What's really caused our national debt?
Posted on Friday, June 03, 2011 at 10:11 AM
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This graph comes straight from the Center on Budget and Policy Priorities and it spells out - for anyone who's still wondering at this point - that the Bush era tax cuts and wars in Iraq and Afghanistan will account for nearly half of Americas public debt by 2019.
Remember that Paul Ryan’s GOP budget to lower the federal deficit has seniors justifiably worried that Medicare as we know will cease to exist not only for them but for future generations.
Remember that his colleagues in the GOP have railed against Social Security and every other social program in the nation as the true cause of the National Debt.
Then take a good look at this chart and read what's really caused it: the Bush tax cuts and two endless wars.
Perhaps if we taxed corporations fairly, asked the rich to pay their share - and brought these wars to a close - we might finally get the fiscally responsible government the GOP would like to be, rather than the one they are?
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maloney | Jun 11, 2011, 10:29 PM EDT
Towngate..no more bombs to make? What to do? What to do?
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Towngate | Jun 11, 2011, 09:51 AM EDT
This goes to show what a wonderful country America could be if only it would 'cop on' to itself and break the habit stop spending money on cowardly bombing and bullying it's way around the world looking for a war it can honestly say it won!
Get your Homeland sorted out first and stop interfering in the rest of the world. (Sadly the graph will have to account for loss of revenue in Arms Sales!)
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McNamara31 | Jun 07, 2011, 11:06 AM EDT
rpmschevy.. The financial crash of 2008 was far greater than keeping up with the Jones; it was more like the Jones were the main ingredient in a speculation scam being orchestrated by financial intuitions. In the years before the crash the financial sector invested more than $5 billion in political influence in Washington with as many as 3,000 lobbyists winning deregulation and other policy decisions that led directly to the financial collapse. People and their mortgages were “used” to feed a speculation frenzy created by Wall St and the financial sector. The SEC changes of 2004 had by far the greatest impact allowing the banks to take on massive debt and creating the condition known as “too big to fail”. A great article that details the 12 steps of deregulation causing the collaspe: Wall Street Watch, $5 BILLION IN POLITICAL CONTRIBUTIONS BOUGHT WALL STREET FREEDOM FROM REGULATION
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McNamara31 | Jun 06, 2011, 09:13 AM EDT
rpmschevy said:“ Yes the unfunded wars were wrong, but tell me "progressives" what are we to do when murders come onto OUR soil and kill 3000 of your co-Americans"……. Well what you don't do is invade (the other country) Iraq when “the person responsible was Bin Laden”. Since you brought it up, in the time directly after 911, Bush “chose” to send 130,000 troops to Iraq and only 6000 to Afghanistan where "the real murderer" Bin Laden was at the time (why?). Those troop levels in Afghanistan grew only to 20,000 in years 2003, 2004 and 2005.(why?) People who have studied the damage done by the Bush Administration voted for Obama based on facts not because we are "progessives" as the simpletons at Fox try to paint us. The facts are Bush did put two wars on the American credit card (debt) while at the same time giving tax cuts (more debt) and deregulated the SEC to take on more debt (this time massive debt) enabling the crash of 2008. And worst of all, Bush played at looking for Bin Laden when he told the country it was his “mission”. The troop levels tell the real story. No matter how many times you try to rewrite the story these facts will always get in your way!
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McNamara31 | Jun 05, 2011, 09:19 PM EDT
sb "spot on"
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McNamara31 | Jun 05, 2011, 09:18 PM EDT
jamthecat..Your points are 100% rispot on.The people you mentioned will only listen to sources that will reinforse their biases. Reality and truth have no bearing to them. Sad!
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Rebelforce | Jun 05, 2011, 08:15 PM EDT
But if the American government doesn't spend Trillions of dollars on Wars to make the world safe for peace, freedom, democracy, justice, equality, the American way, blah blah blah.....who will?
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John5319 | Jun 04, 2011, 09:40 PM EDT
Hey jamthecat .... Just "how do you pay off our national debt" with a Tax cut? Isn't that called robbing Peter to pay Paul? It is the WORKERS income, NOT that of government! So just how do you pay off something with "tax cuts", that is nothing more than the CONFISCATION of cash from the Individual (removing it from spendable income that fosters economic growth), that was printed by the governments PRIVATE BANK, The Federal Reserve System, in the first place? The Ponzi scheme behind the Fed is the problem, and the soak the rich "class warfare" of the Obama Marxism that IS his ideology and domestic economic plan. Capitalism allows individuals to become rich, Marxism doesn't unless you are part of that "ruling elite political class"! Bill Gates did it through his innovation, HIS work ethics, HIS "earning" of his piece of the American pie, HIS achievement of "life, liberty, and pursuit of happiness"! The lies, manipulations, and deceit of Marxist redistribution is the hallmark of ... EVIL ! "For our struggle is not against the flesh and blood, but against the rulers, against the authorities, against the powers of this dark world and against the spiritual forces of Evil in the heavenly realms." Ephesians 6:12
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McNamara31 | Jun 04, 2011, 02:23 PM EDT
Philaromancatho... The Ryan Plan will eliminate Medicare as we know while cutting the top tax bracket for the wealthy from 35% to 25%. How's that working for you? And your quote... "Many money manager's including Bush through Ryan warned of the impending crash but were dismissed" Bush actually deregulated previous SEC guidelines and allowed the banks to take on massive amounts debt from the previous 12 to 1 ratio in effect since 1929, up 40 to 1 during his term. If that regulation had not been changed by Bush, the massive debt could not have been accumulated, and the crash of 2008 would not have occurred. In addition to the two wars basically put on credit cards, the country was also losing 700,000 jobs a month at the end of Bush's term.
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PhlutiePhan | Jun 04, 2011, 11:14 AM EDT
Here's what Henry Kissinger remarked on the "Charlie Rose Show" within the week. The Chinese have wondered how we could lower interest rates for housing which set off the housing crisis. We should have raised interest rates according to the Chinese. It was then remarked that we wanted everyone to have a house. Meanwhile, we destroyed the housing market. "Hell's road is paved with good intentions". A previous comment of "sub prime loans" would appear to be devastating. We now have a dichotomy of "mulch headed" liberal Democrats versus greedy and ruthless "Jimmy Stewart" Bankers who are largely Republican.
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Philaromancatho | Jun 04, 2011, 09:51 AM EDT
Does ODoherty know anything about Obamacare? Apparently, not. It defunds Medicare by a half a trillion dollars, sets up a monopoly with a board intent on price fixing and limiting service based on age and cost, a.k.a. Institutionalized euthanasia. All of these practices are illegal in the USA. And unconstitutional. Ryan's plan actually gives those eventually eligible for Medicare the same options that government employees have for medical coverage. You do know that the Democratic congress exempted themselves,that is, all government employees from Obamacare? The debt was not good at the end of the Bush years because of the wars, approved by Congress but Obama has added 4 trillion dollars to it in 2 years. And Obama continues and has expanded the wars in the Middle East without Congressional approval under the War Powers Act. He says he does't have to! ????? The collapse can be laid at the feet of of Clinton's Community Reinvestment Act, Barney Frank's Banking Committee, Freddie and Fannie and their support of sub prime loans which eventually infected bank policy too. Many money manager's including Bush through Ryan warned of the impending crash but were dismissed by Frank and the Democrats in charge of congress. Tell the truth.
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mamaginnty | Jun 04, 2011, 08:32 AM EDT
After reading this and the comments about America looks like my little country...Ireland is still better off than some....
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hancock | Jun 04, 2011, 12:22 AM EDT
So should we repeal whole Bush tax cuts then?
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seamusmac | Jun 03, 2011, 08:05 PM EDT
This is the way capitalism shifts the responsibility for the nations debt to the working class. The working class pays for the wealthy's tax cuts and for the wealthy's wars. This isn't about republicans and democrats, it's about wealth and workers.
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