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Did Obama decrease the deficit?

I heard Obama decreased it from 1.2tril to 1.1tril since he took office. That's the opposite from what Fox news told me, where he doubled the deficit.

Also, I heard that Romney doesn't have a 12 million jobs plan. Is that true?

Romney sure repeated a lot of times during his debate.

By the way, did you think Romnesia comment from Obama was funny?

7 Answers

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  • 8 years ago
    Favorite Answer

    Yes. A lot of people get confused between the deficit and the debt, and that's clear from some of the answers. A deficit is the difference between the expenditures and revenues in the annual federal budget each year and no other expenditure. However, the debt is not only the deficit each year, but also any other expenditure not included in the annual federal budget.

    For instance, during President Bush's administration, the cost of the wars were never included in the federal budgets. That meant they weren't included in the calculation of the deficit each year, but were added to the national debt because the money was borrowed.

    In the last federal budget passed during the Bush administration, for tax year 2009, the deficit was $1.413trillion. The federal budget proposed for fiscal year 2013 has a deficit of $901billion, or about 36% less.

    As for the 12 million jobs created, independent studies show that 12 million jobs will be created under President Obama's economic plan. Under Romney's economic plan, the rough estimate is 5 million. That's a rough estimate because Romney hasn't supplied enough information for a more detailed study to be made.

    As to the "Romnesia" comment, I thought it was pretty funny and smart. Using humor to call your opponent a liar is more effective than just saying "he's a liar".

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  • 7 years ago

    D.Knows answer while somewhat informative it leaves out quite a bit of facts (That seems to be happening a lot lately in regards to this administration). During the core of the bush administration the typical deficits were in the range of 300-500 billion per year. In 2009 it was quite a bit more with the bailout. That said during Obama's last 3 years it has went from 1.4 trillion down to 1.08 in 2012. While that is a decrease it is still more than double what the core of the Bush administration was. Check out the link for the actual spending which is linked to the whitehouse.gov site in which they received their information.

    http://www.taxpolicycenter.org/taxfacts/displayafa...

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  • Mark G
    Lv 7
    8 years ago

    You can't go by what anybody says on the deficit. Spending is done by congress, and there are few actions the president can take to decrease spending other than control those options of the government he over sees. In the past year spending went down, but it didn't reduce the deficit any, it increased it, just not as much as last year.

    As for Romney, if he is promising job creation he is a liar. Again, this comes down to the fact that the president has limited powers. Also, he can't decide if the Government can create jobs or not. If anybody creates jobs its Congress, and though the president can recommend legislation it still requires congress to implement it. As for Romney's ideas, I don't think he actually has anything, I think he is doing what politicians do... saying what he thinks will get votes.

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  • 8 years ago

    And what is Romney's answer?

    1. Cut taxes for everybody.

    2. Increase defense spending.

    3. Spending cuts which he will not specify.

    4. Balance the budget.

    Somehow, that doesn't add up to me.

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  • Ryan
    Lv 5
    8 years ago

    No. obama promised to cut the deficit in half and instead he doubled it. were at over 16 trillion in debt which comes out to over $141,000 per tax payer or $51,000.per citizen meaning babies are born with $51,000 of debt and this is just the first four years.

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  • 1.2 Trillion is the amount he increased the deficit last year. This year, he increased it by 1.1 trillion. I don't know who told you this non-sense, but I'm betting it was a Liberal.

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  • Anonymous
    8 years ago

    no he tripled it instead of cutting it in half like he said he would. it's an obamination

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