L4L - you've been drinking too much kool-aid. I'm not suggesting you switch to tea, but wake up and smell the roses. You're more intelligent than that.
Actually I'm using facts.
Follow the numbers closely:
In 1968 the highest tax rate was 70% The deficit for the year was $21.3 billion The debt was $347.5 billion
While Nixon and Ford didn't cut taxes for the rich, they increased spending and : In 1976 they left office with a 70% tax rate The deficit for the year was $87.2 billion The debt was $620.4 billion
That was an increase in the deficit of over 300% and an increase in the debt of 78%
In 1980 Jimmy Carter left office with a deficit of only $81.1 billion, a modest decrease in the deficit. He raised the debt to $907.7 billion, an increase of $287.7 billion or 46%
Then comes Raegan lowering the highest tax rate from 70% to 50%. Leaving office in 1988 with a whopping deficit of $252,060, which is over 4 times as much as was left to him. His debt jumped to $2.6 Trillion, which is 2 and a half times what he inherited.
Raegan passes the throne to Bush who cuts taxes for the rich even further to 28% He leaves office with a deficit of $399.3 billion And a debt of $4 Trillion
Clinton raised the tax rate to 39.6% but he left office with a practically gone deficit of $17.9 billion, which is a 95% deficit reduction. He did still raise the debt to 5.6 Trillion while lowering the deficit.
Now comes BushII who cuts taxes to 35% for the wealthy. He leaves office with a $1 Trillion deficit and a $10 Trillion debt.
That's $10 Trillion total debt left for Obama.
Keep in mind the deficit is included in the total debt.
Now let's recap.
Nixon/Ford increased the debt by $272.9 Billion Raegan/Bush raised the debt by $3 Trillion Bush Jr raised the debt by $4.4 Trillion
That's $7.6 Trillion and change, in Republican increases of the debt, all associated with tax cuts for the wealthy.
Now the Democrats: Carter raised the debt by $287.7 billion Clinton raised the debt by $1.6 Trillion
That's $1.88 Trillion and change, total.
This is where Obama begins.
$10 Trillion in debt facing bankruptcy.
For 2009 he runs a deficit of $1.885 Trillion For 2010 he runs a deficit of $1.651 Trillion For 2011 he runs a deficit of $1.228 Trillion
Totalling $4.764 Trillion through the beginning of 2012, which isn't completed yet.
That is only 8% more than Bush spent.
Plus he had to totally refinance the entire country after Bush destroyed the economy.
Add Obama's $4.764 to Carter and Clinton's $1.88 and you still only get $6.664 Trillion.
The Treasury Department’s “Debt to the Penny” Web site makes it easy to track the growth of the national debt during Obama’s presidency. There are two key figures — for publicly held debt and for gross debt, which includes bonds that the government owes to itself (such as Social Security trust fund bonds.)
As of Jan. 20, 2009, the publicly held debt was $6.31 trillion and the gross debt was $10.63 trillion. As of May 14, 2012, the publicly held debt was $10.92 trillion and the gross debt was $15.68 trillion.
So, the publicly held debt has grown by $4.61 trillion, and the gross debt has grown by $5.05 trillion. Thus it’s certainly correct that the national debt has grown by about $5 trillion under Obama. Plus the debt also increases by 4 billion dollars every single day on top of that.
The Treasury Department’s “Debt to the Penny” Web site makes it easy to track the growth of the national debt during Obama’s presidency. There are two key figures — for publicly held debt and for gross debt, which includes bonds that the government owes to itself (such as Social Security trust fund bonds.)
As of Jan. 20, 2009, the publicly held debt was $6.31 trillion and the gross debt was $10.63 trillion. As of May 14, 2012, the publicly held debt was $10.92 trillion and the gross debt was $15.68 trillion.
So, the publicly held debt has grown by $4.61 trillion, and the gross debt has grown by $5.05 trillion. Thus it’s certainly correct that the national debt has grown by about $5 trillion under Obama. Plus the debt also increases by 4 billion dollars every single day on top of that.
I'm not disputing your figures at all.
It only serves to strengthen my position that huge deficit growth is directly proportional to tax cuts for the wealthy.
Obama has been blocked from raising the highest tax rate back to where the government could actually afford to function.
Back to the pre-bankrupt nation era.
At 70 percent the government actually could operate.
At 50% the debt doubled.
At 39.6% the deficit nearly disappeared.
The current rate is 35% and the ship is sinking.
Remember, the people who actually pay the 35% are only those who got caught holding too much profit at the end of the year.
Most wealthy people pay very little taxes.
A GAO study found that in every year from 1998 to 2005, approximately 55 percent of large corporations paid no corporate income tax.
Of the top 100 leading world economies, 51 of them are corporations.
GDP
1 United States 8,708,870.00 2 Japan 4,395,083.00 3 Germany 2,081,202.00 4 France 1,410,262.00 5 United Kingdom 1,373,612.00 6 Italy 1,149,958.00 7 China 1,149,814.00 8 Brazil 760,345.00 9 Canada 612,049.00 10 Spain 562,245.00 11 Mexico 474,951.00 12 India 459,765.00 13 Korea, Rep. 406,940.00 14 Australia 389,691.00 15 Netherlands 384,766.00 16 Russian Federation 375,345.00 17 Argentina 281,942.00 18 Switzerland 260,299.00 19 Belgium 245,706.00 20 Sweden 226,388.00 21 Austria 208,949.00 22 Turkey 188,374.00 23 General Motors 176,558.00 24 Denmark 174,363.00 25 Wal-Mart 166,809.00 26 Exxon Mobil 163,881.00 27 Ford Motor 162,558.00 28 DaimlerChrysler 159,985.70 29 Poland 154,146.00 30 Norway 145,449.00 31 Indonesia 140,964.00 32 South Africa 131,127.00 33 Saudi Arabia 128,892.00 34 Finland 126,130.00 35 Greece 123,934.00 36 Thailand 123,887.00 37 Mitsui 118,555.20 38 Mitsubishi 117,765.60 39 Toyota Motor 115,670.90 40 General Electric 111,630.00 41 Itochu 109,068.90 42 Portugal 107,716.00 43 Royal Dutch/Shell 105,366.00 44 Venezuela 103,918.00 45 Iran, Islamic rep. 101,073.00 46 Israel 99,068.00 47 Sumitomo 95,701.60 48 Nippon Tel & Tel 93,591.70 49 Egypt, Arab Republic 92,413.00 50 Marubeni 91,807.40 51 Colombia 88,596.00 52 AXA 87,645.70 53 IBM 87,548.00 54 Singapore 84,945.00 55 Ireland 84,861.00 56 BP Amoco 83,556.00 57 Citigroup 82,005.00 58 Volkswagen 80,072.70 59 Nippon Life Insurance 78,515.10 60 Philippines 75,350.00 61 Siemens 75,337.00 62 Malaysia 74,634.00 63 Allianz 74,178.20 64 Hitachi 71,858.50 65 Chile 71,092.00 66 Matsushita Electric Ind. 65,555.60 67 Nissho Iwai 65,393.20 68 ING Group 62,492.40 69 AT&T 62,391.00 70 Philip Morris 61,751.00 71 Sony 60,052.70 72 Pakistan 59,880.00 73 Deutsche Bank 58,585.10 74 Boeing 57,993.00 75 Peru 57,318.00 76 Czech Republic 56,379.00 77 Dai-Ichi Mutual Life Ins. 55,104.70 78 Honda Motor 54,773.50 79 Assicurazioni Generali 53,723.20 80 Nissan Motor 53,679.90 81 New Zealand 53,622.00 82 E.On 52,227.70 83 Toshiba 51,634.90 84 Bank of America 51,392.00 85 Fiat 51,331.70 86 Nestle 49,694.10 87 SBC Communications 49,489.00 88 Credit Suisse 49,362.00 89 Hungary 48,355.00 90 Hewlett-Packard 48,253.00 91 Fujitsu 47,195.90 92 Algeria 47,015.00 93 Metro 46,663.60 94 Sumitomo Life Insur. 46,445.10 95 Bangladesh 45,779.00 96 Tokyo Electric Power 45,727.70 97 Kroger 45,351.60 98 Total Fina Elf 44,990.30 99 NEC 44,828.00 100 State Farm Insurance 44,637.20
From 1998 to 2005, approximately 55 percent of large corporations paid no corporate income tax.
Obama wasn't blocked the first two years he had in office he could have done anything he wanted, he wanted health-care because it gives the government total control over the people. The people rewarded him by throwing enough Dems out of the house to stop him and the rest is history.
Deficit spending... funny how it increases under Republicans and decreases under Democrats! I wonder where Obama would stand on this chart if G Worst Bush left him with an economy similar to the one Clinton left Bush, instead of an economy in free fall. MORE TAX CUTS FOR THE RICH!!! MORE TAX CUTS FOR THE RICH!!!
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
"The Single Most Important Thing We Want to Achieve Is For President Obama To Be A One-Term President." Senator Mitch McConnell Oct. 29, 2010
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
According to the non-partisan Tax Policy Center, some 3,000 of the 76 million taxpayers that were expected to pay no federal income taxes in 2011 were making nearly $2.2 million per year, which puts them in the top 0.1 percent income bracket.
Another 24,000 taxpayers expected to pay no income taxes last year were in the top 1 percent income bracket, making between $532,613 and $2.2 million per year.
How about another Republican Tax Cut For the Rich!
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
When you control both houses of Congress and you are the President the only way to block anything is if Democrats are voting with the Republicans just like they did when Obama submitted his budget to Congress, didn't get one vote. If you don't like the loopholes in the tax code change it if you can get your party to vote for it.
Logged
Pathetic!
