FROM CNN's Jack Cafferty:
President Obama has broken a promise to the American people to cut the deficit in half.
His latest budget forecasts a $901 billion budget deficit for 2013.
If you add in the $1 trillion-plus deficits he has run for his first three years in office, along with an estimated $200 billion in economic stimulus, that's about $5 trillion in the red in his first term.
George W. Bush set the previous record of $3.4 trillion of deficits in eight years. President Obama is on track to add $5 trillion in deficits in just four years. This is part of the reason why our national debt is now a whopping $15 trillion.
The Weekly Standard crunches the numbers to find that deficit spending just under President Obama equals more than $17,000 per person or about $70,000 for a family of four.
In February 2009, shortly after President Obama took office, he pledged to cut the $1.3 trillion deficit he inherited from President Bush in half by the end of his first term.
"I refuse to leave our children with a debt that they cannot repay – and that means taking responsibility right now, in this administration, for getting our spending under control."
Meanwhile, a quick look at what's happening around the world could provide a glimpse of our own future.
Greece saw more violent riots this week after the government's approval of austerity measures.
The credit rating agency Moody's also downgraded six European countries, including Italy and Spain, amid concerns over the continent's debt crisis and sluggish economy.
Here’s my question to you: Where is the U.S. headed if Pres. Obama is adding an estimated $5 trillion to the national debt in his first term?
Interested to know which ones made it on air?
Amazing that nearly one-third of our $15 trillion dollar debt is attributable to President Obama and the Democrats. We are seeing the wholesale destruction of the American free enterprise system in our lifetime.
Ben in Boston:
I guess we're headed for $10 to $15 trillion more debt if Mr. Obama is re-elected. From there, we will be headed for indentured servitude of a sort in order to pay some of it off through taxes on the middle class since the wealthy will find a way to escape them. Hey, don't blame me – Hillary won the primary in Massachusetts. She is a competent leader. I wish she were President now.
Ray in Knoxville, Tennessee:
Jack, Government spending is traditionally the thing that brings economies out of recessions. 30 years of Republican economic policies and 8 years of Bush tax cuts for the wealthy left President Obama with a crippled economy and empty coffers once he took the reins of government. His choices were let us go into a depression or add to the debt. I support the latter because it will eventually lead to recovery.
Jack, I must say that it is quite astounding how a question like this can get answers that mention former President Bush. It seems that no matter what this current administration does or doesn't do, it's always the fault of George W. Bush. Just as little children blame others for their lack of abilities, these folks continue to cast a blind eye to the incompetence of Barack Obama. Amazing. Quite amazing..
Kirk in Minnesota:
The U.S. is going to pull a Thelma and Louise if we keep hemorrhaging money and don't start bringing some in.
President Obama is heading for financial Heaven as a rich man in America with the bonus of a solid pension to anticipate.
The average US citizen, shockingly, is heading for a bleak future complete with a ravaged social safety net and a rapidly declining standard of living. By the end of Obama's second term, America wiill look in the mirror and see today's Greece. Unsustainable debt today creates chaos and hardship tomorrow. Welcome to reality where fiscal prudence does matter.
We are headed to the poor farm Jack. Who ever heard of a congress that has no budget every year and how did this happen? How did our congress stand by and let this happen? These are the people entrusted to act responsibly on behalf of the American people as a whole. They are wastefully squandering away what little the nation has left in borrowing capital with absolutely no way to pay the people loaning the money back. The president is writing checks that the American people can not cover.
Simple solution. Stay out of wars that begin with lies. Change the tax code for the rich and coroporations and get rid of the Bush tax cuts. In other words, re-elect President Obama. It's taken him one term to reverse course of the disastrous Bush/Cheney mess and in the next term he'll begin the huge challenge of our defecit.
The US is going to pull a Thelma and Louise if we keep hemorrhaging money and don't start bringing some in.
Tha's a very easy question to answer, Jack. Just book a plane ticke to Greece and you can live right now what we will be going through sometime in the next few years.
The US is headed to Hellas! Look at Greece, like the US, the left and the right alternated driving duties and drove the country off the cliff. Not rocket science.... cut spending raise taxes ... on everyone!
Where is the U.S. headed if Pres. Obama is adding an estimated $5 trillion to the national debt in his first term?
I guess he is in an impossible situation, as those who can lessen the debt, only give to their favorites
and not to their country.As he quoted Luke 12: 48 "For unto whomsoever much is given, of him
shall be much required; and to whom men have committed much, of him they will ask the more"(smile).
We can't afford our country anymore, only those who got the lions share of our governments borrowing and spending. We have a hunch where we are heading. The bigger question maybe, what are we going to do without the government money that enriched our economy for decades?
tampa, fl we have been circling the bowl for the last several years, but like my own toilet, obama installed a dual flush model and has been hitting only the "full" flush mode. be amazed how much money you can save when you try.
Jack should the US goverment shut down pay no one. If you can find free money and all you pay is the do nothing congress and nothing else, you would still have conservetive cry out it to much money. No manner how much Obama ask for you and the GOP will make a big thing about it. When get youu get your pay check dose it go out to pay bills, same with the US goverment.
We're already in it, and now their fixing to flush.
Jack at the end of President Bush's term I was scared as hell. I was afraid Sen. McCain would get elected and keep taking us down the path of the Bush presidency. Today I am not that scared because I realize what president Obama was left and what he had to do to get us out of the mess we are in. With so many people out of work along with the Republicans refusing to raise taxes on the wealthy or cooperate in any way it is hard, some might say even impossible to cut the deficit.
Right now interest is very low–interest is about equal to medicare.
The U.S. is waiting for interest to reach the level of Carter's administration, and then the interest will be equal to medicare, social security, and most of the military.
In other words America will be helpless waiting for another rainy year like 2008–and then, interest will require most all of the budget.
America's creditors will dictate how the U.S. spends its budget–and it won't be on entitlements or the military.
I don't think anybody can answer that question. And since the only other option is one of the three stooges! God help us!
He is headed down the right road, do any of you have the solutions to all the problems in this country? The answer is NO! Remember we can all be Monday night quarter-backers.
George W. Bush also added $5 trillion to the debt during his Presidency. And his policies continued: two wars, two tax cuts, and a prescription drug benefit... all paid with borrowed money.
You've got to spend money to make money. I'll bet that if the Congress of NO allows the Tax cuts and loopholes to expire, repatriate earnings and end the Foreign Tax Credit, those trillions will be replaced quicker than Mitt Romney can smile for a photo op!
Factor out the George's wars and tax cuts for the rich and the Titanic slide George and his boys started. The hemorrhaging didn't stop the day Obama took office. Get back to me. Oh yea, Bush's "posse" is still in the power positions in congress ready to spend like a drunken sailor with a republican president.
Well maybe we'll finally all come to our senses, or at least maybe the people in Congress, and abolish those extra special tax breaks for millionaires and billionaires, cut subsidies to multi-billion dollar corporations, tax capital gains at the same rate as income, tax those who off-shore their money, and cut the pay and benefits of worthless congress critters who do absolutely nothing but mug for the cameras and whine in front of mics, and get rounded up for the Sunday shows as if we believe what they think actually matters.
I don't buy into the underlying assumption ... the 'train' was already in fast motion before President Obama was ever sworn in. He was given two options: (one) to allow a 'wreck,' by attempting to balance the budget from the start, or (two,) first slow the monster down. I agree that the 'systemic' problems of a distorted tax code and bloated social programs need major work ... that has a chance when people sit at the table to solve problems rather than create 'media bites!'
So what did you want Jack? No extended unemployement so hundeds of thousands more would have lost their homes and ended up on the dreaded "government assistance." Or perhaps not bail out the car companies, although I was not in favor of any bailouts, if we can bail out Wall Street we can bail out Detroit. Bush was just as big a spender, no one had a problem with him. Obviously we have to do something to control spending but you cannot "cut" your way out of a recession. Honestly Jack, I think you are headed on the same path as Lou Dobbs.
We are headed down the same path that Reaganomics and the trickle-down theorists have put us on. It simply can not be reversed in just four years, especially four years of a border-line traitorous Congress that refuses to work with a legally elected President.
Jack, we are headed down the low road, that's for sure. Of course most of us will be dragged, kicking and screaming. But hey, that's just those of us who work for a living. The Obama economists still talk of spending us out of this financial abyss. It must be their plan to lead us into the abyss as well.
Looks like we're headed for the rocky shores of Greece. What I cannot comprehend is WHY NOBODY in the HOUSE or SENATE will introduce legislation for the Bowles-Simpson Plan and lets see who votes NO? I hear widespread and bi-partisan accolades for it, so I think it would pass. The GOP controls the House; why hasn't Paul Ryan et al put it on the table. In the Senate enough Democrats would likely support it to get the needed 60 votes. I like Obama, and will likely vote for him again, but this deficit is scary. Bowles-Simpson provides the responsible long-range discipline we need.
I guess we're headed for $10 trillion to $15 trillion debt if Mr. Obama is reelected. From there we will be headed for indentured servitude of a sort in order to pay some of it off through taxes on the middle class since the wealthy will find a way to escape them. Or maybe we'll have a lower standard of living due to inflation if the FED keeps printing money. Well, don't blame me – Hillary won the primary in Massachusetts. She is a competent leader. I wish she were President now.
No place, it's just like leaves, it grows back in spring,
Let's sing it all together now: Greece is the word that Obama's heard. It's got grove, it's got meaning..........
Bankruptcy obviously. Its not such a bad thing, unless you are the holders of the debt that isn't going to get paid. American corporations go bankrupt every day. Buyer beware is the term we coined to shame the losers. So when it happens, China will be dissapointed, and the senior US citizens who lose their Social Security will be dissapointed, because our wise Congressional Ladies and Gentlemen crooks, put 2.7 trillion of the Social Security fund into Treasury Notes. You won't even get a chance to pay for your Social Security twice before you don't get it. Lets get out of the Middle East for good, and get the Wall Street Losers out of our homes, and start all over again. Doug, pepperell, MA.
The country under Obama is trying to spend it's way toward economic recovery. Most economists agree that borrowing and spending to spur economic growth must come from the government because corporate and business America won't do it. Spending money on education, infrastructure, societal necessities like like police and fire protection is a good start. Then, when and if cooler heads make thier way into the congress, across the board tax increases will relieve the debt crisis.
If the government doesn't spend and raise taxes then the economy will only grow at a snail's pace if it grows at all.
Following World War II the Greatest Generation realized borrowing and spending to educate and put returning GIs back to work and a 90% top marginal tax rate was the only way the country would avoid a post war recession, or worse, another depression.
The debt accumulation shows where we have been, not where we are going. Where we are headed depends on how effectively Obama forces tax reform that raises revenue onto Republicans, which will likely depend on his perceived willingness to veto tax cuts for everyone. If they know that when push comes to shove, he will move, that is what you need to know about our future as predicted by $5 trillion in debt.
Hopefully it means that the economy will continue to recover. Increasing spending creates jobs, and job creation increases tax revenues while it reduces entitlement programs. This is called deficit reduction. The problem with President Obama' economic policies are that he spent too much on Wall Street and the Banks and too little on the poverty & low income stricken areas of the country. With 49 million Americans living below poverty and 97 million Americans listed as low income, it is obvious that "Consumer Spending" is anemic from these two groups and we need more economic strengthening for these areas.
 Extending unemployment will help with the anemic consumer spending from the low income areas, but it falls short of providing enough growth to catapult the economy forward with the momentum we need to begin deficit reduction.
 Tax cuts are no longer benefiting the groups of people who we need to improve consumer spending since 47% of Americans no longer pay income tax. The tax cuts are benefiting the areas of the country that don't need stimulus.
 The payroll tax cut is a perfect confirmation of why we have 146,000,000 Americans living a substandard standard of living. Our "GENEROUS" elected officials say that by saving a minimum wage earner $6.00 a week on their Social Security will stimulate the economy. If $6.00 a week is all that it takes to increase consumer spending, then the "dummies" in Washington should raise the minimum wage, but if they did that, wall street profits for the wealthy would be reduced because of the higher wages. Another Washington "short term solution" to a long term problem?
This "BIG SAVINGS" will be costly for the same individuals if they have to use the benefits, since they will be penalized. This appears to be another "gimmick" to privatize the pensions. [Lets not forget what would have happened to all of the private pensions in 2008 if the taxpayers hadn't spent $5 trillion dollars bailing out all of the wall street gangsters - there wouldn't be any private pensions.] Also, there is 56 million Americans collecting SSA, and this is the "biggest" chunk of "Consumer Spending" we have. Cutting SSA will be the biggest "Long Term Economic Disaster" this country has ever seen.
Do any of our "Elected Officials" know what they are doing??? NO !!
Jack this is a tough one! What do you think? With this spending and governance president Obams is setting the stage to launch America in an unassailable position in the world. Education, infrastructure, manufacturing and are areas that America has fallen behind. Having all of the above back on track will be good news. And for any president in the white house the next ten to fifteen years his or her story will just be booming, booming, booming economy. Thank you Obama.
Not to a happy place for sure. But again he didn't dig the hole in the first place, he is just trying to figure out how to fill it in and getting no help from either group.
Jack, maybe a better question is: where would we be heading if he didn't?
You sound like a right winger Jack – First of all President Obama did not add an extra 5 trillion to the debt. That was money already obligated during the 8 years of the previous – uh – administration. Obligations are obligations-. Barak just happened on the scene when things went to hell in a hand basket. No worries though. He'll be re-elected in November and then maybe he can start to clean up some of this mess. Oh, I forgot. Republicans.
We have only to look at Greece to see where we will end up if we keep ignoring our current and future fiscal spending. $5 trillion is just a down payment on the even more trillions that Obama will accumulate to the national debt in his 2nd 4 year term as forecasted by his proposed 2013 budget. His proposed tax and spend agenda that is based upon his justification that it is needed to spare the “middle class” of pain and suffering that would occur if serious deficit cuts were made in spending and entitlements is just plain snake oil. Pulling a trillion dollars a year out of the private sector by taxation will only depress economic growth, and pouring that money into new government initiatives and programs will drive up ever increasing future government spending and national debt. The end result, will be that the very people that such an agenda is said to help, will be the ones to suffer the most when the cuts will eventually have to be made, as they will, because they are the ones that will be hit the hardest. And in truth, the only ones that will actually benefit, will be the President and the tax and spend politicians by enabling themselves to get re-elected.
When Obama took office the U.S. was already projecting annual deficits over $1 trillion for the forseeable future thanks to the reckless policies of George W. Bush. It's true that the buck stops with Obama now, but you can't stop a frieght train with a volkswagon. If the Repulicans don't start helping instead of hindering, this country will head into bankruptcy just like Greece is doing right now. There is no E.U. here to lend a helping hand. That means total destruction of this country and all we stand for. Thanks G.W., we couldn't have done it without you.
We are heading in the same direction as Greece! Payback will be very painful. I heard this morning a comment from the former treaser Paulson that we need to "increase our exports to China". What exports is he talking about when we do not make anything any more??? He needs to get real and the reality is, our standard of living is dropping and we can not continue to borrow against our future...
It is headed for the same place it was headed the day Bush took office. Hint: don’t look up, it’s not in that direction.
Jack, we are headed in a even deeper grave then what we have already dug for ourselves and China will be the one standing on top of it!!
Heading to the poor house!
With all our representatives in Congress who are suppose to know what's going on, not much is being done. Little do they know it's only the president who knows whats going on and he can't tell anyone. If a republican takes the presidency this fall, he will quickly be told whats going on. But he can't tell anyone either. The national debt will continue to rise amid all the talk from our representatives, and the press, and all the financial experts. That's all we hear now: Alot of talk. The U.S. is heading to where it is being guided. It's just a matter of timing when we arrive!
Who cares? Give rich people tax cuts so they can fix our problems.
Jack, government spending is traditionally the thing that brings economies out of recessions. 30 years of Republican economic policies and 8 years of Bush tax cuts for the wealthy left President Obama with a crippled economy and empty coffers once he took the reigns of government. His choices were let us go into a depression or add to the debt. I support the latter because it will eventually lead to recovery.
Now you know why the Dems wanted to increase the debt ceiling. It wasn't to pay for the 600 billion interest payment on the national debt, it was only for justification for increased spending. Now what do you think the interest payments are going to be on the national debt in 2020 .
Jack, your question ignores the fact that Obama offered the Republicans $3.8 TRILLION in deficit reduction and they walked away from the table. His current budget shaves $4 TRILLION over 10 years while only raising taxes on those who can afford it. Have you seen the Republican candidates' plans? They want trillions in tax cuts for the rich plus another couple of wars...I'll take President Obama's balanced approach every day of the week and twice on Sunday.
Right towards Broke. Its interesting to watch. Everyone knows the solution but no one has the substance to just say what is needed. We have to pay back our debts. Yes, pay. Republicans will NEVER admit that no matter how small they want government to be, there is an outstanding debt. We have to, at some point, run a 15 trillion dollar surplus to pay it off. They're all cowards and theives in my mind.
Unfortunately for America, the Republicans had other ideas and they made them stick. We are headed in the right direction, but progress is slow when you have that GOP anchor around your neck dragging you down. He wasted too much time trying to get cooperation for one thing on everything. Had he called them out for the shameless obstructionist they are, he might have done better. Recovering from the Bush disaster isn't going to be cheap.
Well this is CNN after all Jack.. Dont you know all the liberals will just look the other way.. or blame it on Bush.. Heck 160 billion dollar a year defecit was earth scorching under Bush, but now that its under obama, eh, no big deal.. 5.4% unemployment was economy killing under Bush, but obmama at 8.5% eh, no big deal.. Gas prices under George Bush averaged around 1.80 a gallon, and that was devesating to our economy according to liberals and the media, sorry for repeating my self, but it's 4 dollars a gallon under obama and eh, its no big deal... obama screams for fair taxes and people to pay their fair share, but he has 39 people in his staff that owe more than a million in back taxes, but hey he's a democrat, so its no big deal.. Just as i read your earlier article on gas going above 5 dollars and how that will affect the obama presidency.. It was HYSTERICAL to read all the comments below that article... Everyone of them said "oh its not the presidents job to control gas prices, this isnt' obamas fault.. The president has nothing to do with gas prices, this isnt our current presidents fault... i just had to shake my head and laugh, bc when Bush was in office, there were daily economical reports about how gas prices were hurting the economy, driving down GDP and causing kids to starve.. now under obama, eh, no big deal... as proved by the asinine comments on your last article... Liberals.. if it weren't for double standards, they'd have NONE..
Down the tubes, Mr. Cafferty. We're headed down the tubes. However, this can be slowed, or reversed, if we can jettison the current administration this November.
Things are slowly getting better. At least these are somewhat honest numbers - don't forget that none of Bush's wars were reflected in the budget - those numbers were just swept under the rug.
The blame game is over for the President regardless of what Bush did to this country as he could have ended the two wars and raised taxes on everyone in 2011 but as usual he wants what every first term President wants; a second term so he rollled the dice and we're losing. The blood bath in America is just around the corner as we are going broke and where does the buck stop now, Obama's desk.
From Slippery Rock, PA
Wasn't someone in the GWB administration who said, "Reagan taught us that deficits don't matter?" The US is not Greece. That'snot my worry. We need to, as I have said herein before, pay the bills when the economy is good again. To start cutting everything now would send the economy to the toilet. Read some history, Mr. Cafferty. Go to the 1930s.
Jack: We are headed for a better day and better quality of life. Where are you headed, Jack? Do away with all taxcuts and in 5 years we will not have a deficit. Just think the top 1% will pay the same taxes they paid under President Clinton. It will be very hard on the working poor, but who cares, not Romney. The lower and middle income will have it rough, but the very rich will have to pay more, hooray. Just think, Jack, all the crying that will happen with the 1%.folks. Who cares!!!!
Answer : Since we're already paying about 6 Billion in Interest – and over 15 Trillion in Hock – To be perfectly Honest, we simply cannot sustain it anymore – No matter who gets in as our Commander in Chief next year – in 3 to 4 years, IF we get even Close to 20 Trillion, either the Fed, or somebody in the Government will end up doing something very bold, like suggesting to the people in this country – that we will need to go to another form of Money, unlike what we have today.
He broke a promise for deficit slashing. Maybe the deck was stacked against him. But, he has significantly violated the public trust by not presenting a rational and reality-based approach to solving it. He only knows how to tax and spend. he doesn;t know how to manage this issue. When people figure out that there aren't enough millionaires and billionaires, and "the Rich" and "wall street profiteers" out there to solve this, and real management over a lng period is required, and that i9t ewill hurt, he'll be in big trouble.
Answer : Since we're already paying about 6 Billion in Interest DAILY – and over 15 Trillion in Hock – To be perfectly Honest, we simply cannot sustain it anymore – No matter who gets in as our Commander in Chief next year – in 3 to 4 years, IF we get even Close to 20 Trillion, either the Fed, or somebody in the Government will end up doing something very bold, like suggesting to the people in this country – that we will need to go to another form of Money, unlike what we have today.
Our country is headed exactly where Obama and the leftists want: bankruptcy! And then the only thing left to apologize for will be stiffing our creditors.
Steve in Philadelphia
One word : SOCIALISM.
The Great deceiver knows that roughly 45-48% of American legal voters along with a few million more fraudulent voters will forever worship this presidents' class warfare policies that guarantee government welfare from cradle to grave, whether you're a legal citizen or not.
Our once great country will be damaged beyond repair if this Socialism is continued.
this ones easy we are headed to another depression!!!!!! "jack" if we keep going on this track of big goverment take over's and these bail out's for there corporate freinds on wall street.
The same place it was headed when Reagan and the bush twins added seven trillion for tax cuts for the rich and corporations...third world status.
First of all Jack, President Obama had several plans which would have reduced the deficit. But he was stonewalled by a republican controlled house which refused to pass anything he proposed. Secondly, I am growing just a little weary of people in the media asking "when did you stop beating your wife?" questions like this one. Come on Jack you're better than that!
Amazing that nearly one-third of our $15 trillion dollar debt is attributable to President Obama and the Democrats. We are seeing the wholesale destruction of the American free enterprise system in our lifetime. But those who have designed our demise have created their own ruination. They will be ousted from power because they will drive gasoline above $4.50 per gallon before the election and Americans will never re-elect those that are creating this mess.
It's obvious we can't keep adding to the national debt at this pace. But let's take a look at how we got here. The cost of fighting two major wars (one for no rational reason) plus continuing the Bush tax cuts, which never should have been passed in the first place, has been the driving force behind those huge deficits. It's too late to turn back the clock so looking forward we need to reduce spending without underrmining the economy or obliterating social security and medicare. Then we need to increase revenue by implementing realistic tax rates, cllosing loopholes and abolishing special interest protections such as carried interest.
Maybe he is going to clean up the mess Bush and the Republicans made by the war with borrowed money and letting corporate America rob middle class of jobs, their bank accounts and homes by giving the rich lower taxes...
If this out of control Obama budget goes through, the US will be paying $20 BILLION just in interest every week! This will affect our dollar and when that happens, all hell breaks loose and we become Greece and all the other European countries. Message to Obama; socialism has never worked; stop trying to make the US a second rate, 'nanny state'! We are NOT Europe, nor should we EVER want to be!
Jack, in the northern hemisphere we are going clockwise, and in the southern hemisphere we're going clockwise, and these white wall all around us are not heavenly.
America is currently headed to economic recovery. If we cut government spending now we kill that recovery, like FDR did in 1937, and make paying off the Reagan-Bush war debt harder and take longer. If the GOP and its Blue Dog co-conspirators hadn't blocked earlier stimulus spending, we'd be further along in recovery than we are now, and we could think about cuts; but as it is, we need to continue to pour on the coal.
Wherever it might take us is much better than a country run by and with new laws made by a group of one percenters using their bought and paid for politicians and tunnel visioned religious groups to maintain their agenda over those of us who don't fit into their plan of domination.
It's not good news, but you have to make changes while supporting programs that need to be revamped. That will not cause any savings and will actually add to the debt. Even my beloved Simpson/Bowles showed that for the first couple of years. The key is can we get past the next few years slowing the deficit and then start reducing it?
He didn't break his promise. He, like everyone else, initially misjudged the damage that had been done during the Bush years. Nobody could have cut the deficit in half in four years without wreaking further damage on an already teetering economy. Obama's actions have been responsible and prudent. Once the economy is back on its feet, and indicators are looking pretty good lately, he will then be able to shave down the deficit without causing unneeded harm to millions of innocent citizens. Give him a chance Jack, he knows what he's doing.
Where is the US headed? Back to school to learn Mandarin. We should have kept Huntsman around.
Much of the debt accumulated by President Obama so far can be directly tied to policies of previous administration. Some spending now employs people and gets them off UI. We can't go back to policies that put us in a recession like no other. You seem to be putting the outrageous idea out there that this mess could be cleaned up in 3 years. Perhaps, if there was any cooperation from Congress.
The U. S is headed towards the restoration of our economy before President Obama's predecessor.
Jack, I must say that it is quite astounding how a question like this can get answers that mention former President Bush. It seems that no matter what this current administration does or doesn't do, it's always the fault of George W. Bush. Just as little children blame others for their lack of abilities, these numb nuts continue to cast a blind eye to the incompetence of Barack Obama. Amazing. Quite amazing. In answer to your question, the USA is headed down the old porcelain receptacle with Obama shoving the stick into high gear.
Jack : We are headed to the same place as we were headed since the Reagan adminstrtion BACKWARDS. When more money is leaving the country then brought back in.
"Deficits don't matter."
Dick Cheney – 2002
I just asked a friend the same thing this morning-do you expect Obama to cut ss/medicare/uneployment benefits/food stamps/funds to eduacation/some funds to infrastructure to balance the budget because the republicans won't cut defense or raise taxes on the rich-where is your sense of humanity?
The real question is where is this country going to go if Republicans continue to prevent growth and prevent Obama from growing the economy.
Jack, if we charged up our credit cards over 8 years, we would not be surprised at the high interest payments in the years following. Right now, we are facing those payments at the same time we have to spend more to stimulate this economy, not unlike needing to buy a new suit, get a haircut and pay to improve your resume if you are unemployed.
To me, it's more about where AmeriCANS are heading, because it's ludicrous to even ask where America is heading. I'm considering Australia.
This is one reason not to vote for Obama for another four years. In 2008, he kept on attacking President Bush on deficits and promised to cut it in half. But what we all seen, he added more than 40% to the deficit. This will lead to an uncertain future.
A politician broke his promise! Horrors!
Surfside Beach, SC
Obama is effectively doing to America what others (nations and individuals) have been unable to do over the past 225 years - ruin the nation. The past 3 years have demonstrated his systematic approach to taking the country down one piece at a time and, with the help of a Democratic Congress initially, he set the course. Another Obama term in office and America will join the Roman Empire as but one more footnote in history.
Gary in Scottsdale, Arizona
Your premise is incorrect. You must add the fact that on President Obama's watch, 2 wars and their expense were added into the defecit cost. 2 wars which Bush nor the GOP paid for. In addition, a surplus from President Clinton was turned into a defecit when the GOP under Bush gave tax cuts that had to be paid for. We must also remember the hostage situation to extend the Bush tax cuts again. Sure, there's an increased defecit but it's only as high as it is because of the Bush accountng. Sounds to me like the defecit is irrelevant as long as Americans are out of work. All the more reason to increase the taxes on the wealthy, every little bit helps. Correct the premise, maybe a better response.
Jack, we aren't 'headed' anywhere.
We're at the bottom of the pit and now Obama wants to shovel tons dirt on top of us to finish us off and to cover up the mess he has made at the same time.
I don't worry much about what the president does. Congress is the body that is supposed to get things done, and the obstructionists there have been a giant monkey wrench in the works since at least 2010.
We always seem to forget that it is Congress that sets the agenda and creates the programs. Perhaps if Congress had not obliged to pass so many expensive laws - including tax cuts that were not needed at the time - we wouldn't have to run up a deficit to pay them.
Wrong question, Jack. The correct question is: What circumstances were dominant that forced the current administration to drastic action to save the economy and country? This disaster was inhereted from the previouys administration. Sad that they won't be brought to justice.
Unbelievable. You cite the numbers for President Bush, but coincidentally leave out that for the first year of Obama's presidency, the country was still running under Bush's budget. Not to mention that when Bush left office, he left us all with the worst financial meltdown since the Great Depression (during which HE bailed out the big banks in a hurry), two wars with no end in sight, and major tax cuts for the wealthiest 1%. The nightmare that was the George W Bush presidency is one that has taken this country a long time to recover from, including much of President Obama's first term. Is there more room for recovery? Absolutely. But you are blaming the housekeeper for the mess Led Zepplin left behind.
You know. I am a young american at only the age 18, but i still know when good decisions and bad decisions are being made. President Obama is screwing us into a hole a deeper hole. Yes, he didn't make the whole, but he is digging it deeper and deeper. He is gonna be the reason america loses a middle class. It is gonna be strictly, who can pay the taxes, who can pay there way out of dept for this country, and that is only gonna leave the rich people in this country. The way i see it, we only have a few more years if that, before the people start looking deeper, and seeing what he is doing. There will be war one day in the future. It wont be like world war 2 by no means, but we will look like Syria one day, if we are not careful.!!!!
Defense, Social Security, MEDICARE, MEDICAID, Interest on the Debt, and unemployment benefits account for 85% of the budget. Since most Americans don't want those programs cut, or we can't cut them in the case of interest on the debt, the only option is to pay for them or continue borrowing. We don't have a spending problem, we have a fiscal irresponsibility problem.
Common, do you really expect Obama to be able to solve an outright threat of a depression without spending money to fix what caused it? He isn't able to turn water to wine, but the majority of his steps seem to be going in the right direction, minus the extension on the tax cuts for the ultra-wealthy. There will soon be a time when we will need to pull in spending, but unfortunately that is not now. For now, we need to spend on necessities and ensure that we as a country have a competitive future in the world market.
For the most part, the money that has been spent had to be, to deal with the other deficits HW left us. Also, I'm pretty sure Obama is not the one preventing the wealthy from paying their fair share.
Toward economic growth. You have to spend money to make money. Once the President puts the country to work we will have the middle class paying taxes and we'll be in a position to start paying down the debt.
We are heading nowhere, neither is Obama!!!!!
Jack, With all the smoke screens about President Obama doing a great job, you are one of the few that look at the real numbers, and these numbers will effect our future, OWS seems like the are following the same guidelines as Greece Protesters.
We need to stop spenting, and start cutting. No such thing as fair playing field in the USA, and nobody is entitled to anything but freedom in the USA. Either you want to make it or you don't. Nothing comes for free.
As usual, your question leaves a lot of stuff out and is geared to get reactions.
Your question fails to factor in the reality that economic wisdom requires us to spend our way out of a Depression/Recession. It also fails to factor in the intrasigence of the GOP regarding taxes and their obstruction of all efforts at job creation. The GOP has failed us, not Obama, though they and people like you want to lay blame at his feet which he doesn't deserve.
A more meaningful question for you to ask is where would the country be if the news media actually did it's job and questioned the lies repeated over and over while you guys nod your heads and try to look like you are thinking.
Republicans , Democrats, and the storyline media Demagogues are all pushing the same story as they have for years. I wish all of them had to be legally bonded to their press statements and debates , failure to do so should result in misdemeanor jail time. Ron Paul 2012 thanks jack
Look this speeding bus has been heading for the cliff for years now, this president thought he could apply the breaks on spending and slow it down some until his stimulus started working WRONG!... way too little to late..asta la vista bus
Candy is right Jack! You are depressing! The debt from Bush comes from two unpaid wars and all its sacrifices, from Bush tax cuts to the wealthiest, from unpaid prescription plan while the Obama debt comes from cleaning the economic crisis, tax cuts to the middle class who do need it the most, aid to States who also need it the most, aid for the unemployed who needs it the most, and aid to students who needs it the most and millions of Americans who need health care the most. At least Obama's debt helps people who needs it the most!
Your question is based on a false premise. The President cannot cut the deficit. Only the Congress can cut the deficit by increasing revenues and/or cutting spending. As long as the Republicans remain stubborn, filibuster virtually everything Obama proposes, and refuse to consider any tax increases, the deficit cannot be cut. Until the people throw out uncooperative GOP and Tea Party Senators and House Members, and elect people who will compromise and work together for the public good, our Nation is headed for serious trouble.
Obama is leading us to a major financial collapse of unprecented proportions. He has no idea about how to handle our massive debt, nor does he want to even learn about what to do. Greece will prove to be a harbinger of our own doom.
President Bush's debts were more than 3trillion dollars because he failed to account for the added deficits ffrom the two wars, the Prescription program and the tax cuts to the rich. On the other hand, when Preisdent Obama took over, he accounted for those deficits and that's why his debts are more than GWB's who lied to keep his deficits out of sight thus creating more lies from you in talking about these deficits. Do we want a President who hides deficits or a Preaident's who tells the truth? Don't forget, the mess Preisdent Obama has to clean up is massive due to President's Bushe's lies!
Why does it seem like everyone has amnesia. Yes the debt is going up with President OBama. No past President has ever had a country in ruins like this nor experienced all that this President has had to endure. The President had to take drastic measures with no help from the Republicans. The Republicans are bitter sad babies and is stalling the economy because they want the Power back instead of helping the people. Get real. Give the President 100% cooperation so he can get his job done. Stop with the insults and obstruction. If you refused to give your boss respect and refuse to work you would get fired! I wish the President could fire them all so that he can really get this economy moving.
What do I think about the 5 trillion that President Obama is adding to the National Debt? Sounds like we might need to follow our ancestors, and get the tar and feathers ready.
We are heading to complete collapse. That, Jack, is what happens to governments who function economically on wars, are controlled by corporations and put citizens last and use religion as their means to achieve their political agenda and personal political position. War is big business, Jack, but it only serves the few and not the many. Governments, economies, education and upholding the Constitution cannot be sustained for long without total failure. That is the road we are on. Promises mean nothing, do nothing and serve only the elite.
Politicians won't tell Americans that the system imploded in 2008/2009. We are experiencing a long and protracted major recession. I know no one likes the deficit spending but without it, this country would be in a major depression!! This is what deficit spending is about. Too sad that before this we were spending it on "earmarks"! So now when we need it looks bad.
I can't say I am surprised. Both Bush and Obama have run yearly record setting deficits. There seems to be a disconnect on the Hill, in both parties, with basic economic reality. It is ashame; it would only take a relatively small revenue bump to get us out of this. But no one wants to be the one who cut x or y. Austerity ain't fun, but we can check it before we are Greek.
Obama was too kind while Republicans drove our country deeper into a ditch with the Bush tax cuts extension. Once they end, we will improve our debt situation. Obama also did not get us into two wars that were run on borrowed money. Severe austerity is being tried in Europe and they continue to suffer. FDR knew what gets a country out of depression, and the best economists do as well. If the GOP think their methods work, let them bring George W. Bush out of retirement to explain it. I notice he is now "He Who Must Not Be Named"!
This speeding bus has been heading for the cliff for years now, this president thought he could apply the brakes on spending and slow it down some until his stimulus started working WRONG!... way too little to late..asta la vista bus
Let us not fool ourselves. If you have an 8 year old car which you drive to ,work requires major repairs due to inconsistencies of the prior owner, and you cannot buy another, you repair it, even though repair costs are worth more than the car. It would be "an investment" which will be seen later once the "seed" grows to bear fruit. You do not take it to a "chop shop" to gut the tires, steering wheel, and headlights while still attempting to drive it. Congress got over trying to assist the President in this endeavor, now they just bash him during the recession. He is the President not the King of a monarchy.
Jack, It's the old saying, "something's gotta give". The only question is when. I am very concerned about where this "give" will be. Greece is giving us a preview. Don't think it can't happen here just because it never has before. We're speeding off a steep cliff and, tragically, there is no leadership in Washington to correct this, not in the White House nor in Congress.
Jack, that question is wrong. Obama is not adding 5 trillion, our law makers are. The voted for the tax cut for the rich, they voted for the war that was not paid for which Obama inherited, they voted for the bailout... and on and on. Ours is a democratic country and no president unilaterally approves spending. So Please do not put it on President Obama. Thank you.
I believe the biggest part of the debt racked up during the Obama Admin is because President Obama decided to be honest about the cost of the Gulf wars, and added the cost to the deficit – something the Bush Admin hid from us by not including it in the deficit. Everyone also forgets, or doesn't realize, that one third of the stimulas bill was the payroll tax reduction for the middle class. Another large part of the deficit is simple the cost of interest payments on the debt he inherited. I think if you actually break down the numbers, you will find that President Obama has actually added relatively little to the national debt during his first term. The banks and auto industry has largely paid back the government loans, and GM reduced the Federqal stock ownership by half with last years public stock offering.
Why don't you do a factual pie chart of the debt, rather than spewing words intended to inflame your audience?
If we keep up current deficit levels, we will eventually end up in another recession or worse when America has to balance its check book. But the deficit is now in the center of political discussion, and it will not become a runaway train. The spending was a risk, not a policy, and it did not pay out. Every political figure today recognizes this, and whoever is in office will make money-conscious decisions, or else they will be chewed up by the public.
The Country is headed down the wrong trail. We need to take money from other countries instead handing out like water. That means our Government officials won't get to take there cut of the free money as easy. So that won't happen.
Jack, I can say with certainty that the U.S. will not be heading the direction of Greece and the reason is simple: Greece has a horribly inept tax collection system to the point that people often get off without having to pay taxes at all. I've even heard before it's something like a national sport there to dodge taxes. The solution to this problem is also the thing that sets the U.S. apart from Greece, and that is the tax collection system. Time to close the worst income disparity gap in the industrial world and have the socioeconomic elite chip in their fair share.
We are not "Yerp". It is not one country and will soon break up because it lacks cohesion a la Greece. Plus ratings agencies do not have a clue so that's no predictor. The strength of the U.S. is crucial to global stability so it's not the same as Greece.
Jack: you can't deficit cut your way out of recession. Although deficit spending is bad, having the economy fall backwards into a recession is worse. The U.S. economy is showing signs of recovery with Obama's economic plan that spends money on the middle class. To answer your question, the U.S. is headed out of the recession - something everyone should be happy about.
Jack... We are witnessing a turn around as we speak...Unemployment decreasing, less volatility in the markets and good earning reports from the last quarter... just took a little longer than expected... the hole dug by the previous administration a little deeper. I think you are forgetting who really ran up the credit card!
Boy how scary is this debt? When is this president going to own up to what he's done for the last three years, i.e., it hasn't worked. Sad that the MSM treated OBAMA like a rock star, remember so JFK-like and cool? My kids and their kids will be in debt for the rest of their lives. Unfortunate that our president was not properly vetted with too little experience for the job!
I am sick to death of everyone blaming the president for getting nothing done while congress blocks him at almost every turn. Drink much kool-aide lately, Jack?
jack Im amazed at how you come down on Obama, what he promised and what hes done doesnt ya wonder why? until ya can see the books so ya know what the financial situation is ya can do a lot of talking.
Obama inherited a Recession and as head of govt he had to do whatever he could remember when things are bad the govts jobs is too look after the country and people, he ensured those on Unemployment got more then the madated 52 weeks, more billions for food stamps for the poor many more billions for Medicad for those who are out of work and need health care, more billions for retraining programs, remember when the economy picks up and folks get jobs theyll pay back taxes and then the debts paid off.
But also Jack you seem to be a smart man havent ya noticed the tax base of America is equal to 1958, but since 1958 the populations increased by what 30 to 40 million, Ya needed a income if $600.00 a month to live and mom stayed home, now in 2011 it costs what $4000.00 to live and the economy is 2011 economy not 1958 one ever see that show "till Debt do you part" this lady goes to homes of people who have huge personal debt and she helps them. get out of debt she takes away all debit and CC cards they work on cash basis all expenses in glass jars and in many cases theres not enouigh income to pay the bills so one or both parties have to go get a job or a second job to bring in more income, Thats the taxes of the country Jack the country needs more money to pay for what the country needs and God help us if things get bad taxes will geta s high as Canada or Europe and thats just to pay off the debt no new programs, so pay it now or pay it later your choice
Jack, Obama's theory is if we keep printing trillions of dollars year after year, the $15 trillion debt won't look so small.
The way we're headed, it won't be long before the president, whoever it is, will be asking Congress to raise the debt ceiling by $500 trillion and you will be asking the same question then as you are today.
Wrong question, Jack. Obama is not adding 5 trillion, our law makers are. They voted for the tax cut for the rich (not paid for), they voted for the war that was not paid for which Obama inherited, they voted for the bailout... and on and on. Ours is a democratic country and no president unilaterally approves spending. So Please do not put it on President Obama. Thank you.
Dele from MA
"Cut it in half"?? No i meant double it, sorry
You haven't seen anything yet! Just wait until Pres Obama is re-elected. It will be a free-for-all on spending that we will never recover from. Collapse must be the plan to fundamentally change this country. Obama remarked in 2007 that Pres Bush's deficit spending was unpatriotic.
I think we'll be okay if we don't extend the tax cuts that are due to expire.
Res from Vancouver
How can anyone in their right mind blame Obama for all of the $5T debt? Have we all forgotten that Bush's two wars, no tax increase on the rich, and the prescription drug bill have continued to add to the deficit during Obama's 4 years? In fact, any sitting president would rack up $4T as long as there were no new revenue sources or spending cuts. The truth is that Obama is only responsible for about $1T of debt. The rest is due to structural deficits in the budget, and no politician is willing to touch these entitlements or military spending. Get real, if the republicans didn't block efforts to tax the rich, Obama could have made a small dent in the deficit. Oh well, maybe in the second term, which is pretty much guaranteed given the enthusiasm gap for this year's GOP field.
When Jack Cafferty notices that a liberal is a snakeoil salesman, you know you're in bad shape.
The numbers are meaningless. The $3.4 trillion that Bush rang up was worth more than the $5 trillion that Obama will ring up, but it doesn't let him off the hook. President Obama has failed in his promises, and the outlook is poor that he cares to do anything about the promise to reduce the debt. Ultimtately though, the power of the purse is with Congress and it is Congress that needs to get its act together if the economy is ever going to rebound.
We are emerging from an unpresidented financial crisis which percolated under four previous administrations . Albeit Obama has added to the fire by pandering a little too much to the unwashed portion of his base but I would reserve judgement of primary guilt for Bush and Greenspan who through bad wars and sightless economic governence created an almost depression for this president to deal with in his first term.
Considering much of that was spent to prevent the US from slipping into a depression and trying to conclude two ill-advised wars he inherited, your question is a bit unfair Jack.No doubt, the US government definitely has to get its spending under control, the sooner the better. I recall the President proposing a $2 trillion plan to shrink the deficit, but the House, which is more interested in placating "no tax" zealots, prevented any real attempt to attack the debt. Any plan to attack the debt needs to require America's wealthiest pay more in taxes than they do now, along with spending cuts..
The last 30 years of GOP unfunded wars-for-profit have added $11.5 Trillion to the national debt.
And starting as far back as Reagan the GOP has stolen TRILLIONS from the Social Security Trust Funds.
The GOP just did all this so as to make it look like our safety net programs were some kind of problem when in fact it was the criminal GOP who stole the funds.
The GOP deregulates the banking industry who then ends up playing loose and fast with the publics money and ultimately crashes the financial system and the economy.
The GOP is nothing more than a criminal enterprise whose sole purpose is to destroy the American middle-class.
Even though this might sound very offensive to many people here that can't hear the word Islam, but Islamic banking proved to be the right way to build a strong economy, and we should really look into that for the long run. And yes, civilians pay less taxes.
Obama didn't add 5 trillion to the debt. 1.2 Trillion of that debt number was forecast by the CBO in their January 6, 2009 report, before Obama's first day in office. The increase in debt is caused by the economic melt down under George Bush, the loss of business revenue caused by the meltdown, the cost of unemployment caused by that meltdown, two wars started by Bush, and TARP bailouts paid under Bush. Obama's stimulus added to the debt as well, but Obama was right to do it, as not doing it would have put us in worse shape. Putting the blame on Obama is just plain wrong.
Is it "squandering" money to buy votes? That's really just a matter of perspective.
If we've learned anything about the GOP it is that they are dedicated to inducing poverty on the greater majority in order to preserve the wealth of the privileged few.
Jack...FEAR MONGER....find something else to talk about.
I wonder how many of you realize just how different Greece and the US are... you might as well compare a watermelon to a grape. We live at our means and have had an economic downturn wound us. Greece has been living WAY above their means for what they have in terms of economy... rofl
Since you are so smart Jack, why don't you tell us how you would raise revenue and cut expenditures to balance the budget. Anyone can criticise, few can fix.
In our system the President submits a budget. That is submits for approval. The Congress passes appropriation bills. That is spends the money. President and Congress are responsible for the debt.
I think term limits and lobbyist limits are the best first step to reduce debt. Congress spends money where the lobbyist sponsors or campaign contributors benefit most and that will not change unless we change the system.
Danny in Los Angeles,jack come on there no way Obama could fill that hole in one term it a miracle he's been able to keep the defecit at what it is with all the push back from the right.im neither dem or rep.but these guys in government can't solve anything important but I do believe that in obamas heart he will try to solve them all if it kills him .jack it takes money to make money and we still have severe job loseses do to old policy.i don't want to tax anyone anymore either but trickle down economics can't work against corporate competition even rich men find it hard to start businesses now.we need to pressure the largest corporations to hire rather than downsize the answer is to grow our consumer base thru corporate hires then let it trickle to retail,food,and existing small business.this problem is much deeper than any presidents ability to just fix it.capitalism created the greatest democracy on earth and now it has run its course we now just have a big fish problem once he eats all the small fish it's all over for him.and life starts over with the smallest sea life.we need to look at this I believe this is what's happening now government and corporation have eaten all the fish.
It's never Obama's fault. As you can study your blog liberals claim, it's congress's fault. When Bush was the President, it was his fault. Stupid voters don't pick up on that and the press doesn't expose these shenanigans by the Democrats. Result we are going to re-elect Obama again and more debt more deficit and more unemployment. With Obama's payroll tax cut, the $100,000 earners just got a $2000 raise in 2012. The ones I feel sorry for are the Seniors with Social Secuirity checks, they get the short end of the stick. CNN needs to expose the inequities, publish the real truth.
Well Jack, you can all try the Glen Beck, Tea Party solution – a national Day of Prayer; Everyone Tebows and waits for the mighty invisible hand to get around to raising all boats and a high tide to swamp or shrink the debt. The lord Willin'
I think that we should be happy that it's only 5 Trillion. As bad as the economy looked in 2008.. we should be happy to be 3 & 1/2 years away from that.. and not be back into a 30's era recession.. and if it was up to Republicans and the GOP – we would be. Help Detroit save the Auto industry? Nope.. no need. Let's just keep giving tax cuts to the wealthy – that will fix everything (Not).
Let's see what Obama can do with 4 years of a normal economy.. and a conservative half of congress that actually focuses on solutions instead of making sure he can't get elected next time (note to the GOP – he's not elgible in 2016, so you can stop your worrying).
Ohh.. and one more thing. Let's all remember that part of that 5 Trillion dollar deficit was by actually REPORTING the 2 Wars that our friend GWB threw us into.. but decided not to pay for. It's like blaming Obama for deciding to actually start paying the Credit Card Bill that someone else ran up. But alas.. the GOP doesn't want to talk about that either...
Thank you Jack for speaking the truth about Obama. I voted for this guy the first time and won't make the same mistake. We need a leader that will make the tough decisions, not a guy that will spend our country into a third world. Our gas prices have went up 91 percent since he took office and instead of doing the pipeline with Canada, he would rather watch us continue to watch our prices go threw the roof! This guy will lie to stay in office, wake up America.
The alternative would be worse – we need to spend to prevent even further damage. These are not normal times and when the economy improves we will pay this down – just like we did during Clinton era. Looking at a short term picture and claiming it's what will always be is either ignorant or dishonest.
Guess you've forgotten about the burst housing bubble and the wall street debacle. Every time the Republicans are in office it takes longer and longer to clean up the mess they make. God help us if the Republicans win the election.
Heading toward recovery. Jack, I know it seems like a huge amount but one has to put things in perspectives to get a better understanding it all comes together and gels, bring recovery to the USA. First one must take an honest look at what really got us into this mess we are currently in and that begins with the Bush 2 Presidency. The Borrowing of money to give tax cuts to corporations, big oil and the rich, fight two wars, the doubling of the defense budget, and start all kind of government spending for another government agency, homeland security. Now if that wasn't enough literally a ship load of cash disappears (9 Billion) as well. Then you have Big Oil and the Bush Crime Family send oil price up hundreds of percentages from 20 bucks a barrel to up to 150 dollars a barrel resulting in a 200% to 300% increase at the pump, erasing from the middle class any financial gain, they may have achieve from the tax cuts they received. The price increase at the pumps result in darn near everything going up in price : groceries, goods, services etc, everything except... a working man's wage. CEO's and the Rich pretty much seem to be the only ones thriving,they just don't spent that much time behind the wheel as it would effect their bloated bank accounts offshore or wallets. Whilst all of this is going on the Bankers and Stock Traders do away with average citizen's , investments result in many of them losing at least 50% of their retirement packages. The end result, high percentage of America's middle class and lower class are destroyed, their houses on the chopping block, their resources diminished and their jobs gone, going on food stamps or what ever assistance out there just to survive and keep their families alive. That is where we've been and we are finally digging out thanks to President Obama. Were Bush serving another term the country would have collapsed, or if someone lesser than Obama took the Presidency, it very well could have collapsed into the Darkest Financial Day's our country has ever seen. That was our past, currently everything has doubled, tripled or even greater in price, so of course a 5 Trillion Budget seems high, but in ten to twenty years it will seem like a bargain compared to your five dollar candy bar or ten dollar bottle of beer an the President 25 Trillion Dollar budget. One thing is for sure the working man's wage will be the last thing to go up and the kids born today will be borrowing more money on their kids and their grandchildren future, than we ever did, but when you have the most powerful military in the world, who gonna refuse to lend you some paper. America remember the good times, it was before the supreme court selected Bush as your President and destroyer of your country.
According to the Weekly Standard the wars in Iraq and Afghanistan were free until Obama decided to put them on the books. But they weren't free. Anemic job growth, two wars, prescription drug giveaways and tax cuts for the rich took this nation from a Democratic Surplus into the Bush Recession and Deficit. Look at the GDP numbers from the last five years. Look at the employment numbers from the last five years. The debt and deficit are high because the Bush policies destroyed this country. Obama has only just begun to be able to put it back together, with absolutely no help from the do-nothing congress.
It means that Obama has cut taxes far more than he promised during the campaign. He promised to end the Bush tax cuts for the wealthy, but he didn't. He cut taxes for the middle class on the Making Work Pay credit in the stimulus. And he wasn't anticipating cutting the payroll tax either. President Obama's historic tax cuts helped the economy in the short run, but they added enormously to the deficit.
I think the nation is heading for a change...Obama said he would not add to the deficit, but he's come to realize that in order to get our economy back in good shape, hard choices would have to be made. This is something the GOP candidates know nothing about, being from wealthy backgrounds.
Janice wrote: "Get real. Give the President 100% cooperation so he can get his job done. Stop with the insults and obstruction." The _reality_ is that in his first two years of office President Obama held the White House and the Dems held BOTH the hosue and the Senate. How much more "cooperation" do you want? These policies are NOT SUSTAINABLE and at least the Republicans can take credit for slowing the fast train to disaster that is the US spending spree.
Grandma from Virginia says,Really Jack, do you really think we do not watch the real news? Most of us, intelligent ones in the USA know how President Obama has been treated. We know the hole he had to dig us out of. Do you expect him to change 8 years of nonsence around in four years ? With an obstructive Congress? We know the deal. Why don't you ask some questions directed at the Republican Congress? Intelligent Americans know how Our President has been treated- not decently- ending with that woman Gov. in Arizona. We know the deal, and you are part of the problem. You ask silly questions. Is it time for CNN to replace you with perhaps that man that comes on at 8 oclock.
(Iowa City, Iowa) We have three branches of government, and it is Congress, not the President, who passes a budget and writes the tax law. They have no political will to raise taxes or cut spending. There is nothing the President can do other than make suggestions if Congress won't go along. That said, we are not Greece. We have the economic capacity to fix everything in less than a year if we make appropriate cuts and raise taxes on people making more than 150K a year. Mitt Romney has a lower tax rate on his millions than someone who makes 60K a year! If we go the way of Greece, it will be totally self inflicted, and the buck stops at Congress.
We cannot print money to buy ourselves out of the current economic crisis. Obama has paid lip service to the deficit and will continue to do so in an election year. If the economy has a single hiccup in the next nine months, there will be another round of quantitative easing and more $$$ pumped into the system from the Fed. No way Obama lets anything get into the way of the current economic recovery. The new president will be left to pick up the pieces.
The toilet, Jack. Obama didn't start us on this path, but he hasn't wavered from it either. The only politician who has a snowball's chance of altering our descent to the sewers would be one who cuts federal spending and refused to promise spending on new (or even some old) benefits. But that guy is unelectable, Jack. I know because I heard it on TV.
So basically what you are saying is that he is tied with Bush. Of course Bush came into office with a balance budget and left with a $1.2 trillion/year deficit. Obama may not have cut it in half, but at least it is headed in the opposite direction.
At the end of the day, he cut 1.3 trillion in annual deficit down to $901 billion. Did he cut it in half? No. You are technically correct. But do you know why his poll numbers are going up? Because he worked hard to LOWER the annual deficit, even in a time when we stood on the brink of depression, which is generally when you spend more. Look back at other presidents of the past 20 to 30 years, and outside of Clinton, who else ever even tried to reign in spending? And all this with zero help from an obstructionist GOP in the halls of congress.
Jack how can Obama and the GOp create jobs? are they God? if Americans want jobs get off their asses and quit buying what China makes and buy what America makes if they did this in 2-3 months wed see unemployment rates fall by 2 points, "Thank you JC Pennys" they are opushing the made in America now and selling as much of made in USA as they can, that Jack is what creates jobs buying what we make look at those damn germans they are still booming and exports flying out of Germany faster then you can say gazuntight, and the internal german economys doing good too german workers are doing great because when the German consumers went shopping they knew to keep jobs in their country they had to buy what they made so they bought made in germany goods and services so that a worker in another part of germany kept his job not have it shipped off to China like the American consumers have, always remember jack Sometimes its best to keep mouth shut and watch what others are doing instead of telling every one your the best!, and show the world what lousy choices American have made Im sure Chinese industrials are laughing allk the way to theit banks.
Agreed: Jack: you can't deficit cut your way out of recession. Although deficit spending is bad, having the economy fall backwards into a recession is worse. The U.S. economy is showing signs of recovery with Obama's economic plan that spends money on the middle class. To answer your question, the U.S. is headed out of the recession – something everyone should be happy about.
We are headed out of the mess, that President Obama inherited. If he had inherited the surplus that Bush had, I'm sure this wouldn't even be a question. Let's talk about the fact that, Bush inherited a surplus and still racked up a 3.4 trillion dollar deficit in eight years, with tax cuts for the rich. According to Republicans, tax cuts are the answer to all problems. Huh...I guess not.
It is frightening how many people on this board have fully immersed themselves in the dogma that is Obama. They aren't drinking the Kool-Aid, they're bathing in it. God help us all.
Stay out of the government business. When you start making value judgements, you no longer are a journalist but rather a pundit. Leave the punditry to the people who get paid to do that.
The S.S. Obama is sinking fast Jack, and our captain wants to make the gaping hole in the ship larger.
We're heading to the bottom and we're picking up speed every day.
You hit the nail on the head when you said look at Greece. We'll be there too, a lot sooner than we'd like, if we keep spending at this rate.
In case anyone hasn't noticed, America is not Greece. Republicans have managed to delude the country into thinking that the national debt is our most pressing problem. It's not. While it definitely is important, the economic situation is far more important. In Europe, austerity measure were prescribed to solve debt problems, but they haven't proven to be a magical panacea to economic malaise. Why does anyone think that they will suddenly prove effective here? The bottom line is that our debt is a problem, but isn't close to leading us into financial ruination. We have far more urgent problems.
President Obama is walking a tight rope: keeping us from full blown depression on one hand while trying to keep us from bankruptcy on the other hand. The GOP is shooting at him and shaking the rope the whole time while refusing to allow a wider rope. I think he is doing an excellent job of keeping his balance. I don't agree with all of it; but I greatly admire the performance.
I can't spend more than I have. How can the government? Career politicians. They are in it for themselves and themselves only. Limit terms. As far as a transparent Administration, he's about as transparent of a crook that I've ever seen. Yes I voted for him the first time, I believed his line of crap. Not so this time. As far as the economy turning around, BULL! The WH is feeding numbers to feed the WH for a 2nd term.
There are many kinds of national debts, actually. The financial one is clearly a mess, and this country is marching off the cliff, apparently without any way to correct problem. One inevitable correction will be hyper inflation, at some point, which will reduce the value of the national debt as well as quite a few assets. I'm more concerned about the moral debt – the insane foreign military adventures and costly, immoral wars that have killed literally millions of civilians in foreign countries, including Vietnam and Iraq. These wars and foreign military adventures are not unlike Nazi Germany's military adventures – ruinous, pointless, and completely immoral. How does this moral debt get repaid? How can a lying mass murderer continue to enjoy a huge pension and SS (secret service) protection, let alone a library?
First restore economic growth; then focus on reducing the deficit while strengthening our education system to drive long-term growth. Yes, this is a bad place; if we didn't want to be here, we shouldn't have elected a President who spent 2001-2008 destroying our economy by deregulating, and by adding $5 trillion to our national debt at a time when we should have been reducing it. Remember what Vice President Cheney said: "Reagan proved that deficits don't matter".
Jack, stop making a big deal of the deficit.
Debt reduction is not the same thing as job creation, it is a false axiom, rather, debt reduction FOLLOWS from job creation.
Republicans have to decide which is more important. Either you reduce the debt first by cutting spending affecting the majority of social programs that middle class and poor families depend on, or, you spend money, temporarily increasing the deficit to create jobs. The latter is much more plausible in the long-term, while, the former is completely nonsensical. The Republicans tied the debt ceiling increase to spending cuts, didn't they, and what happened? I didn't see any jobs created from that. Rather, it is a historical fact that job creation leads to deficit reduction.
I really wish that Republicans would stop listening to corrupt politicians like Marco Rubio and Paul Ryan who are sponsored by the very corporations and institutions that abuse the middle class. Open an introductory textbook on economics, read an economics journal, you will see that much of what you believe is wrong. Republican politicians bank on the fact that none of their supporters will fact check them, and historically from Bush to Reagan to the Tea Party, they have been absolutely right.
It is time for you to hangup. Most people know if you cut taxes and then start two different wars while your economy is in a cycle, you are going to have huge deficits. What else did you expect?
obama walked into a mess! any good business man knows you have to spend money to make money....
i'm tired of hearing people say they don't want to leave their children in debt... and yet they want tax cuts.
we have to raise taxes! there was a time when the parents sacrificed for their children's future.... we all want it now and we all want it for ourselves. time to step up to the plate, quit complaining and do the right thing.... pay your taxes. we need taxes for public services such as schools! the culture.. if you call it culture has become 'I-me-mine'. i got mine, go out and get yours.
as for the rich who keep getting richer.... they are getting richer via stock dividends, not hard work , using their sweat... passive income should be taxed higher... if they're patriots,,, step up to the plate... and do the right thing.
The biggest lie in politics is, "all would be fine if only the rich would pay their fair share". Just take a look at the President's newest budget. It includes every tax the President has been talking about, every single one, and it still includes a $1.3 Trillion deficit. There simply is not enough rich people to pay for the President's grand vision. But, as long as President Obama can continue to deceive the American People, our country will continue down the path of failure. Our generation is failing our country.
When Obama took over the country looked like that Italian ship which was sideways in the water.....slowly he's pumping water out and the ship is beginning to tilt upward....might take another 2-3 years for the ship to be able to get to shore...but we will always remember the captain and the policies which crashed that ship....Capt.Bush and the republicans...hope we dont make the same mistakes and hire that crew again with a different captain..cuase we needed to spend billions to get that ship upright...and .we can't do it again..we're out of money..
Right down the crapper.
Talk about "Obama's debt problem" is as if everything he did was in a vacuum. He inherited a lot of spending commitments from before his time in office plus the greatest economic collapse since the Great Depression. Is it that difficult to remember how we got here?
There will be no change without real reform. As long as the same guys sit in the seats of Congress, it won't matter who we elect. There needs to be real entitlement reform including social security, medicare and medicaid, and not the typical rhetoric of politicians saying "there needs be to real entitlement reform etc..." Without a group of people actually willing to step up and make major changes, the deficit will continue to climb, meaningless wars will continue to drain our pocketbooks, and American health care and entitlements will continue to lag behind other developed countries. America is sinking, and will drown under her debt, unless we get serious about changing the political brinksmanship that always results in "having their cake and eating it too."
Politics as usual until We The People change the political landscape with our votes instead of our internet message boards.
President Obama inherited a recession, a catastrophic meltdown of the entire financial system, two completely unfunded wars, an unfunded Medicare subscription plan and, on top of all of that cost/spending need, enormous tax breaks that we could not afford when the Bush administration signed onto them. We don't even have the tax rates we had under Reagan, they are much lower and insufficient to provide for our country's needs and government. This debt issue is a spending AND revenue issue – not spending alone, and, Mr. Cafferty, your attempt to portray it any different is not helpful, nor is it fooling the voters! Everyone know we have to pay this bill, but fighting tooth and nail against revenue increase will just make matters worse, and deprive us of a fair and sensible solution.
Let's be clear, the Bush recession is far more to blame for our current deficits than President Obama. The federal debt has grown more in real dollar terms than the GDP under each of the last three Republican administrations while producing fewer jobs, lower wages and greater income disparities. For the last 30 years the Republicans' vision of fiscal responsibility has been to skip the check, and call the Democrats spendthrifts for actually paying the bills.
Oh, so you want to join the liars and hypocrits in the GOP in blaming the President for a deficit culture that started when George Bush stole the presidency. The current president didn't start two foreign wars and put them on the company credit card. Nor did he fund an expensive prescription drug benefit with a credit card. Bush put people out of work and on unemployment. Obama has done much to get people back to work and paying taxes again. The deficits will go down when more people are working and the rich stop gaming the system. The deficit culture we are trapped in is a Republican creation meant to "starve the beast". We are trapped in deficit spending until we start working and stop the welfare for the wealthy. cy from arlington,va
OK. Now what kind of question would you have posted had Obama did nothing and let every company that was headed for bankruptcy go bankrupt? Did nothing about unemployment? Or better yet follow the Reagan Republican plan and just gave more tax breaks to the super rich for putting us in this mess in the first place? Were you simply bored when you posed this question that obviously had no thought process behind it?
A few things need to happen to cut the deficit. First, we need to put people back to work making decent wages. That will expand the tax base and increase revenue. Second, the Bush tax cuts need to be allowed to expire, which will again increase revenue. Third, the loopholes which let corporations make record profits while paying little or nothing in taxes, or even getting subsidized, need to be closed. But we won't have any of that, because the party of NO! controls the House, and they're more interested in making Obama a one-term President than they are in actually helping the American people.
Too bad we have no good alternative to Obama. While Obama is handing out money to whomever wants it (rich corporations and poor welfare cases) the Republicans are insisting on no new taxes and no cuts to our bloated military.
The ultimate problem, unfortunately, is the American people. Americans have simply become spoiled little brats who will vote for anyone who promises them more money or lower taxes, regardless of the financial mess this causes.
I have come to believe that democracy will one day be a footnote in history. Given the choice people will vote for their self interest. Unfortunately, we will need a dictator to keep the finances in line.
Bush added 5.5 trillion to the debt doubling it to 11 trillion. If the debt is at 15 billion, that would make it closer to 4 billion, not 5 billion. Also, what I don't think people are paying attention to is the facts of the situation he came in with– namely the economy pretty much wrecked from W and an already whopping 1.3 trillion dollar deficit. It's not like W had a 300 billion dollar deficit and then Obama came in and put another trillion on top of it. Anyone who thinks he could have just come in and slashed a trillion dollars to the deficit from where W had it is clueless. How much of this deficit from the past few years has been from W's wars for crying out loud? Also, don't mention the fact that the GOP has opposed him at every turn, including slashing the military budget, and taxing the rich. Those two things right there would bring the deficit WAY down.
Obama is leading us to ruin. He has added more debt in 3 years than Bush did in 8 years. Liberals of the gimme gimme persuasion wanna keep blaming Bush. Yes Obama inherited a mess and proceeded to make it far worse and now Greece is showing us our future. Somewhere Obama should begin to take personal responsibility. But that's not what he's about.
George Washington to George W. Bush racked up a combined $1.3 Trillion in debt.
Barack Obama ALONE racked up $1.7 Trillion in debt. When will the insanity end???
Obama is heading in the right direction. To make omelet, Jack, you must break eggs.
There is no other way round it...let the truth be told!
jack, you are talking like a republican. it is not entirely Obam's fault that the US got into financial woes. Now everyone is noticing that the economy is slowly recovering and with any luck that will translate into reducing the nountry's debt but not as fast as one wishes for.
Really Jack? Read the Constitution. Congress makes the budget. The President approves or vetoes. Don't hang this on the President. You sound like a tea-party republicon.
Did the American people reward President Clinton and VP Al Gore for a balanced budget and huge budget surplus. No the American poepel voted George Bush Jr.and a Republican House of Representatives and Senate into office with promises of tax cuts and a Social Security Lock box. When will the American people themselves take responsibility for the problems of our country.
Second, President Obama inherited the largest budget defecit in history from President George Bush, along with 2 wars and the worst economy since the Great Depression. Presidetn Obama has actually done a fantastic job in only 3 years. I lost over $100,000 in my 401K by the end of President Bush's term in office, I have made back all the money I lost and the economy is still weak we are in so much better shape than we were 4 years ago.
Cafferty didn't do his research. Bush added 6.1 trillion to the national debt. Obama has added about 5. Bush still beats Obama but in all honesty there isn't much that can be done about it. Social Security can't be cut, neither can Medicare unless we want to wound the healthcare industry. Defense can be cut significantly but repubs won't allow it and repubs will not allow a dime of added revenues. So screw it. Let the debt continue to climb. The only person who's actually tried to do anything IS Obama by saying very clearly to republicans that he would veto anything that came across his desk that attempted to stop automatic defense cuts at the end of this year.
In the golden years of the 1950's, corporations paid 5-6% in taxes. Now they pay around 1%. Do you think just a little bump in taxes for the wealthy would help us in this financial crisis?
Jack, deficit spending is for our own good. It may hurt in the long run, but who in office will still be around when it does really hurt?
Also, you can't put the blame directly on Mr. Obama, or any President for that matter. Congress and the President work on a budget. If you want to lay any blame, spread it around the entire Congress and the President.
They all need to go, as soon as possible.
With currency trading, and people buying bonds, American debt is still one of the most solid investments to make. since most people don't realize that banks own a large portion of our national debt, and a lot of it is due to trade imbalances with China, this debt will not hurt us – it has simply become a talking point in the world. The united states is moving away from a society that produces things on a large scale, we are becomign a service oriented economy – the creating of different kinds of jobs that require education will leave the average high school graduate line worker in tough times, but any one with an education will be able to figure it out. The President is running a deficit that we're going to repay? false, this deficit will never get paid off, and quite frankly it doesnt matter if it does, the chinese will not recall their debt because if they do we will stop buying their goods which will collapse the world economy – Europe was stupid to combine so many diferent styles of economics and governance into the same currency. This mess will clean its self up – while the deficit may be rising, it doesnt matter who the president is – THEY WILL ALL RUN A DEFICIT.
Don't worry about it. It's all fine.
Deficit spending is the path to the dark side. Deficit spending leads to anger. Anger leads to hate. Hate leads to suffering. I sense much deficit spending in Obama.
Kansas City, MO
Republicans have had control of some states – RED STATES – for DECADES. If Republicans were the financial wizards they claim they are – if THEY have all the answers, then please tell me (in simple words, since I *MUST* be slow) why those RED STATES are the worst in the USA? They're poor (they take more $ from the Fed than they pay – unlike the BLUE STATES), they have crappy education and health care, crime is rampant and the divide between the haves and the have nots is bigger than elsewhere.
SO IF REPUBLICANS HAVE THE ANSWER – WHY DO THEY FAIL SO MUCH? At everything. From protecting the country from attack, to going to war with the correct country, to punishing our enemies like Osama bin Laden, to fixing our economy and providing jobs – all Republicans do is FAIL.
So WHY? And after you explain that, please explain why a Republican cannot pay a single penny in taxes without whining, sniveling and complaining?
For shame, you know better. This deficit didn't start the day President Obama was inaugurated. Much of the defiict was caused by the previous administration–remember him? He started two wars in the Middle East that he didn't pay for, gave massive tax cuts to his wealthy cronies, gave subsidies to corporations (corporate welfare anyone) while cutting the corporate tax rate, and started the Medicare part D, which wasn't funded. Then there were tax cuts and subsidies to corporations who shipped jobs overseas. The economy fell off a cliff, Bush and Congress set up TARP to bail out their Wall Street buddies but didn't want to help ordinary people. And you're shocked that there's a deficit?
The other thing you have to remember is that CONGRESS has the power of the purse, not the President. Posing the question the way you did is misleading at best. Go back and read the Constitution. You'll find that Article I sets out the powers of Congress, Article II sets out the powers of the President, and Article III sets out the powers of the judiciary. To suggest that the President is responsible for spending is wrong, wrong, wrong.
The President can't solve 8 years of Bush-Cheney's "deficits don't matter" (remember that?). Eliminating all gov't spending is not the answer. Close the tax loopholes that favor the rich and corporations. Raise the tax rate on the rich to at least the rate they paid when Clinton was in office (preferably higher). Penalize corporations that ship jobs overseas. Increase the tax rate paid by folks like Romney (who pays a far, far lower tax rate than people who actually work for a living). Increase the estate tax. Let the Bush tax cuts expire. And yes, spending will have to be cut, but stop the nonsense about "entitlements". Entitlements mean something for nothing, and social security and medicare are NOT entitlements. I've been working since I was 14, and I've paid into these programs my whole life. They're not entitlements when you pay into them.
Oh, and the other problem since the current President took office is the Greedy Old Party. They need to stop behaving like a 2 year old throwing a temper tantrum and start working with this President. Put the country first instead of their personal vendettas. I blame them more than I blame the President. They don't care about the country. Their only goal is to make Obama a one-term president. They say no to everything he proposes, even to plans that they generated but which Obama adopted. That's what the problem is.
if he get 4 more yearsgoodby america, at one time your were great, but we the people put people in office who should never been there and it look like were going to do it again.what going to happen when no one has a job, who going to pay the bills the gov.yea right.
Come on Jack, why do you Republicans always conveniently forget that you block each and every deficit cut proposal Obama sends to Congress. It's hardly fair to keep blaming Obama for the deficit growing when Kantor and the boys smirk and laugh at every attempt to cut the deficit proposed by Democrats.... even Boehner is fed up with them ... and no doubt tired of being made to look like an idiot by Tea Party extremists and their exalted leader ... WOW ... you really think the people are so stupid they don't see what the Republicans are doing?? Check the polls ... IT's backfiring Jack ... Republicans are handing Obama the election this fall.
Deficits don't matter, Jack! Have u forgotten that it was that great war mongering Dick Cheney who said that?
Regardless of who created it, it has to stop before we find ourselves in the same position as Greece, Spain, Italy, Iceland, oh hell – most of Europe!. Be it Obama, Bush, Congress, the Senate, etc. All it seems that they want to do is eliminate the middle class and create a society ruled by the wealthy upper 12% – aka a Communist state.
Mr Cafferty is correct. Our beloved political shows particularly Meet the Press( Be Deppressed) are so partial to him that is embarrasing. We have to awaken everybody about the intentions of this President before our name is changed to the United States of Greece.
Please Jack, Obama wants to spend on infastructure and inginuety both of which are needed to keep up with the world. He isn't spending on wars OR giving tax breaks to people who don't need it. Let's be real here Jack, he has done a lot of proposing on cuts in the deficit and the GOP has freaked out about every one of them..in other words those who are complaining are offering even less then the President so how serious are they about reducing the deficit.
Obama should never have made such a promise. It was an unrealistic goal, and the U.S. President's office doesn't have nearly enough power for him to be able to achieve that goal on his own.
However, you (and everyone else in the media) oversimplify Obama's role in the explosion of our debt. You all seem to ignore the impact of declining tax revenues, due to the recession, over the past three years. The total of lost revenue during Obama's term equals roughly a trillion dollars, when compared to 2008.
Furthermore, the extension of Bush-era tax cuts for the rich - a measure which Obama obviously opposed - contributed close to another trillion to our debt.
Finally, I have a question for you. Why is it that nobody acknowledges the logic that stimulus spending now may very well save us money when compared to the impact of a longer-term recession (or depression) and the declining revenue that is a result?
Wait a second Jack,
The stock market collapse in 2008 did not happen under President Obama's watch. You are doing simple math for an incredible complex issue. What would the numbers be if we weren't in Iraq and Afghanistan? President Obama didn't start those wars. And there wouldn't be stimulus dollars if the stock market had not collapsed. Are you accounting for inflation? We've had MASSIVE inflation of fuel costs since 2001, 250% inflation in the price of gasoline since then, which by the way, hit it's peak in 2008. Why don't you subtract the prescription drug benefit passed by the "conservative" President Bush?
You can't start attributing deficit numbers to a president on inauguration day.
How about we blame congress for this mess. If they formulated a plan that favored the People rather than their political parties, our kids wouldn't have to worry about the mess we're leaving them. They have been out of control since this war on terror mess.
At least the Obama plan works toward paring down the deficit after getting out of the recession (no thanks to the Republicans). The Ryan Plan would add more to the deficit in the short term and would not reach balance by 2070. Meanwhile, Ryan would privatize Medicare and eliminate the safety net for millions of Americans while rewarding the corporate oligarchs. If the Republicans were ever serious about reducing the deficit, why has no GOP president since Dwight D. Eisenhower bothered to propose a balanced budget?
Ronald Reagan increased our deficit from less than a trillion to more than 3 trillions in 8 years. I don't know in today's money how much is that, but as a percentage that is much more than what Obama had contributed to the deficit. If the government spend its money wisely and tax everybody appropriately and do not get involved in expensive wars, we should overcome this like we did once already during Clinton's 8 golden years.
I wish Mr. Cafferty had been concerned about our debt when George Bush was President.
I am an Obama supporter and, admittedly, in instances like this I struggle to keep the faith. I have no answer, only another question: where will be if we don't spend it? We certainly can't run with the GOP and cut Medicare, health care, infrastructure, and everything else. We will just descend into chaos even more quickly and before long we will revert to a feudal society with no middle class, only the 1% of the very rich as lords over the 99% of the very poor. Then everything world society has built since the American Revolution will have been in vain and a distant memory of a failed experiment in worldwide democracy.
Here is why OBAMA/SOCIALISM NEVER works. I am one of those supposedly rich people you all talk about. I am a straight com. sales rep with no bennies, no health ins, no pension, no holiday pay. Yeh I know all of you gov workers would not and could not do what I do. However, I make over $100,000 per year. After meeting with my tax guy, he informed me with the NEW taxes in place, if I make over $150,000 per year I cant write off any of my business expenses,(which are allot) guess what I will stop working before I loss my deductions. Why work to get an A when I will only get paid for a C. You all forget that allot of RICH people work 3X harder than the average person. Just like a person who strives to get an A in school. Oh yeh like I did in college while my friends got drunk, I stayed in and studied. Tax the shit out of the RICH, keep on messing with the golden goose and see what happens. I hope you all enjoy watching what happened in Russia and whats happening in Greece, Its coming to your country sooner than later GO OBAMA GO SOCIALISM Its great just ask Greece>
This is one of those decoy articles. "Look over here at this small fact, and you won't see the $600 billion dollar elephant in the room– defense spending." Seriously, folks. We spent $600 BILLION dollars last year alone on war and war related material. That's $600 billion dollars worth of revenue for America's war companies, and you better believe those companies are looking to stir up the pot for their next war, and their next round of profits.
Obama is whittling down the war and weaning us off of our ridiculous war budgets. And that will save us hundreds of billions of tax dollars PER YEAR!
Just Google the massive spending increase under George Bush, and you'll see his motive– his Vice President was a former exec at Halliburton. It's sickening. And it's all crystal clear. The Military Industrial complex created this debt, and now we all have to pay for it. No more.
Too bad we have no good alternative to Obama. While Obama is handing out money to whomever wants it (rich corporations and poor welfare cases) the Republicans are insisting on no new taxes and no cuts to our bloated military.
The ultimate problem, unfortunately, is the American people. Americans have simply become spoiled little brats who will vote for anyone who promises them more money or lower taxes, regardless of the financial mess this causes.
I have come to believe that democracy will one day be a footnote in history. Given the choice people will vote for their self interest. Unfortunately, we will need a dictator to keep the finances in line.
Simple answer – a bad place. The future is debt, regardless of which party controls the White House.
Hard decisions need to be made. That means real spending cuts and real tax increases. Cuts that include non-discretionary spending and tax increases for EVERYONE.
The future is bleak because our leaders can only agree that they don't want to make those decisions.
Easy. The United States will be Greece 2.0 . But when we default, we're taking everyone with us.
Pretty basic math Jack. More jobs is equal to more revenue for the government. Revenue in the form of income taxes.
It's not just President Obama, just like in years past both parties are leading to increasing debt. Congress refusal to increase revenues is just as much at play, and many of the problems the President is spending on were inherited, and if not for spending may have become worse. He has also had to spend more to get Congress to agree on reasonable terms. I didn't vote for President Obama, but also don't blame him for the debt. I do question his ability to reduce the deficit, but I have the same questions for every republican candidate. As a 31 year old, I feel I will spend the next 31 years paying off the continuously bad decisions of my parents generation and having a lower standard of living as a result even though my parents were responsible and overcome meager beginnings to provide good quality of life.
Hmm ok, so I guess we would have been better off if Bush could have served 3 terms because he had less debt than Obama did, even though Bush became President after a surplus year and Obama entered office in the middle of a recession. You have to stimulate the economy to get the country out of a recession, and you could definitely argue Obama avoided a depression. Slapping a 5 trillion dollar debt tag on top of Obama's head is extremely misleading, especially when you don't point out that some decisions he made that led to the debt are decisions that will help us in the long run.
Jack you are letting our law makers off the hook here. Obama is not adding 5 trillion, our law makers are. They voted for the tax cut for the rich (not paid for), they voted for the war that was not paid for which Obama inherited, they voted for the bailout... and on and on. Ours is a democratic country and no president unilaterally approves spending. So Please do not put it on President Obama. Thank you.
Look at any graph and you'll see that spending increased far more under the Bushes. It's a fact.
I don't understand why people are so clueless that they don't see what is happening. We ARE going to end up like Greece. This HAS to stop, no matter whose fault it is. Yes, Bush started it....BUT OBAMA IS NOT STOPPING IT! We need leaders in Washington who CARE enough to do something!
Nobody's buying this "Obama spends too much." That argument doesn't work. Just look at how spending increased under Bush. Just Google it. Argument done.
US Debt is bought and sold in the form of Treasury Securities. Investors buy these securities. No one is holding a gun to anyone's head; if investors didn't believe the US was a good investment, they wouldn't purchase our debt.
We have a SPENDING problem.
We are very good on complaining about everything but not very good on solutions. Obama has to help out of colapse economy, Two wars, aging population, unemployment etc. Obama has a reason to spend compared to Bush. Solutions which Obama is working on (1) He end the WAR which Cost 1 Trillion Dollars (2) End Bush Tax cut which is not realistic (3) Invest wisely in Education in Engineering and Healthcare (4) Fix Immigration policy- all Foreign Students with FI Visas who graduate in America should have automatic Permanent Resident Card or Permanent Work Card. This is going to solve all the Problem. If you want to reduce deficit you should do the above
This is laughable jack we care about the debt - provide opportunity for me to get a Job and I will contribute towards reducing the debt Jobs ! jobs ! jobs ! 5 trillions means little when your unemployed
At that rate, our standard of living is unsustainable. The problem is finding the political will to make the cuts necessary. Romney has said he will not touch SS or Medicare, will increase defense spending, and lower taxes. If that is the republican plan don't look for improvement anytime soon. I find it laugable that Obama is blamed for the high level of debt. Cut entitlements, AARP goes crazy; lower rate of growth for defense, republicans go crazy; raise taxes, repubs go ape sh#t. Pay for the wars, nah, let eh kids pay for 'em. Let's put the blame on those damn kids who get free lunches at school. There is no hope. It will be too late by the time it hits the fan.
The president isn't alone in this, congress has to take more than half the blame, we're supposed to have a governing system of checks and balances. That's why we have a congress, so that a sitting president can't single handedly ruin the country. What I fault the president for is his weak leadership skills.
Matters little what most of us say on here Jack. You will pick the comments that support your position on this, and I don't agree with you most of the time. Obama has a tough job, I wouldn't want it. He may not be doing everything right, but he seems to be thinking things through before it acts, and that is all I can ask at this point. I wish we had a few in congress that could think for themselves and not the lobbyists.
My first new car cost 6 thousand dollars, a gallon of gas 32 cents, a coke 10 cents and 2 cents deposit.Today a car cost 30thousand dollars, 4dollars a gallon for gas, and dollar for a can of pop.The Federal reserve will just print more dollars trillions of them. Ron Paul is not as crazy as we think?
Jack Cafferty sounds off hourly on the Situation Room on the stories crossing his radar. Now, you can check in with Jack online to see what he's thinking and weigh in with your own comments online and on TV.
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