Who really owns the debt?
Time to put another republican lie to bed.
As you can see from this chart, the bulk of debt and deficit load belongs to Bush.
Take note, The Federal fiscal year runs from OCT 1 to Sept 30.
The day Obama took office, he was running on the Bush budget from Oct 1 2010 (the previous year), till Sept 20 2011. The debt accumulation during this first year in office belongs to the prior congress and president.
Further, it’s important to remember that a large portion of the debt Obama inherited can be blamed on the recession.
How much of this debt is due to the recession? It’s hard to quantify, but it’s a significant amount.
No matter who inherited the White House in 2009, the debt was going to go parabolic.
If you look at the debt with a critical eye, the facts are what matter, just the facts.
The deficit and the debt were going to explode during this massive recession.
You can’t rip the housing sector out of the economy without a colossal hit to collected tax revenues.
The recession led to an increase of unprofitable + bankrupt corporations + Job loss = decreased tax receipts.
Couple the above with an increase of unemployment benefits + assistance programs to help larger numbers of out of work citizens= a guaranteed explosion in the debt and the deficit.
Bake in lower consumer spending in 2009 and 2010 to the overall equation = less demand = fewer hires = even less tax revenues.
Blame Obama if you want- but you are being intellectually dishonest if you do. The debt and the deficit were going to increase no matter who was in charge.
The bottom line:
The bipartisan recession owns a very large part of this debt.
If the stimulus created or saved jobs, even temporarily- it cost less than the 800billion price tag.
There is way too much partisanship on issues in this day and age.
We need more logic, not hatred and biased taking points.