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US: US will go bankrupt, soon.
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  • The problem is that some of these charts are from the right, the Wall Street Journal specifically. When WSJ charts show Obama has spent less than GOP presidents, you can assume that it's safe information. Kinda blows up the argument that it's left wing media propaganda no?

    @Svart Debt went up because of tax cuts.

  • @Aria

    LOL. It feels like I just watched CNN or similar thing :-)

    Let's be more specific.

    Let's check two levels.

    One - federal, with actual (not planned!) budget execution in 2002-2011. Looking for newly issued debt, fededal spending at support programs and similar things. Add here official unemployment, same thing using old methods you see on shadowstats, people out of job force. Jobs in manufacturing sector.

    Other - same numbers for California state.

    Can you make me charts for all this things to show big Obama advantage?
    I am sure you can.

  • These charts are for laymen, not economists. They show spending has not gone wild under Obama and job growth has been good in Private Sector but down in Public Sector due to Republican blocking. If they weren't blocking the recovery would be strong and revenue increased to help cut deficit.

    Also Corporations are Booming in profits under Obama but sitting on Trillions. The Right wing says he hurts Business but that's another lie.

  • @Aria

    What you want to show by this charts? Can you tell me?

    You really need to check more charts.

  • 1st of all most of Obama's actions have been in effort to FIX the crap that was done before he took office and since he took over he hasn't really significantly added to the deficit, which is different from the long term Debt.

    Federal Spending under Obama has been the slowest in Decades. Slower than Reagan, Bush 1, Clinton and Bush 2. It's not even close. Spending is always worse under Republicans, they just do better propaganda to say it's worse under Democrats.

    Federal Spending, Economic Chart

    Gross Domestic Product is up. Wall Street is up. Private Sector Job Growth is up. Only the Public Sector has been starved by the Republicans so that overall the recovery can be slowed. Under Reagan and Bush they increased Public sector Spending to get out of recession, which they lie about later.

    Obama Spending

    Private v Public Growth, Economic Chart

    Even the cause of the Deficit in the Future isn't really due to the Obama Recovery Efforts alone, but much of it is Bush era actions.

    Cause oF Deficit, Economic Chart

  • Sorry, but saying that my numbers are wrong

    Read my previous post and carefully with all numbers compare performance.
    Not onyl basic numbers show problems with position.
    But any detailed view (real sector, corporations, finance sector, house credits, internet scam) on 90s years also show complete bust of Clinton rulez myth.

  • @Vitaliy_Kiselev

    Sorry, but saying that my numbers are wrong or lack foundation isn't enough, on its own, to persuade me of that fact. But maybe it's time to move on.

  • @jrd

    I am very specific. As simple facts and numbers show lack of foundation for your position.

  • @Vitaliy_Kiselev

    I don't follow you. You'll need to more specific, if you want me to pursue the argument. But maybe it's better just to drop it....

  • @jrd

    Bush II doubled the national debt in his 8 years, from about $5 trillion to about $10 trillion,

    Can you please try to remember current debt and how much it is different from $10 trillion?

    when he inherited an economy running on a $1+ trillion deficit

    May be you also try to look into older blog posts to check current one?

    Every time I see this Bush vs Obama thing I see how effectively mass media produce model of the world in many heads.

  • @svart

    Bush II doubled the national debt in his 8 years, from about $5 trillion to about $10 trillion, despite the fact that he inherited a budget surplus from Clinton. In other words, in 8 years, Bush doubled a deficit which had taken more than the prior 200 years to accumulate.

    The first "Obama deficit" in 2009 (the first red line) is actually Bush's budget, and Bush's deficit. While Bush inherited a surplus from Clinton, Obama inherited Bush's $1.2 trillion deficit, based on Bush's budget for 2009. Obama had nothing to do with it -- a president coming into office in 2009 doesn't set the 2009 budget. The previous president does.

    While it's true deficits have been very large under Obama, GROWTH of government spending under Obama has been much lower than other recent presidents. He is indeed running high deficits, but this the baseline economy he inherited from Bush: he inherited Bush's wars, Bush's tax cuts, and Bush's Depression. There's no way to clear that stuff from the balance sheet.

    You can hardly expect Obama to be running a $250 billion deficit, when he inherited an economy running on a $1+ trillion deficit, courtesy of George Bush, and in the middle of a Depression, no less. But, given that figure, his spending increases per capita are far, far lower than those of Reagan and Bush.

  • @jrd, since random internet graphs now "prove" stuff, here's one that I found that "proves" he did increase the deficit:

    image

    You just can't trust what you are told by either side. I don't care for any of those in our government, including Obama and Romney. They care more about themselves than the citizens who they should be working for.

  • Again. Simple solutions do not work. Problem is not in less or more spending. As for difference between parties, in core things they are the same, with same sponsors. So, who cares?

    This isn't true. I hear this every year of an election. That both sides are the same. Let's see the hands of people who think Al Gore would've invaded Iraq and Afghanistan. And where would our economy be without this? http://www.costofwar.com

  • All I know is that right now if you think the Republicans have the right solution to our problems you don't know what is really going on here. No one party has it all right and no left or right only approach can work, but I do know that Obama is more a centrist than a lefty and he tried to work in the middle but the Republicans refused to do anything just so they could regain power. If you take a deep look at what the Republicans did during the Bush years and what they want to do if they regain full power, you'd see that it is a disaster in terms of where they'd take this country.

    Underneath everything there are more problems with both parties being bought by the corporate entities but it would be worse if the Republicans have more power cuz they are completely controlled by the Corporations and do their bidding to a destructive degree. The fact that Glass-Steagall was attacked starting with Reagan and finished off by Clinton and the Republicans was a sad day for the worlds economy. However, right now it's the Democrats who are actually looking out for the common man despite still having ties to Wall Street. The Financial Reforms they want to enact would help to protect and stabilize the financial system again as it was for decades under Glass-Steagall, that is if they don't let the Republicans and Wall Street water it down too much.

  • @Vitaliy Of course that means nothing about the veracity of the belief. 37% of Americans can't find America on a map...of America! http://www.huffingtonpost.com/steven-shehori/poll-37-of-americans-unab_b_150933.html

  • It is very interesting to see how similar things induce democrats-republicans, left-right discussion.

    Again. Simple solutions do not work. Problem is not in less or more spending. As for difference between parties, in core things they are the same, with same sponsors. So, who cares?

  • @brianluce, you're right. They also keep saying Obama raised taxes, which is a lie, cuz he has cut taxes! Spending has flatlined during Obama's presidency and the private sector has created more jobs under him than during the entire Bush 8 years.

  • The reason debt increased is Obama tax cuts. He's no big spender, contrary to right wing garbage. Here's a clip from the WSJ, the right wing version of the Rosetta Stone.

    debt.jpg
    320 x 188 - 17K
  • The only problem I see is that we couldn't get a big enough stimulus. The amount they went for was based on early estimates of the depth of the recession, but they were wrong and it was much deeper than they anticipated. No matter, things have actually turned around. Manufacturing is up. Private sector job growth is up. The only thing that didn't happen was enough money to help keep the public sector going. If not for Republican obstruction, Obama would've had this country all the way back!!!

    The Republicans are funny, cuz they made sure to block any Public Sector assistance, but during Republican presidencies they spent their way out of recessions with PUBLIC sector spending at very hgh levels, but whenever a Democrat is in the Oval Office they block any Public Sector spending. Go look up what Reagan and Bush spent on Discretionary Spending verses Obama. Spending is actually DOWN under Obama. The lies just continue. The US is actually going to experience growth once Obama is re-elected and they can't block his US investment in infrastructure, education and research and development.

  • Sometimes I just can't believe the way folks in this country thinks. Where did all this hate for Obama come from? What did he do to this country to make people loathe him so much? He inherited a pile of crap from the former administration yet all the blame came down upon him within the first 90 days. No man or woman in his position could have dug us out of this pit. Why is it people can't see how much of a surplus this country was in when Clinton left the presidency and how within the first 6 months of George's admin we fell so far in the hole (and fall we did). When it comes to Obama it's not a Democrat vs Republican or a black vs white thing for me...it is what it is. But geez..so much unwarranted hate.

    I guess if he decided to wage an illegal war on some poor nation putting us further and further into debt he might be worshipped and loved like his predecessor? Nah...

  • I really get tired of people blaming it on Obama I got no love of republicans or democrats they both suck at the ambrosia filled tits of the rich. Until the US government can no longer be unduly motivated by those with money the little guy is screwed. Americans for years worked hard for a balance between work and living to create a quality of life the envy of most of the world and it's all being thrown away by greedy international corporations and the politicians they bought the race to the bottom.

  • I'm a contrarian. If 51% believe it, prolly it won't happen... for now.

  • @jrd maybe so. That's over my head.

    I see farmers unable to break even, more and more small business owners with less and less work, people with under water houses and more foreclosures than I've ever seen. I'm lucky. I own my farm and another home, all my vehicles and equipment are paid for. My total debt is under ten thousand....but the rest of the country seems to be on the verge of bankruptcy.

    So the country may not go bankrupt, but it sure looks like everyone in it may. Just my ground level observation.

  • @peternap

    I'd blame Obama as well, but for doing the opposite: we need far more stimulus at this point, because the continued Depression will actually increase future deficits.

    As for the "bankruptcy" question, folks on the right have been predicting this outcome since the 19th century. Note that Japan has a far higher debt to GDP ratio then we do, but can borrow long-term at under 1%.

    Our thinking about money appears to be all wrong -- sovereign debt can't be viewed the same way we see commercial debt. I'd refer you to the work of Jamie Galbraith, for another perspective. You may not accept his arguments, but the orthodox view is not the only one.

  • @JRD There's enough fault to go around. As much as I hate Obama this is not his mess alone. It's been snowballing for a long time.

    I agree that the question should be when as opposed to if. The next big question is "What to do then?". I talked to a young photographer last year and told him to take pictures and keep notes because this is history on a rampage,