Sorry, not revisionist but a correct interpretation of the actual #'s.
Do not get me wrong, I hated what Bush left us with; a significantly worse debt than when he entered office. But a lingering tech Wall street crash, 911 and yes the wars, mortgage crisis, prescription benefits, etc. made his a tough term. But his collective debt was still peanuts compared to what Obama has managed to engineer. In his 8 years Obama will have increased the debt more than ALL OTHER PRESIDENTS COMBINED.........what is so difficult to understand about this? Bush was also at fault but to keep bringing his name up in every conversation is like saying that
I stole candy bars from the liquor store as a 7 year old, so I am a criminal just like Bernie Madoff.
The problem is now so bad that we may have entered the point of no return on the debt; that is what worries me so much for the future (decades from now). We may very well string it along for 20 years or so ( like Japan has done for nearly two decades), but sooner or later you have to pay the piper and until you do you keep paying an enormous amount wasted on interest that does nothing but make the payee wealthier.
It is so enormous that even the example I used as a gauge to illustrate how much $20+ trillion is was understating it. It amounts to the equivalent of a $180,000 debt for EVERY SINGLE American household, but in reality it is far worse because nearly 50% of the US population does not pay income taxes. That means the ones who do (i.e. the ones who actively work and bring in a reportable salary) will also be footing the payments for the slacker households who pay nothing into the system........and we know damn well our country is overburdened by these households. Of course corporate taxes will also factor in along with other revenue sources, but the taxpayer base is a huge component of the revenue stream so the taxpayers will be heavily burdened with this responsibility. We can never hope to actually pay down the principle for this debt as the interest payments alone for such a huge debt will be problematic, so guess what?............it looks like a perpetual interest payment put on the working class American taxpayer's for eternity........ principally because of Obama as he was the generator for more debt than all of the other presidents combined. This is why it was so important to minimize the TARP/HARP etc. stimulus packages so that we could pay a significant amount of the principle back each year to end the debt interest payments at some point by paying off the debt.......even if it took 40 years or so. As it stands it can never be paid off in just a few decades and it may be a permanent liability.
So you think that might not be a problem for the future? It certainly may have minimal impact for the near future, but if it a fixed liability with no way to get out from under it?
It's a big, big, big issue. At least you are now defining the debt as an enormous problem......at first it was all the ".....all he does is cry Chicken Little....". Trust me I am not crying for political or personal gain. It is the countries future at stake here, nothing less and we should all try to be on the same page. But you have to agree a more conservative administration would have generated less debt, and certainly not more than what Obama ha engineered.
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