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And NO, I don't blame it all on Obama.
At the close of business on Jan. 20, 2009, according to the U.S. Treasury, the total debt of the federal government was $10,626,877,048,913.08. By the close of business on July 10, 2012, that debt had climbed to $15,885,854,755,351.47—an increase of $5,258,977,706,438.39.
In “Statistics of Income—2009 Individual Income Tax Returns,” which was published this year and is the Internal Revenue Service’s most recent statistical report on individual income tax data, the IRS reported that there were 81,890,189 tax returns filed in 2009 that reported taxable income.
If each of these 81,890,189 federal taxpayers were given responsibility for paying off an equal share of the new federal debt added since Obama was inaugurated, they would each need to pay about $64,219.88.
If each of these 81,890,189 federal taxpayers were given responsibility for paying off an equal share of the entire federal debt of $15,885,854,755,351.47, they would each need to pay about $193,989.72
And NO, I don't blame it all on Obama.
The obvious solution is more stimulus in 2013…
1- Ten thousand dollar federal tax refund for purchasing a new Made in America Pick up truck…
2- Five thousand dollar federal tax refund for purchasing a new Harley Davidson…
3- Ten thousand dollar federal tax refund for purchasing a new Made in America tractor…
4- Five hundred dollar federal tax refund for purchasing a new Henry Lever Action Rifle…
I know the plan is not perfect but it is a start….
If we put the national debt on a Capital One card we can get some really kick ass benefits.
yeah if obama gets reelected and does in the next 4 years what he's done in the first 4 we will see a currency collapse. believe it or not, there actually is a limit to deficit spending before the market rejects that currency and hyperinflation kicks in overnight.
^ or if Romney gets elected tbh
i'm no fan of romneys but i can't really say anyone else has added over 5 trillion to the damn thing in just 3.5 years, yeah obama is a worry just becuase of that reason alone. continued deficit spending WILL collapse the currency, it doesn't matter if the blue puppet or the red puppet does it.
Romney will with the tax cuts in the Ryan plan. Obama will with stuff like the ACA and not being able to eliminate the Bush tax cuts. Either way, it's going up by trillions in the next few years.
"debt and deficits don't matter"
... Repug hero head
deficit hawks were absent under dubya, are shrieking under Obama, with the intent of aborting any economic recovery.
this country honestly needs massive austerity, sucks to say. the past generations n!ggered us. keep spending like it won't happen but lol trust me it's not going away, no amount of looking hte other way or continuing to do what we've been doing is going to stop that. the day of reckoning will come.
what do you know about economics? stimulus spending loses its punch whenever you're already on the brink of bankruptcy. i think if we weren't already massively in debt, it would have worked fine. but see, the fact is, WE ARE MASSIVELY IN DEBT.
tons more than low-information right-wing turd like yourself.
right wing?i don't play politics, i disagree with both sides equally
No sense arguing with Boutox. He gets his blue team talking points e-mailed to him every morning.
BTW, you probably should think about changing your handle mavs>spurs. Cuban just blew your team up. Chris Kayman your big off season signing????
*wiping smirk off face*
sorry...
Darren Collison,
Another post rich in Vitamin I.
Mav fan l
The debt is a long term problem, not a short term one. Our national debt roughly doubled under Bush, and it is likely to do so under Obama if he get re-elected. Just as we survived the Bush deficit, we will survive the Obama deficit. In the long run, taxes will have to go up on the rich and Medicare and Social Security will have to be fixed. Defense will also have to be cut.
With the exception of Medicare, most of our budget problems have very simple solutions. On taxes, the rich have saw their wealth grow much faster than every other income group, so logically they should see their rates go up some. Social Security can be fixed with some simple rate adjustments, or by lifting the cap on the amount of money that can be taxed for the program, which is around $100,000. There is plenty of fat to trim in the defense budget.
To me, Medicare is the trickiest part of the budget. It is an unpleasant fact that older people need more medical attention, and they can no longer earn money to pay for it. Getting rid of fraud and abuse within the system, and possibly going away from the fee for service model would help, but ultimately it is just going to cost a lot of money if we want to take care of our senior citizens.
^thats the thing, this rudy poo candy ass mentality of "everything will be fine!" is going to get us ed up. just because a couple of idiots got in office and did massive damage doesn't mean that we can just keep doing it or that it's sustainable
those 2 morons have just about pushed it to the limits of what we can get away with. time to pay the piper.
I don't think anyone is saying its going to be fine over the long haul. The two sides just can't work together to create a long term solution. Democrats don't want to fix the issues with the safety net, and Republicans want to keep cutting taxes. We will go broke if we don't fix Medicare, Social Security, and the Department of Defense. We will go broke faster if Romney's tax plan is put into place.
Cc's assumption is that corporations, those shinging examples
Of corporate citizenship and civil duty, continue to pay no taxes and mooch off
The rest of us with corporate subsidies and special tax breaks which aren't
available to you and I
the deficit is a direct result conservative/Repug polices over the last 33 years, not a "natural" occurrence beyond anyone's control.
The Repugs are implementing the Norquist strategy of spending (on wars, unfunded stuff like Medicare Part D and Medicare Advantage) and tax-cutting the US into a hole, then the only solution the Repugs accept is austerity through cutting spending, which is mainly on the poor, black/brown, young, sick/disabled, and seniors.
And of course, the solution to everything, eg Ryan's and gecko's strategy, is more tax cuts for the wealthy and corporations which have been proven NOT be economic stimulators or job creators. and of course, more deregulation so the wealthy and corps can up everything more, without penalty.
How is the US going 'bankrupt'?
You know economics, you should be able to tell me.
Less spending for the government will shrink the economy, not grow it, and an economy is recession will not help the deficit if jobs are cut and less tax revenue comes in as a result.
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