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Old 01-20-2017, 05:28 PM
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Default Obama leaving Trump with a massive debt crisis

This is like taking a car for a test drive, crashing it, taking it back to the dealership, and tellin' them, "I don't want it and good luck selling it."

Hopefully Trump can fix the diarrhea skid mark Obama left across this country.

Commentary: Obama leaving Trump with a massive debt crisis – TheBlaze

As President Barack Obama leaves the White House and the Trump administration begins its work, much could be said about Obama’s economic legacy.

Under Obama, 14.5 million people have left the labor force, many of them because they’ve been unable to find or keep good jobs. Average annual food stamp enrollment is up by 16 million since 2008. Premiums for benchmark health insurance plans sold on the Affordable Care Act exchanges increased by an average of 25 percent compared to 2016. Home ownership is at its lowest point since at least 1995, the earliest year recorded in the Census Bureau’s most recent report. The cost of a full-time undergraduate’s tuition, fees, and room and board at a four-year college rose by 25 percent over Obama’s time in office, and outstanding student loan debt now tops $1.4 trillion, which is more than all outstanding credit card or auto loan debt.

But of all the problems facing President Trump, the nation’s debt crisis might be the worst of them. Since Obama was sworn into office, about $10 trillion has been added to the national debt, more debt than under any other presidential administration in history. There are a variety of reasons this occurred. Obama spent more on discretionary programs, passed an $830 billion stimulus package (the American Recovery and Reinvestment Act), entitlement programs have expanded and the population has aged, and government tax revenues fell dramatically immediately after the 2008 crash.

Not all these problems can fairly be attributed to Obama’s administration; plenty of the blame belongs to George W. Bush and the reckless spending of both the Democrat- and Republican-led Congresses of the 2000s. But it was Obama’s responsibility to manage the budget, fix entitlements, and control spending while he was in office, none of which were accomplished. Instead, he spent wildly, printed trillions of dollars to prop up the failing economy, and implemented policies that stunted economic growth. Because of the incredible amount of debt added under Obama, I believe we are worse off today than we were during the height of the so-called Great Recession.

Adding massive amounts of debt is fiscally irresponsible and dangerous for a number of reasons. As we continue to add more debt, the percentage of the budget that must go toward paying that debt back will grow larger and larger. In 2016, the cost of net interest payments made by the federal government reached $241 billion, more than what was spent on veterans and homeland security or education, labor, housing, and transportation. Even without any new spending or tax cuts, the Congressional Budget Office (CBO) predicts interest payments are expected to rise to $712 billion by 2026, which is $133 billion more than what we currently spend on defense and $347 billion more than the current cost to the federal government for Medicaid.

Ballooning interest payments mean taxpayers will have to pay significantly more of their incomes to offset these costs, the federal government will have to issue even more bonds (thereby going even deeper into debt), or both. The problem with issuing more bonds is as the country adds more debt, even fewer foreign countries and private investors will want to buy government bonds, because the likelihood of being paid back (with interest) becomes exponentially lower as more debt is added. The only way for the government to survive at that point is to sweeten the deal by increasing interest rates to encourage investors to buy the bonds, but that will inevitably lead to even higher interest payments, thereby worsening the cycle of debt.

The CBO believes such a scenario, which it predicts to occur based on the current situation, would mean the “likelihood of a fiscal crisis in the United States would increase.”

The only other option would be for the further printing of money through actions by the Treasury Department and the Federal Reserve Banks. Such a scenario, while likely, is also incredibly dangerous, because it undermines the credibility of our currency, discourages saving and investment, and, perhaps most importantly, could eventually lead to the rest of the world deciding to dump the dollar in favor of a new currency.

Currently, the dollar is used for many important international transactions, but China, Russia, and other world leaders have made it clear over Obama’s time in office they would like to transition away from the dollar to something they believe would be more stable. If this were to occur, the United States would face an economic collapse unlike anything we’ve seen in at least a century. Trillions of dollars could come pouring back into America from overseas, causing rapid inflation and devaluation. Even worse, the Federal Reserve would effectively be forced to swiftly raise interest rates, which would cause an even greater financial collapse, as lending and financial investment dry up.

President Donald Trump certainly has his work cut out for him. If he implements pro-growth economic policies, reduces unnecessary regulations, encourages domestic energy development, and passes balanced or near-balanced budgets, the United States might be able to grow its way out of the current debt crisis. If he continues the Bush-Obama debt legacy, however, America could be in store for another Great Depression.
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Old 03-16-2017, 12:24 AM
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Red face Re: Obama leaving Trump with a massive debt crisis

Granny says, "Dat's right - we can't afford it - let some o' dem anti-American countries pay fer it...

$2.4 Billion for Peacekeeping? Trump Administration Mulls UN Funding Cuts
March 14, 2017 – With the Trump administration looking at ways to reduce U.S. contributions to the United Nations, the approximately $2.4 billion of taxpayers’ money that goes towards peacekeeping missions each year is in the spotlight. The U.S. is liable for 28.57 percent of the total budget for global peacekeeping missions. The Obama administration’s request for FY2017 was $2.394 billion. The FY2016 U.S. funding estimate was $2.460 billion.
Quote:

U.S. taxpayers accounted for 28.57 percent of the total U.N. peacekeeping budget in 2016. The next highest contributors were China at 10.29 percent and Japan at 9.68 percent. (Graph: CNSNews.com)

The next biggest contributors in 2016 were China (10.29 percent), Japan (9.68 percent) and Germany (6.39 percent). At the other end of the scale, more than 70 U.N. member-states contributed 0.001 percent or less. Some of the current 16 missions around the world, comprising more than 125,000 personnel today, have been in existence for well over half a century, while the newest – in the Central African Republic – is just three years old. Nine of the 16 missions are in Africa, three are in the Middle East, two are in Europe, with Asia and the Western Hemisphere accounting for one each.


A State Department map shows current U.N. peacekeeping missions around the world. (Two entries – the standing police capacity in Brindisi, Italy and UNSOM in Somalia, are not current peacekeeping missions.) (Map: State Department)

Three of them – a 13-year-old mission in Haiti; a 14-year-old mission in Liberia; and a 13-year-old mission in Côte d’Ivoire – are in the process of winding down. But others offer little sign of following suit. U.S. taxpayers in FY 2016 accounted for $440.6 million for a seven-year-old mission in the Democratic Republic of Congo; $368.2 million for a decade-old mission in Darfur, Sudan; $342 million for a six-year-old mission in South Sudan; $286.7 million for a three-year-old mission in Central African Republic; $267.6 million for a four-year-old mission in Mali; and $147.8 million for a 39-year-old mission in southern Lebanon.

The 193 U.N. member-states’ contributions to the U.N. peacekeeping budget (like the regular U.N. budget) are assessed according to their relative “capacity to pay,” a formula based on factors including population size and gross national income. The U.S. assessment of 28.57 percent is more than three percent higher than allowed by legislation signed by President Clinton in 1994, which set a 25 percent cap on the U.S. contribution to U.N. peacekeeping. The discrepancy between that cap and the U.N. assessment led to arrears mounting up, but under Helms-Biden legislation negotiated in 1999, the U.S. agreed to settle the arrears in return for a U.N. pledge to gradually reduce the assessment, then above 30 percent, to 25 percent.

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Feds Hit Debt Limit—Again; Debt Now Exceeds Limit Set in 2008 by $8,550,505,000,000
March 15, 2017 | With the close of business today, the period in which Congress suspended any legal limit on the federal debt expires and as of tomorrow the limit on the federal debt will be set at whatever the level of debt happens to be.
Quote:
Since President Barack Obama signed the “Bipartisan Budget Act” on Nov. 2, 2015 there had been no legal limit on the amount of money the federal government could borrow until now. That law included a section entitled “Temporary Extension of Public Debt Limit.” It said that the law imposing a limit on the federal debt “shall not apply for the period beginning on the date of the enactment of this Act and ending on March 15, 2017.” As of Nov. 2, 2015, the federal debt subject to the legal limit stood at $18,452,108,000,000. As of the close of business on Tuesday, the latest day reported, it stood at $19,865,505,000,000.

That means the federal debt increased by $1,414,397,000,000 during the approximately 16 and a half months that Congress removed any legal limit on it. “Congress has modified the debt limit 14 times since 2001,” the Congressional Research Service reported in October 2015—a month before Congress modified the debt limit for a 15th time since 2001 by including the language in the Bipartisan Budget Act suspending it. By suspending the debt limit from Nov. 2, 2015 through March 15, 2017, Congress and President Obama gave the Treasury the authority to borrow an unlimited amount of money from Nov. 2, 2015 until after the 2016 election.


On Oct. 3, 2008, President George W. Bush signed “The Emergency Economic Stabilization Act,” creating the Troubled Asset Relief Program that authorized the Treasury Secretary to purchase up to $700 billion in assets from troubled financial institutions. That law also increased the debt limit from $10,615,000,000,000 to $11,315,000,000,000. That was the last debt limit increase before the 2008 presidential election. Since then, borrowing by the federal government has increased the federal debt subject to the legal limit to the current $19,865,505,000,000—which exceeds the October 2008 limit by $8,550,505,000,000.

Treasury Secretary Steven Mnuchin sent a letter to House Speaker Paul Ryan last Wednesday reminding him that the suspension of the debt limit would end today. “As you know,” Mnuchin wrote, “the Bipartisan Budget Act of 2015 suspended the statutory debt limit through Wednesday, March 15, 2017. Beginning on Thursday, March 16, 2017, the outstanding debt of the United States will be at the statutory limit. When the debt hits the limit and Congress and the president do not immediately enact new legislation to increase it or suspend it, the Treasury typically engages in what it calls “extraordinary measures” to keep the debt at a constant level just below the debt ceiling.

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Old 03-16-2017, 12:33 AM
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Default Re: Obama leaving Trump with a massive debt crisis

Trump wants to give too big a tax break to rich while spending a lot. like bush did. but trump hopes to blame the scam this time on obama.
good luck with that
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Old 03-16-2017, 06:55 AM
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Default Re: Obama leaving Trump with a massive debt crisis

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Originally Posted by saltwn View Post
Trump wants to give too big a tax break to rich while spending a lot. like bush did. but trump hopes to blame the scam this time on obama.
good luck with that
Bullsh1t.

Trump tax breaks are not just for the wealthy. Left wing lie.

The left spent their money on bringing tens of thousands of illegal border jumping kids here, fed and clothed them. Then a year later started letting their families come here, on our dime as well. Not to mention expanding social programs here to fill in their lack of jobs as Obama tried to take us all down to that third world hell hole found in so many parts of the world. The left squandered so much money and time doing next to nothing for the benefit of our country..

The left did nothing for renewing our infrastructure, killed jobs by the tens of thousands, called every one names who dared to disagree with them.

Now sit back and go for a ride with Republicans, who are going to lower taxes, foster business such it can expand and create jobs, repair our aging infrastructure (the one the left let go to crap ) In short make America great once again. The left wished to destroy any chance of that.

Regards, Kirk
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Old 03-16-2017, 07:17 AM
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Default Re: Obama leaving Trump with a massive debt crisis

TheBlaze lol

Glen Beck's conservative-conspiracy rag
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Old 03-16-2017, 08:44 AM
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Default Re: Obama leaving Trump with a massive debt crisis

Quote:
Originally Posted by Hairy Jello View Post
This is like taking a car for a test drive, crashing it, taking it back to the dealership, and tellin' them, "I don't want it and good luck selling it."

Hopefully Trump can fix the diarrhea skid mark Obama left across this country.

Commentary: Obama leaving Trump with a massive debt crisis – TheBlaze

As President Barack Obama leaves the White House and the Trump administration begins its work, much could be said about Obama’s economic legacy.

Under Obama, 14.5 million people have left the labor force, many of them because they’ve been unable to find or keep good jobs. Average annual food stamp enrollment is up by 16 million since 2008. Premiums for benchmark health insurance plans sold on the Affordable Care Act exchanges increased by an average of 25 percent compared to 2016. Home ownership is at its lowest point since at least 1995, the earliest year recorded in the Census Bureau’s most recent report. The cost of a full-time undergraduate’s tuition, fees, and room and board at a four-year college rose by 25 percent over Obama’s time in office, and outstanding student loan debt now tops $1.4 trillion, which is more than all outstanding credit card or auto loan debt.

But of all the problems facing President Trump, the nation’s debt crisis might be the worst of them. Since Obama was sworn into office, about $10 trillion has been added to the national debt, more debt than under any other presidential administration in history. There are a variety of reasons this occurred. Obama spent more on discretionary programs, passed an $830 billion stimulus package (the American Recovery and Reinvestment Act), entitlement programs have expanded and the population has aged, and government tax revenues fell dramatically immediately after the 2008 crash.

Not all these problems can fairly be attributed to Obama’s administration; plenty of the blame belongs to George W. Bush and the reckless spending of both the Democrat- and Republican-led Congresses of the 2000s. But it was Obama’s responsibility to manage the budget, fix entitlements, and control spending while he was in office, none of which were accomplished. Instead, he spent wildly, printed trillions of dollars to prop up the failing economy, and implemented policies that stunted economic growth. Because of the incredible amount of debt added under Obama, I believe we are worse off today than we were during the height of the so-called Great Recession.

Adding massive amounts of debt is fiscally irresponsible and dangerous for a number of reasons. As we continue to add more debt, the percentage of the budget that must go toward paying that debt back will grow larger and larger. In 2016, the cost of net interest payments made by the federal government reached $241 billion, more than what was spent on veterans and homeland security or education, labor, housing, and transportation. Even without any new spending or tax cuts, the Congressional Budget Office (CBO) predicts interest payments are expected to rise to $712 billion by 2026, which is $133 billion more than what we currently spend on defense and $347 billion more than the current cost to the federal government for Medicaid.

Ballooning interest payments mean taxpayers will have to pay significantly more of their incomes to offset these costs, the federal government will have to issue even more bonds (thereby going even deeper into debt), or both. The problem with issuing more bonds is as the country adds more debt, even fewer foreign countries and private investors will want to buy government bonds, because the likelihood of being paid back (with interest) becomes exponentially lower as more debt is added. The only way for the government to survive at that point is to sweeten the deal by increasing interest rates to encourage investors to buy the bonds, but that will inevitably lead to even higher interest payments, thereby worsening the cycle of debt.

The CBO believes such a scenario, which it predicts to occur based on the current situation, would mean the “likelihood of a fiscal crisis in the United States would increase.”

The only other option would be for the further printing of money through actions by the Treasury Department and the Federal Reserve Banks. Such a scenario, while likely, is also incredibly dangerous, because it undermines the credibility of our currency, discourages saving and investment, and, perhaps most importantly, could eventually lead to the rest of the world deciding to dump the dollar in favor of a new currency.

Currently, the dollar is used for many important international transactions, but China, Russia, and other world leaders have made it clear over Obama’s time in office they would like to transition away from the dollar to something they believe would be more stable. If this were to occur, the United States would face an economic collapse unlike anything we’ve seen in at least a century. Trillions of dollars could come pouring back into America from overseas, causing rapid inflation and devaluation. Even worse, the Federal Reserve would effectively be forced to swiftly raise interest rates, which would cause an even greater financial collapse, as lending and financial investment dry up.

President Donald Trump certainly has his work cut out for him. If he implements pro-growth economic policies, reduces unnecessary regulations, encourages domestic energy development, and passes balanced or near-balanced budgets, the United States might be able to grow its way out of the current debt crisis. If he continues the Bush-Obama debt legacy, however, America could be in store for another Great Depression.
Over the past 8 years the left has been claiming that in spite of the indicators otherwise, the left has been claiming that the economy is just super duper OK.

But with a new President in office for 7 weeks, the sky is falling. Too much unemployment. Obamacare is a disaster that must be immediately fixed. The new President is leading us down the wrong path. President Trump is giving tax breaks to the wealthy and the income gap will widen. Conveniently forgetting the widening of the past 8 years. Forgetting the debt doubled that of all other Presidents combined. Forgetting that we are now at war in more countries than at any time in our history.

And the left is doing everything they can to keep the Obama years in place.

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Old 03-16-2017, 10:00 AM
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Post Re: Obama leaving Trump with a massive debt crisis

Facts are simple.

Obama inherited a massive debt problem.
Obama LOWERED the deficit over the years.
(Anybody who reads this and wants to respond should know the difference between debt and deficit. If you don't, educate yourself.)

Now here's the fun part.
EVERY ARTICLE I'VE SEEN when talking about Trump's economic plans and impact on our deficit / debt proclaim he will increase the deficit. By a larger margin than Obama.
National Debt Would Increase $11.5 Trillion Under Trump, Report Says | Fox Business

But Repubs haven't shown one iota of concern over this, just like I haven't seen one iota of concern for their previous three Repub presidents jacking up the deficit debt.


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TheBlaze lol
Glen Beck's conservative-conspiracy rag
It's amusing how the right wants to give Trump immediate credit for things happening very shortly on his watch...

But then, when the spectre of potential problems looms on the horizon, they want to blame Obama.
President Donald Trump certainly has his work cut out for him. If he implements pro-growth economic policies, reduces unnecessary regulations, encourages domestic energy development, and passes balanced or near-balanced budgets, the United States might be able to grow its way out of the current debt crisis. If he continues the Bush-Obama debt legacy, however, America could be in store for another Great Depression.
So if something good happens, Trump gets credit. NOW. Cause he's responsible.
If something bad happens in the future, it's what he's inherited.

And too many right-wingers are ready to mindlessly buy into this excrement.
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Old 03-16-2017, 11:02 AM
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Default Re: Obama leaving Trump with a massive debt crisis

A 4% growth rate should pull us out of most of these problems. That is what eluded Obama. You can't deny that optimism sparked the changes that have happened since Trump was elected. Optimism is what gets the rich to open their wallets. More people working in better jobs is what pays the countries bills. We can't tax our way out of debt.
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Old 03-16-2017, 11:36 AM
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Default Re: Obama leaving Trump with a massive debt crisis

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A 4% growth rate should pull us out of most of these problems. That is what eluded Obama. You can't deny that optimism sparked the changes that have happened since Trump was elected. Optimism is what gets the rich to open their wallets. More people working in better jobs is what pays the countries bills. We can't tax our way out of debt.
Why would you think after all these years trickle down would work?
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Old 03-16-2017, 03:26 PM
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Default Re: Obama leaving Trump with a massive debt crisis

Quote:
Originally Posted by foundit66 View Post
Facts are simple.

Obama inherited a massive debt problem.
Obama LOWERED the deficit over the years.
(Anybody who reads this and wants to respond should know the difference between debt and deficit. If you don't, educate yourself.)

Now here's the fun part.
EVERY ARTICLE I'VE SEEN when talking about Trump's economic plans and impact on our deficit / debt proclaim he will increase the deficit. By a larger margin than Obama.
National Debt Would Increase $11.5 Trillion Under Trump, Report Says | Fox Business

But Repubs haven't shown one iota of concern over this, just like I haven't seen one iota of concern for their previous three Repub presidents jacking up the deficit debt.



It's amusing how the right wants to give Trump immediate credit for things happening very shortly on his watch...

But then, when the spectre of potential problems looms on the horizon, they want to blame Obama.
President Donald Trump certainly has his work cut out for him. If he implements pro-growth economic policies, reduces unnecessary regulations, encourages domestic energy development, and passes balanced or near-balanced budgets, the United States might be able to grow its way out of the current debt crisis. If he continues the Bush-Obama debt legacy, however, America could be in store for another Great Depression.
So if something good happens, Trump gets credit. NOW. Cause he's responsible.
If something bad happens in the future, it's what he's inherited.

And too many right-wingers are ready to mindlessly buy into this excrement.
Agreed that Obama inherited a big debt problem but his actions clearly show he didn't recognize it or didn't care. Obama signed off on the appropriations responsible for the record deficit, successfully pushed for a nearly $800 billion spending bill funded entirely with new debt, and followed up with $1+ billion deficits for the next 3 years. Obama became the first President in 7 decades to fail to enact a budget. These are not the actions of a responsible fiscal manager dealing with a debt/deficit problem, they are the actions of a community organizer with no interest in fiscal managment.

It is not some Right Wing conspiracy to point out Obama's disinterest in fiscal management. His insistent refusal to deal with the mushrooming debt precipitated the first credit downgrade in US history.
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