If I may extrapolate from your answer. Cutting spending will reduce the deficit, right? So reducing the deficit sounds like an initial step towards reducing the debt, right?
Firstly, I don’t think the debt is as much of a problem as you do. But, what I suggest is:
When the economy is good, raise taxes and implement spending cuts to slowly reduce the deficit.
Obama and a GOP congress passed sequestration, a compromise that led to the signifigant reduction in the deficit.
Except you leave a big piece of the puzzle out of your praise for leftist don’t you?
Tell us who was in charge of spending when all your praise for leftist presidents happened?
Hint congress was not in leftist control when all this happened.
Now tell us who is in charge of spending?
Hint it is not the president.
Back to my original question. Biden has offered no debt reduction plan. Will the libs complain as they did with Trump?
We get it. You are satisfied with Obama doubling the national debt. Which he did. Some of us have higher standards. Are you okay with that?
I don’t recall libs complaining about Trump not having a debt reduction plan. Can you point out some examples?
I recall liberals saying his tax cuts would lead to more debt…not a peep from you. I recall libs asking why debt conscious conservatives were absent in the last four years.
Haven’t we already established a couple of facts?
Perhaps you should aim your opprobrium at Trump who failed to reduce the debt or deficit. Why are you so obsessed with Obama instead?
Obama lowered the deficit. We were on our way to a time when we actually could pay down the debt. The presidents on either side of him exploded the deficit.
You assume President’s are responsible solely for deficits.
The COVID virus, brought to you worldwide by China, had a little part in this.
Deficit as percent of GDP
2017 3.4%
2018 3.8%
2019 4.6%
2020 4.8% budget before Covid
2020 17.9% budget after COVID
US Deficit by Year Compared to GDP, Debt, and Events (thebalance.com)
Now I am against adding to this with this last $2,000 play. Are you?
He DOUBLED the deficit with an expanding economy in ONE YEAR.
Would that be the year with the COVID disaster? Did he do that personally, or did COVID?
Roosevelt took the deficit as a percent of GDP from 3.8% to 26.9% in two years. Was he a terrible President for doing that?
President Obama didn’t double the debt, and Presidents don’t really have the power of the purse. The Constitution exclusively gives the Legislative Branch the power of the purse. Deficits under Obama went down with the help of the GOP Congress. The GOP Congress passed tax cuts in 2017, which was signed by Trump, which ended up increasing deficits.
No. From 2017 to 2018. A doubling of the deficit.
Federal deficit in 2017 = 665B
Federal deficit in 2018 = 799B
Doubled? 20% is not good. But doubled?
…
…forgot to quote
from your very own link:
2017 - 672
2018 - 1271
I agree, they all suck. We’ve been using fiat currency since Nixon ended the gold standard.
The money our government borrows from the Federal Reserve (private banks, nothing “federal” about them) can never be paid off. This is the monstrosity they created at Jeckyll Island and voted on December 23, 1913 when many of the representatives were home for the holidays.
The debt nearly tripled under Reagan and nearly doubled under Obama. But I don’t really like hearing that Reagan tripled the debt and that Obama doubled the debt since the Constitution exclusively gives the Legislative Branch the power of the purse. Reagan did want to have the line item veto, but the line item veto didn’t get passed and signed into law until 1996. Just two years later, the Supreme Court correctly ruled in Clinton v. New York City that the line item veto is unconstitutional. The only President who ever had the line item veto was Clinton, and the Supreme Court correctly ruled in 1998 that it was unconstitutional.
You seem to have confused the national debt to the deficit. We were discussing the change in the deficit. You can’t just switch from one to the other to make a point.
Why did we have such large deficits 2016-2019 when the economy was so great? It grew during a time we had steady growth.
