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The Water Cooler
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The U.S. Govenment is Conducting a Ponzi Scheme
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<blockquote data-quote="Ace_on_the_Turn" data-source="post: 2670005" data-attributes="member: 27417"><p>"It also means that total US debt has increased by 70% under Obama, from $10.625 trillion on January 21, 2009 to $18.005 trillion most recently."</p><p></p><p>Interesting. They want to add every penny spent in 2009 to Obama's tally.</p><p></p><p>Since you like to question sources, and not the facts, this is from the most right-wing think tank there is, the CATO Institute. </p><p></p><p><a href="http://www.cato.org/blog/dont-blame-obama-bushs-2009-deficit" target="_blank">...critics sometimes blame Obama for things that are not his fault. Listening to a talk radio program yesterday, the host asserted that Obama tripled the budget deficit in his first year. This assertion is understandable, since the deficit jumped from about $450 billion in 2008 to $1.4 trillion in 2009. ... it appears as if Obama’s policies have led to an explosion of debt...But there is one rather important detail that makes a big difference. The chart is based on the assumption that the current administration should be blamed for the 2009 fiscal year. While this makes sense to a casual observer, it is largely untrue. The 2009 fiscal year began October 1, 2008, nearly four months before Obama took office. The budget for the entire fiscal year was largely set in place while Bush was in the White House.</a></p><p></p><p>Anyone that claims that Obama has added 70% to the nation debt is lying. Not fudging the numbers, not bending the truth, they are lying. At the end of the 2009 fiscal year, the last one that the Bush administration wrote the budget, the national debt was $11.9 trillion. </p><p></p><p>Bush, who started with a nearly balanced budget, more than doubled the debt and left a $1.4 trillion deficit. Reagan, the innovator of deficit spending, raised the debt 300%. If Obama added to the debt at the rate Reagan did, it would be $36 trillion when he leaves office. It will be less than $20 trillion.</p></blockquote><p></p>
[QUOTE="Ace_on_the_Turn, post: 2670005, member: 27417"] "It also means that total US debt has increased by 70% under Obama, from $10.625 trillion on January 21, 2009 to $18.005 trillion most recently." Interesting. They want to add every penny spent in 2009 to Obama's tally. Since you like to question sources, and not the facts, this is from the most right-wing think tank there is, the CATO Institute. [URL="http://www.cato.org/blog/dont-blame-obama-bushs-2009-deficit"]...critics sometimes blame Obama for things that are not his fault. Listening to a talk radio program yesterday, the host asserted that Obama tripled the budget deficit in his first year. This assertion is understandable, since the deficit jumped from about $450 billion in 2008 to $1.4 trillion in 2009. ... it appears as if Obama’s policies have led to an explosion of debt...But there is one rather important detail that makes a big difference. The chart is based on the assumption that the current administration should be blamed for the 2009 fiscal year. While this makes sense to a casual observer, it is largely untrue. The 2009 fiscal year began October 1, 2008, nearly four months before Obama took office. The budget for the entire fiscal year was largely set in place while Bush was in the White House.[/URL] Anyone that claims that Obama has added 70% to the nation debt is lying. Not fudging the numbers, not bending the truth, they are lying. At the end of the 2009 fiscal year, the last one that the Bush administration wrote the budget, the national debt was $11.9 trillion. Bush, who started with a nearly balanced budget, more than doubled the debt and left a $1.4 trillion deficit. Reagan, the innovator of deficit spending, raised the debt 300%. If Obama added to the debt at the rate Reagan did, it would be $36 trillion when he leaves office. It will be less than $20 trillion. [/QUOTE]
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