. Obama wants to RAISE top tax rates by almost 12% (to 39.1% not 35%).

[Bwana]

[KCWolfman]

Ronald Reagan and GWB both had years where Dems controlled House, Senate, or Both.

Why do people continue to ascribe debt created to solely the party in the WH? Blame the party that created the plan as well. Be honest

[petegz28]

Originally Posted by BigRedChief

Thats right. He's spending less, he's not raising taxes like Reagan and his top tax rate he wants to have is 34%. Reagans was what 70%? Again, context.

Reagan did NOT raise taxes to 70%.

[MarcBulger]

So in 8 years Bush spent 5 trillion over what was taken in...In 1 year Obama over spent by 1 trillion. SO if my math is correct in 7 more years ObaMA will be 8 Trillion over..OK thanks for playing..