Tuesday, January 17, 2012

"Our $14.3 Trillion National Debt" (with chart)


Bruins for Change:
"...if anyone who says "President Obama spent us into our current debt" doesn't know anything about the Obama presidency, or our current debt."

1 comment:

Ole Olson said...

This is a good chart that puts things into perspective, but as noted, it is a bit dated (july '11). I'm a progressive, which means it's important to seek the truth to situations, and it is important to note that the national debt has actually increased about $5t while Obama has been president (probably hit $6t by election day).

The point of the chart however is accurate, the vast majority of the national debt has been accrued by these borrow and spend fiscal conservatives. No matter what definition they try to pass off, self-described fiscal conservatives supported by conservatives are guilty of most of this (which is why they are hypocrites and untrustworthy).

Another minor point the chart is making is that the majority of the debt under Obama has been due to tax cuts (both the 40% in the ARRA Stimulus and the Bush tax cuts) as well as the Great Recession (caused by economic policies conservatives pushed).

Want to fix the deficit? We need to generate more revenue with higher taxation on the rich and we need to cut spending not by punishing kids and old people, but by slashing military-related expenditures that gobble up nearly half the annual budget (not including Social Security).