Post by the Scribe on Mar 12, 2024 5:57:40 GMT
Most of our national debt was a result of Republiconservative administrations.
Q: During the Clinton administration was the federal budget balanced? Was the federal deficit erased?
A: Yes to both questions, whether you count Social Security or not.
Democratic President Clinton/VP Gore handed incoming President Bush/VP Cheney a surplus. They then racked up massive debt causing the Great Republican Recession of 2008. President Bush’s tax cuts, the wars in Afghanistan and Iraq explain most of the deficits that not only occurred on their watch but got passed on to incoming President Obama/VP Biden's watch — as reported by the Congressional Budget Office.
The goal of reining in long-term deficits and debt would have been much easier to achieve for Obama if it were not for the policies set in motion during the Bush years. That era’s tax cuts especially for the wealthy — and the two wars account for almost half of the debt that we owe.
Then national debt under former President Trump rose another $7.8 trillion amid his tax cuts for the wealthy and spending. It was a crisis even before the COVID-19 pandemic. Trump coasted on Obama's economy until covid hit. He bungled the covid-19 response and the economy afterwards.
If you look at the facts Trump's economic record is horrid compared to Biden's and Trump had accomplished very little to nothing while in office. His accomplishments were a 2 trillion revenue reducing tax cut for the 1% wealthiest Americans to be made up by the middle class and a bungled pandemic with thousands of broken supply chains, bankrupt energy companies and a Trump appointed fed chair who kept interest rates low while he was in office only to raise them when Biden took over causing high inflation. Those higher interest rates made home mortgages more expensive or not affordable, caused higher rent prices as demand grew, caused homelessness, higher auto loan costs, etc. which are the basics. It left us more sensitive and little room for the other expenses like food, medicine, restaurants, fun stuff, etc. Just like Obama had to clean up the mess created by the Republican administration before him so did Biden.
Thousands of supply chains were broken under Trump and the GOP that led to runaway inflation that Biden then had to deal with. Add a 2 trillion revenue reducing tax break for Trump and his billionaire cronies that average Americans had to make up. One only need to look at corporate profits where you can to see that gouging and greedflation are alive and well.
Under Biden the national debt has increased by 5 trillion much of it being interest on the debt that is now one trillion per year. The difference is under Biden most of the spending has gone to things that help the country with infrastructure, the chips act, cancelling student debt and numerous programs to help average Americans.
In summary any way you look at it MOST of our national debt was created and caused by Republicans, Conservatives and their ideological policies to benefit the wealthy, big business and corporations. Total debt is nearly twice as much as what Americans owe on student loans, car loans, credit cards and every other type of debt other than mortgages, combined, according to data from the Federal Reserve Bank of New York. It amounts to about $23,500 in new federal debt for every person in the country.
And by the way, most of the positive things Trump likes to take credit for were already set on a trajectory by the Obama administration. Trump just coasted along until his damaging tax cuts and bungling of the pandemic.
Q: During the Clinton administration was the federal budget balanced? Was the federal deficit erased?
A: Yes to both questions, whether you count Social Security or not.
Democratic President Clinton/VP Gore handed incoming President Bush/VP Cheney a surplus. They then racked up massive debt causing the Great Republican Recession of 2008. President Bush’s tax cuts, the wars in Afghanistan and Iraq explain most of the deficits that not only occurred on their watch but got passed on to incoming President Obama/VP Biden's watch — as reported by the Congressional Budget Office.
The goal of reining in long-term deficits and debt would have been much easier to achieve for Obama if it were not for the policies set in motion during the Bush years. That era’s tax cuts especially for the wealthy — and the two wars account for almost half of the debt that we owe.
Then national debt under former President Trump rose another $7.8 trillion amid his tax cuts for the wealthy and spending. It was a crisis even before the COVID-19 pandemic. Trump coasted on Obama's economy until covid hit. He bungled the covid-19 response and the economy afterwards.
If you look at the facts Trump's economic record is horrid compared to Biden's and Trump had accomplished very little to nothing while in office. His accomplishments were a 2 trillion revenue reducing tax cut for the 1% wealthiest Americans to be made up by the middle class and a bungled pandemic with thousands of broken supply chains, bankrupt energy companies and a Trump appointed fed chair who kept interest rates low while he was in office only to raise them when Biden took over causing high inflation. Those higher interest rates made home mortgages more expensive or not affordable, caused higher rent prices as demand grew, caused homelessness, higher auto loan costs, etc. which are the basics. It left us more sensitive and little room for the other expenses like food, medicine, restaurants, fun stuff, etc. Just like Obama had to clean up the mess created by the Republican administration before him so did Biden.
Thousands of supply chains were broken under Trump and the GOP that led to runaway inflation that Biden then had to deal with. Add a 2 trillion revenue reducing tax break for Trump and his billionaire cronies that average Americans had to make up. One only need to look at corporate profits where you can to see that gouging and greedflation are alive and well.
Under Biden the national debt has increased by 5 trillion much of it being interest on the debt that is now one trillion per year. The difference is under Biden most of the spending has gone to things that help the country with infrastructure, the chips act, cancelling student debt and numerous programs to help average Americans.
In summary any way you look at it MOST of our national debt was created and caused by Republicans, Conservatives and their ideological policies to benefit the wealthy, big business and corporations. Total debt is nearly twice as much as what Americans owe on student loans, car loans, credit cards and every other type of debt other than mortgages, combined, according to data from the Federal Reserve Bank of New York. It amounts to about $23,500 in new federal debt for every person in the country.
And by the way, most of the positive things Trump likes to take credit for were already set on a trajectory by the Obama administration. Trump just coasted along until his damaging tax cuts and bungling of the pandemic.