Well they have to increase the debt ceiling or risk defaulting on our loans for money we have already spent. That's the thing. The debt and the deficit and how we got here are really worth knowing. The deficit is how much we spend each year over what we take in. The debt is an accumulation of these yearly deficits. When Clinton left a deficit surplus to Bush, that means we were spending less than we were taking in. This is good cause then we can start paying down the debt.
Unfortunately, Bush slashed what we were taking in with massive tax cuts (mostly to the top percent) then started two wars using hinky bookkeeping. He refused to put this major (an understatement) expense in the yearly budget. So, on paper it looked like he was sort of OK (tax breaks and all) but in reality he was increasing the deficit by a huge margin.
Well, all that overage went to the debt. This is why we have a huge debt. See, government doesn't start and stop with each new President. When Obama took office, the country was in a free fall, burst housing bubbles and major industries on the brink of failure (auto). President was paddling as fast as he could to rescue the country and keep us from collapsing. Of course we still had to pay for these wars we were engaged in. War did not stop Jan. 20th after all, and all the money spent on the 19th had to be spent on the 21st. Plus there were still those tax breaks that reduced what we took in anyway without the added costs of wars and such.
Yes, he did need to save the auto industry. And all those who said let them die either didn't live through the collapse of the steel industry or had very short memories. Or were unable to see past their noses. Or just wanted another major industry to die simply because they didn't like Obama. (this last group I don't like to think about but they are the same crowd who threaten the country with default, essentially holding a gun to our heads, every time there is a debt ceiling increase)
I actually agree with your opinion Williamsmith on most of what you say. We need to move beyond 'God, Guns and Gays' and get back to just American business.
Universal healthcare, Citizens United overturned, Climate Change acknowledged and plans of action discussed, real tax reform as in Stuff costs so how do we pay for it (hint-it isn't more tax cuts to the wealthy, or anyone else for that matter)
I still believe in the American dream. It may not look like the 50's version of the Dream, but I don't look much like I did in the 50's and neither does the country. We just need to agree to stop squabbling about really really stupid stuff, and really work together. OK, well, maybe it isn't the American Dream that's gone away but the American ideal. When Republicans run on vilifying anyone who dares to cross the isle to work with the other party (oh the horrors!), this will never happen.
Reply With Quote
Originally Posted by bae
