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How much has Obama increased our deficit?
It's a little confusing. I'm reading an article on Think Progress from December which says that Obama and dems will shrink deficit to under $1 Trillion (http://thinkprogress.org/economy/2011/12/13/388390... , which also states that it was at that time $1.3 trillion. Then you have the debt/defitic clock which has it at $16 trillion, and the charts which show steady increases over time-- and has larger spikes under Obama than in the past. I can follow politics to a certain point, but I am thrown all over the place when it comes to economics. I *think* I'm hearing completely opposite "facts" from both sides, but perhaps I am confusing a few different numbers as though they are all the same. Can anyone make sense of this for me?
- simplicitusLv 79 years agoFavorite Answer
1. Deficits increase because spending in increases and because revenues fall.
Are you going to count the decrease in revenues due to the Bush tax cuts as increases that are due to Obama or as increases that are due to Bush?
2. Then there are the reduced revenues due to the recession itself rather than the tax cuts. The recession began under Bush. Do you count this revenue reduction against Obama or against Bush?
3 Then there were the additional spending legislated during Bush's term in office. Medicare part D was signed by Bush, causes significant additional pending, and was not funded by additional revenue. Ae you going to blame that spending on Obama or on Bush?
Similarly for expenditures for the wars in Iraq and Afghanistan.
If you just look at presidential terms, you get one answer. If you are looking at actions leading to a result (and you asked "How much has Obama increased our deficit" indicating you are asking about his actions) you get a different answer.
- ?Lv 79 years ago
That 66 trillion thing is accumulated over years.
Obama worked for 4 years and US deficit was average 6% of GDP so total for years goes to 4 trillion only. But ( I learnt) he raised 8 trillion debt in 4 years and that's because the 4 trillion dirt Bush collected for Iraq war ( Nowhere published) was left uncleared. As I know, that was total 4 trillion dirt.
- ?Lv 44 years ago
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