How is the debt Obama's fault?

Economist Mike Kimel notes that the last five Democratic Presidents (Bill Clinton, Jimmy Carter, Lyndon B. Johnson, John F. Kennedy, and Harry S. Truman) all reduced public debt as a share of GDP, while the last four Republican Presidents (George W. Bush, George H. W. Bush, Ronald Reagan, and Gerald Ford) all oversaw an increase in the country’s indebtedness.[3] Economic historian J. Bradford DeLong observes a contrast not so much between Republicans and Democrats, but between Democrats and "old-style Republicans (Eisenhower and Nixon)" on one hand (decreasing debt), and "new-style Republicans" on the other (increasing debt).[4][5] Similarly, David Stockman, director of the Office of Management and Budget under President Ronald Reagan, as op-ed contributor to the New York Times, blamed the "ideological tax-cutters" of the Reagan administration for the increase of national debt during the 1980s.[6] Bruce Bartlett, former domestic policy adviser to President Ronald Reagan and Treasury official under President George H.W. Bush, attributes the increase in the national debt since the 1980s to the policy of "starve the beast" and an aversion for tax increases

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  • 8 years ago
    Favorite Answer

    it isn't its the Republicans fault, right now all they want is for Obama to look bad so they can win next year.

    but i dont they can win the eslection next year, i know for sure i wont be voting Republican, im voting for Obama.

  • Grrrl
    Lv 5
    8 years ago

    The vast, vast majority is from previous presidents. But republicans like to blame everything on politicians they don't like. They even say the credit downgrade is his fault, when even the S&P who were the ones who downgraded us, said it was because of the republicans in congress.

    Quote from S&P:

    "Compared with previous projections, our revised base case scenario now assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, remain in place. WE HAVE CHANGED OUR ASSUMPTION ON THIS BECAUSE THE MAJORITY OF REPUBLICANS IN CONGRESS CONTINUE TO RESIST ANY MEASURE THAT WOULD RAISE REVENUES [emphasis added], a position we believe Congress reinforced by passing the act."

    But no, they'll just keep blaming Obama for everything.

  • 8 years ago

    How nice of you to leave out of your analysis the Democratic president who's added over $3 trillion to the debt in barely 2 years in office.

  • 8 years ago

    The area of Obama culpability that concerns me the most is not allowing the catastrophic Bush tax cuts on the rich to expire on time. The only way they could get them passed in the first place was to put an expiration date on them. When they proved to be the cause of our subsequent economic collapse, we should've learned the lesson and let them expire. But we didn't.

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  • 8 years ago

    He's the President of the United States.

    Last time I checked, he is responsible for what happens during his watch.

  • 8 years ago

    [Obama: You know, if -- if all we're doing is spending and we're not making things, then over time other countries are going to get tired of lending us money and eventually the party's going to be over. Well, in fact, the party now is over.]

    3 years ago

  • Anonymous
    8 years ago

    Its not.. but we are driving off a cliff and Obama just slammed on the gas peddle.

  • Anonymous
    8 years ago

    Stimulus health care entilements

  • ?
    Lv 7
    8 years ago

    The debt is not Obama's fault

    It is the fault of the idiots who elected him.

  • Anonymous
    8 years ago

    If you have to ask you wouldnt understand.

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