Claim: Obama has raised the debt more than all previous presidents combined. Variation: Obama has spent more than all previous presidents combined. Fact: The second claim is absurdly false since it attributes rising debt to spending as opposed to lowered revenues (the real cause). This first claim is almost “true” if you start the clock […]
Few subjects are the source of such controversy as the growing US debt and deficit. We break down the facts behind the growing disparity between tax revenues and spending in order to come up with a clearer picture behind the cause.
What causes the rising debt and deficit?
How much is due to increased spending as opposed to slashed revenues due to tax rate decreases or an economic downturn? What policies have led to the increased debt and deficit? How to we split the blame between the Democrats and Republicans? Is it all Obama or Bush’s fault? And what’s the right way to measure the US debt and deficit?
What happens when you mix clever but simple ‘sound byte’ cartoons with somewhat complicated political issues? Sometimes you get bad analogies. And these bad analogies often just serve to confuse and misinform viewers. In the cartoon below, the elephant (Republican) and donkey (Democrat) argue over whether to reduce he leakage by one or two drops, […]
For some time now, the Tea Party has been making a ruckus over the size of government, tax rates and the alleged debt/deficit ‘crisis.’ Rather than understanding that; our tax rates and government as a percentage of GDP are lower than virtually any other nation in the industrialized world; or that the current deficit/debt […]
The recent DOW Index plummet and the S&P downgrading of U.S. debt from AAA to AA+ has been followed by much finger pointing. The DOW has clearly been on an upward trajectory since just after the passage of the ARRA (stimulus package). The DOW plummets after weeks of infighting the two parties where Republicans refuse to […]
[Opt7_Microdata_Review_1781107129]Quick Fact 1: Senate Republicans are filibustering the bill Senate Democrats have crafted Quick Fact 2: John Boehner uses the excuse that the Senate has yet to provide a bill Quick Fact 3: The White House’s alternative budget is on the WH website (and has been for some time). As the budget debate heats up the GOP will […]
Updates: U.S. Budget Deficit Narrows in First Nine Months of Fiscal Year Who Is The Smallest Government Spender Since Eisenhower? Would You Believe It’s Barack Obama? Obama spending binge never happened The trillion dollar deficit that Obama inherited has been cut in half The US federal debt and budget deficit debate is one of the more politically […]