Timeline of GOP fiscal irresponsibility
Posted in the Pennsylvania Forum
#1 Aug 7, 2011
1980: Ronald Reagan runs for president, promising a balanced budget
1981 - 1989: With support from congressional Republicans, Reagan runs enormous deficits, adds $2 trillion to the debt.
1993: Bill Clinton passes economic plan that lowers deficit, gets zero votes from congressional Republicans.
1998: U.S. deficit disappears for the first time in three decades. Debt clock is unplugged.
2000: George W. Bush runs for president, promising to maintain a balanced budget.
2001: CBO shows the United States is on track to pay off the entirety of its national debt within a decade.
2001 - 2009: With support from congressional Republicans, Bush runs enormous deficits, adds nearly $5 trillion to the debt.
2002: Dick Cheney declares,“Deficits don’t matter.” Congressional Republicans agree, approving tax cuts, two wars, and Medicare expansion without even trying to pay for them.
2009: Barack Obama inherits $1.3 trillion deficit from Bush; Republicans immediately condemn Obama’s fiscal irresponsibility.
2009: Congressional Democrats unveil several domestic policy initiatives — including health care reform, cap and trade, DREAM Act — which would lower the deficit. GOP opposes all of them, while continuing to push for deficit reduction.
September 2010: In Obama’s first fiscal year, the deficit shrinks by $122 billion. Republicans again condemn Obama’s fiscal irresponsibility.
October 2010: S&P endorses the nation’s AAA rating with a stable outlook, saying the United States looks to be in solid fiscal shape for the foreseeable future.
November 2010: Republicans win a U.S. House majority, citing the need for fiscal responsibility.
December 2010: Congressional Republicans demand extension of Bush tax cuts, relying entirely on deficit financing. GOP continues to accuse Obama of fiscal irresponsibility.
March 2011: Congressional Republicans declare intention to hold full faith and credit of the United States hostage — a move without precedent in American history — until massive debt-reduction plan is approved.
July 2011: Obama offers Republicans a $4 trillion debt-reduction deal. GOP refuses, pushes debt-ceiling standoff until the last possible day, rattling international markets.
August 2011: S&P downgrades U.S. debt, citing GOP refusal to consider new revenues. Republicans rejoice and blame Obama for fiscal irresponsibility.
The GOP has an unbroken historical record of stunning fiscal recklessness which has finally led to the first-ever downgrade of U.S. debt and agitating financial markets around the word, generated widespread uncertainty about the stability of the American system.
Can we finally put to rest the myth of conservative fiscal responsibility?
#2 Aug 7, 2011
From the S&P press release:
The political brinksmanship of recent months highlights what we see as America’s governance and policymaking becoming less stable, less effective, and less predictable than what we previously believed. The statutory debt ceiling and the threat of default have become political bargaining chips in the debate over fiscal policy.
It appears that for now, new revenues have dropped down on the menu of policy options.
The act contains no measures to raise taxes or otherwise enhance revenues, though the committee could recommend them.
Compared with previous projections, our revised base case scenario now assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, remain in place. We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act.
The right, including our local wingnuts, are desperately trying to pin the blame for this historical hit to the US credit rating on Obama.
They are lying.
The S&P was CRYSTAL clear who is to blame for their action - the GOP, who used the "debt ceiling the threat of default" as" political bargaining chips" and who refused to consider increasing revenue.
#3 Aug 7, 2011
Bush Juniors total deficit 1.7 trillion dollars
Obama so far 4.3 trillion dollars
Bush 8 years
Obama 2-1/2 years
#4 Aug 7, 2011
Total deficit spending!
Reagan-1.2 trillion dollars over 8 years
Bush senior-800 billion dollars over 4 years
Clintoon-850 billion dollars over 8 years
Bush Junior 1.7 trillion dollars over 8 years
Obama so far 4.3 trillion dollars over 2-1/2 years,lmao
#5 Aug 7, 2011
You have those numbers backwards.
On September 30, 2001, the last day of Bill Clinton's last budget, the US public debt was $5.8 trillion.
On September 30, 2009, the last day of George Bush's last budget, the US public debt was $11.9 trillion.
That is an increase of $6.1 trillion.
Today the total US public debt is $14.3 trillion. That is an increase of $2.4 trillion during Obama's term.
Go educate yourself on the FACTS here:
#6 Aug 7, 2011
Or we could talk about NEW spending:
GW Bush:$5.07 TRILLION
In any case, Republicans increase deficits and speed the growth of debt, Democrats decrease deficits and slow the growth of debt.
These are historical facts.
Conservative fiscal responsibility is a MYTH.
#8 Aug 7, 2011
All your numbers in Post#1 are a lie, along with the rest of your posts.
#10 Aug 7, 2011
About That Spending Chart Liberals Have Been Waving Around …
lmao, its the same chart you posted above!
#11 Aug 7, 2011
George W. Bush inherited a $5 trillion national debt, and it was $10 trillion when he left eight years later. No one at Heartland has ever celebrated or excused that. But the national debt today is $14 trillion. So, do the math: Obama has accomplished in two-plus years just about the equal of government debt-making that it took Bush two whole terms to pull off. Obama’s stimulus alone has raised the “baseline” of government spending another trillion dollars — again, in just two years.
#13 Aug 7, 2011
Go to the US Treasury website and get the correct numbers.
Obama has not changed any "baseline." The stimulus spending was temporary and has not made a permanent change to the deficit.
#14 Aug 7, 2011
Duh. Yes, it's the same chart.
But one commentator (mine) is being honest about what it says. Another commentator (yours) is distorting the truth in order to deny the facts.
#15 Aug 7, 2011
Tell me something Obama and Liberals did to use their boundless energies and enormous talents in creating wealth or ending the recession or making the US prosper.
Oh, that's right! You didn't do anything, you spent two years blaming the prior Administration.
Now your blaming reagan,lmao
#16 Aug 7, 2011
#17 Aug 7, 2011
Thet truth your chart is adding money that the government never had thats the truth.
#18 Aug 7, 2011
Every initiative Democrats brought to improve the economy or employment was filibustered in the Senate. The GOP is actively obstructing every measure to improve the economy because they believe a weak economy will bring the campaign victories next November.
If this wasn't true, the new GOP majority (who ran on jobs) would have done SOMETHING to create jobs. They haven't. In fact they've introduced legislation specifically designed to INCREASE unemployment.
Just more evidence of conservative fiscal irresponsibility - willfully making the economy worse for political advantage. Despicable and un-American!
#19 Aug 7, 2011
The government sure did have that money - under Clinton. Bush eliminated it causing deficits again.
#20 Aug 7, 2011
Yeah, you already posted that.
It was bullsh** the first time. It still is.
#21 Aug 7, 2011
the only job creating bills introduced by the democrats where all government jobs,lmao
#22 Aug 7, 2011
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