Debt and Deficits

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    After the latest debt ceiling debacle we just experienced, I had a couple of questions and wasn’t quite sure which forum would be best to ask them in.

    It is a fact that the deficits have been falling over the past couple years, mainly because they were at record highs to begin with. It is a fact that we have added on about $6 trillion in debt since Obama took over the presidency.

    What gets me is, who gets credit/blame for all this? Liberals/Obama wants to take credit for the shrinking deficits but seem to want to pass the buck on the debt to Bush and the Republicans. If all spending bills originate in the House, is the President off the hook for both the shrinking deficits AND the exploding debt? Can you have it both ways?

    Liberals also like to proudly point to Clinton and his surplus although if I’m not mistaken it was a Republican House the majority of the time he was in office. So if conservatives point to the Republican House during Clinton for the surplus, don’t they have to point the finger to the Republican House for current exploding debt? Or did the debt only explode when the Dems were in the house?

    Can anyone shed some light on this and help me sort it out? Thanks!


    Hello Haley11,

    Your question on debts and deficits would fall under professor Herbener’s purview. If you look into the history of our government raising the debt ceiling, you will find the 6 trillion increase is fact. The true debt however is anyone’s guess. Given everything that is left out of the equation, there are estimates between 40 and 120 trillion in unfunded liabilities. I would also find shrinking deficits as suspect. The government is covering it’s shortfalls with IOU’s and confusing its Orwellian sheep with similar terms like deficit and debt.
    The shrinking deficit is basically being paid for with future taxes, not the sort of thing I would hang my hat on.

    On the Clinton surplus, I am reminded of a Richard Epstein quote ” Increase revenue does not go to discharge debts, it goes to new debts”. I don’t know how to do links yet but if you look up surplus hoax on you will find some interesting reading.

    Like you, I also wasted my time pointing my finger at one party or another, all that will get you is arthritis. If I am correct you are more right leaning and you will come to find you have nothing in common with those at the top of the republican party. They are all far to the left.

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