- jokacz
- 08-31-2013, 11:21 AM
- offshoredrilling
- 08-31-2013, 11:24 AM
Budget Deficits by Fiscal Year Since 1960:
President Barack Obama: First Term = $5.073 trillion.
President Barack Obama: First Term = $5.073 trillion.
- FY 2013 - $901 billion.
- FY 2012 - $1.327 trillion.
- FY 2011 - $1.299 trillion.
- FY 2010 - $1.546 ($1.293 trillion plus $253 billion from the Obama Stimulus Act that was attached to the FY 2009 budget).
- FY 2009 - $1.16 trillion. ($1.416 trillion minus $253 billion from Obama's Stimulus Act)
- FY 2008 - $458 billion.
- FY 2007 - $161 billion.
- FY 2006 - $248 billion.
- FY 2005 - $318 billion.
- FY 2004 - $413 billion.
- FY 2003 - $378 billion.
- FY 2002 - $158 billion.
- FY 2001 - $128 billion surplus.
- FY 2000 - $236 billion surplus.
- FY 1999 - $126 billion surplus.
- FY 1998 - $69 billion surplus.
- FY 1997 - $22 billion.
- FY 1996 - $107 billion.
- FY 1995 - $164 billion.
- FY 1994 - $203 billion.
- FY 1993 - $255 billion.
- FY 1992 - $290 billion.
- FY 1991 - $269 billion.
- FY 1990 - $221 billion.
- FY 1989 - $153 billion.
- FY 1988 - $155 billion.
- FY 1987 - $150 billion.
- FY 1986 - $221 billion.
- FY 1985 - $212 billion.
- FY 1984 - $185 billion.
- FY 1983 - $208 billion.
- FY 1982 - $128 billion.
- FY 1981 - $79 billion.
- FY 1980 - $74 billion.
- FY 1979 - $41 billion.
- FY 1978 - $59 billion.
- FY 1977 - $54 billion.
- FY 1976 - $74 billion.
- FY 1975 - $53 billion.
- FY 1974 - $6 billion.
- FY 1973 - $15 billion.
- FY 1972 - $23 billion.
- FY 1971 - $23 billion.
- FY 1970 - $3 billion.
- FY 1969 - $3 billion surplus.
- FY 1968 - $25 billion.
- FY 1967 - $9 billion.
- FY 1966 - $4 billion.
- FY 1965 - $1 billion.
- FY 1964 - $6 billion.
- FY 1963 - $5 billion.
- FY 1962 - $7 billion.
- FY 1961 - $3 billion.
- FY 1960 - $0 billion (slight surplus).
- FY 1959 - $13 billion.
- FY 1958 - $3 billion.
- FY 1957 - $3 billion surplus.
- FY 1956 - $4 billion surplus.
- FY 1955 - $3 billion.
- FY 1954 - $1 billion.
- FY 1953 - $6 billion.
- FY 1952 - $1 billion.
- FY 1951 - $6 billion surplus.
- FY 1950 - $3 billion.
- FY 1949 - $1 billion surplus.
- FY 1948 - $12 billion surplus.
- FY 1947 - $4 billion surplus.
- FY 1946 - $16 billion.
- FY 1945 - $48 billion.
- FY 1944 - $48 billion.
- FY 1943 - $55 billion.
- FY 1942 - $21 billion.
- FY 1941 - $5 billion.
- FY 1940 - $3 billion.
- FY 1939 - $3 billion.
- FY 1938 - $0 billion (slight deficit).
- FY 1937 - $2 billion.
- FY 1936 - $4 billion.
- FY 1935 - $3 billion.
- FY 1934 - $4 billion.
- FY 1933 - $3 billion.
- FY 1932 - $3 billion.
- FY 1931 - $0 billion (slight deficit).
- FY 1930 - $1 billion surplus.
- FY 1929 - $1 billion surplus.
- FY 1928 - $1 billion surplus.
- FY 1927 - $1 billion surplus.
- FY 1926 - $1 billion surplus.
- FY 1925 - $1 billion surplus.
- FY 1924 - $1 billion surplus.
- FY 1923 - $1 billion surplus.
- FY 1922 - $1 billion surplus.
- FY 1921 - $1 billion surplus.
- FY 1920 - $0 billion (slight surplus).
- FY 1919 - $13 billion.
- FY 1918 - $9 billion.
- FY 1917 - $1 billion.
- FY 1916 - $0 billion (slight surplus).
- FY 1915 - $0 billion (slight surplus).
- FY 1914 - $0 billion.
- offshoredrilling
- 08-31-2013, 11:41 AM
President Barack Obama:
President Obama contributed the most to the debt, with cumulative deficits totaling $5.073 trillion in just four years. Obama's budgets included the economic stimulus package, which added $787 billion by cutting taxes, extending unemployment benefits, and funding job-creating public works projects. The Obama tax cuts added $858 billion to the debt over two years. Obama's budget included increased defense spending to around $800 billion a year. Federal income was down, thanks to lower tax receipts from the 2008 financial crisis. Both Presidents Bush and Obama had to contend with higher mandatory mandatory spending for Social Security and Medicare. He also sponsored the Patient Protection and Affordable Care Act, which was designed to reduce the debt by $143 billion over 10 years. However, these savings didn't show up until the later years.
President George W. Bush:
President Bush is next, racking up $3.294 trillion over two terms. He responded to the attacks on 9/11 by launching the War on Terror. This drove military spending to a new records, between $600-$800 billion a year. President Bush also responded to the 2001 recession by passing EGTRRA and JGTRRA, otherwise known as the Bush tax cuts.
President Ronald Reagan:
President Reagan added $1.412 trillion to the debt during his two terms. He fought the 1982 recession by cutting the top income tax rate from 70% to 28%, and the corporate rate from 48% to 34%. He also increased government spending by 2.5% a year. This included a 35% increase in the defense budget, and an expansion of Medicare. Although $1.412 trillion doesn't sound like a lot, compared to 2012 debt levels, in fact Reagan's economic policies doubled the debt during his Presidency.
President George H.W. Bush:
President George H.W. Bush added $1.03 trillion to the debt in one term. He responded to Iraq's invasion of Kuwait with Desert Storm. He oversaw the $125 billion bailout to end the 1989 Savings and Loan crisis. Part of his debt contribution was due to lost tax revenue from the 1991 recession.
Although many other Presidents added to the debt, none comes close to these four in terms of overall spending. Part of that is because the U.S. economy, as measured by GDP, was so much smaller for other Presidents. For example, in 1981 GDP was only $3 trillion, growing by five times to $15 trillion in 2012. See the table below for a year-by-year detail of each President's budget deficit since President Woodrow Wilson. (Updated January 31, 2013)
post 17 and 18 from http://useconomy.about.com/od/usdebt...-President.htm
President Obama contributed the most to the debt, with cumulative deficits totaling $5.073 trillion in just four years. Obama's budgets included the economic stimulus package, which added $787 billion by cutting taxes, extending unemployment benefits, and funding job-creating public works projects. The Obama tax cuts added $858 billion to the debt over two years. Obama's budget included increased defense spending to around $800 billion a year. Federal income was down, thanks to lower tax receipts from the 2008 financial crisis. Both Presidents Bush and Obama had to contend with higher mandatory mandatory spending for Social Security and Medicare. He also sponsored the Patient Protection and Affordable Care Act, which was designed to reduce the debt by $143 billion over 10 years. However, these savings didn't show up until the later years.
President George W. Bush:
President Bush is next, racking up $3.294 trillion over two terms. He responded to the attacks on 9/11 by launching the War on Terror. This drove military spending to a new records, between $600-$800 billion a year. President Bush also responded to the 2001 recession by passing EGTRRA and JGTRRA, otherwise known as the Bush tax cuts.
President Ronald Reagan:
President Reagan added $1.412 trillion to the debt during his two terms. He fought the 1982 recession by cutting the top income tax rate from 70% to 28%, and the corporate rate from 48% to 34%. He also increased government spending by 2.5% a year. This included a 35% increase in the defense budget, and an expansion of Medicare. Although $1.412 trillion doesn't sound like a lot, compared to 2012 debt levels, in fact Reagan's economic policies doubled the debt during his Presidency.
President George H.W. Bush:
President George H.W. Bush added $1.03 trillion to the debt in one term. He responded to Iraq's invasion of Kuwait with Desert Storm. He oversaw the $125 billion bailout to end the 1989 Savings and Loan crisis. Part of his debt contribution was due to lost tax revenue from the 1991 recession.
Although many other Presidents added to the debt, none comes close to these four in terms of overall spending. Part of that is because the U.S. economy, as measured by GDP, was so much smaller for other Presidents. For example, in 1981 GDP was only $3 trillion, growing by five times to $15 trillion in 2012. See the table below for a year-by-year detail of each President's budget deficit since President Woodrow Wilson. (Updated January 31, 2013)
post 17 and 18 from http://useconomy.about.com/od/usdebt...-President.htm
- Guest070916
- 08-31-2013, 11:44 AM
Reaganomics and Republican Corporate Globalism PUT USA in the fiscal position we are in today!!!
Ronald Reagan began US government deficit-spending addiction
While conservatives today celebrate Ronald Reagan's 100th birthday as a moment to recall the achievements of Reagan's presidency, one part of the Reagan myth, that he was a fiscal conservative who helped show the USA the road to prosperity through a leaner government, isn't supported by the facts.
Instead, history shows that Ronald Reagan reversed a long trend of reducing the national debt as a percentage of GDP, which had been lowered by every previous president (except Gerald Ford) since the end of World War II.
Ronald Reagan exploded the federal debt, eventually to over a trillion dollars, by cutting taxes while demanding that the nation fund a huge expansion of the military. Even the Wall Street Journal at the time was aware of the unsound nature of this Republican deficit-spending scheme. They and other newspapers warned of the "baleful effects of big [government] deficits."
Reagan was hopeful that the deficits would frighten the American people into supporting a wide-ranging series of cuts in social spending, not military spending, and while some cuts were made in welfare programs, which increased the suffering of the poor, the debt as a percentage of GDP ballooned under Reagan and George H. W. Bush (Bush I) back to a point it had been at under another Republican, Dwight Eisenhower.
It was finally during the presidency of Democrat Bill Clinton that some progress was made in reducing the debt, and in obtaining budget surpluses for the first time in many years. That progress was wiped out by the deficit spending of Republican George W. Bush (Bush II), who again initiated a huge increase in spending for military and national security programs, but who lowered taxes, and encouraged a false sense of prosperity, through a temporary and extremely costly binge of deficit consumer spending.
The government spending scheme, in large part financed by selling the USA debt to China, of course collapsed in 2008 with the Great Recession, and the establishment of even greater deficit spending intended to bail out financial institutions and allegedly critical industries. USA consumer spending, shattered by huge increases in unemployment and the fear of becoming unemployed, along with federal and state government tax collections, plummeted.
Ronald Reagan began US government deficit-spending addiction
While conservatives today celebrate Ronald Reagan's 100th birthday as a moment to recall the achievements of Reagan's presidency, one part of the Reagan myth, that he was a fiscal conservative who helped show the USA the road to prosperity through a leaner government, isn't supported by the facts.
Instead, history shows that Ronald Reagan reversed a long trend of reducing the national debt as a percentage of GDP, which had been lowered by every previous president (except Gerald Ford) since the end of World War II.
Ronald Reagan exploded the federal debt, eventually to over a trillion dollars, by cutting taxes while demanding that the nation fund a huge expansion of the military. Even the Wall Street Journal at the time was aware of the unsound nature of this Republican deficit-spending scheme. They and other newspapers warned of the "baleful effects of big [government] deficits."
Reagan was hopeful that the deficits would frighten the American people into supporting a wide-ranging series of cuts in social spending, not military spending, and while some cuts were made in welfare programs, which increased the suffering of the poor, the debt as a percentage of GDP ballooned under Reagan and George H. W. Bush (Bush I) back to a point it had been at under another Republican, Dwight Eisenhower.
It was finally during the presidency of Democrat Bill Clinton that some progress was made in reducing the debt, and in obtaining budget surpluses for the first time in many years. That progress was wiped out by the deficit spending of Republican George W. Bush (Bush II), who again initiated a huge increase in spending for military and national security programs, but who lowered taxes, and encouraged a false sense of prosperity, through a temporary and extremely costly binge of deficit consumer spending.
The government spending scheme, in large part financed by selling the USA debt to China, of course collapsed in 2008 with the Great Recession, and the establishment of even greater deficit spending intended to bail out financial institutions and allegedly critical industries. USA consumer spending, shattered by huge increases in unemployment and the fear of becoming unemployed, along with federal and state government tax collections, plummeted.
- JohnnyCap
- 08-31-2013, 12:59 PM
Sorry to disagree.....but BOTH the Conservatives and Liberals are EQUALLY guilty for what is going on.We are all guilty. Anyone continuing to invest, continuing to believe in the American political system, continuing to accept the pathetic options elections offer us, continuing to accept capitalism's 'anything for a buck' mantra is fucking guilty and filthy as hell.
If our elected officials on both sides of the aisles were in kindergarten....they would all be standing in the corner........
elg....... Originally Posted by elghund
Johns and whoer's alike. Me too. A nice cleansing fire, flood, plague will fix a lot.
Nevada brothels. Next time you spill a glass of water, flush the toilet, wash your car, think of how many people are praying for that spillage. Fuck Nevada.
- Always Horny
- 08-31-2013, 06:09 PM
Are you calling Warren Buffet an Ultra Conservative?Ahhh, I think you missed the angle of my joke...
Bill Gates??
It appears that you ASSume that all rich people are ultra conservatives trying to run your life.
Uh.. take a look at the Democrats that are spending Your money and My money.
That is running and ruining lives. Originally Posted by Paulwantsya