President Obama did not "double" the deficit. http://www.politifact.com/truth-o-me...ubled-deficit/
The thing people do not understand, is, the annual budget was inherited. If the annual budget was $4 trillion per year when Obama walked in, it is $4 trillion per year, each and every year.
It is an ongoing thing, in place, adding up. Kinda like your mortgage, if that comparison helps you visualize it.
Your mortgage is $800, per month, each and every month. Lets say your name is W. Lets say you inherited an economy in almost record breaking great condition, but, then started 2 unpaid for wars, and lack of regulation on wall street in the banking world contributed to both housing bubbles and banks crashing, and for a number of reasons, let's say you did not pay the mortgage for about 7 years, W now has $900,000 in debt. W's annual "bills due to be paid" are now much higher, and adding up and up and up.
If someone else assumed exact same loan from W, let's call him O, this person named O will now owe $15,000 per month, and is starting out $900,00 in debt already.(NOT the $800 per month list of bills due)
If O can't pay the new size of the mortgage,
of $15000, each and every month, adds onto the existing $900000 he inherited. In no time, O now owes $180,000 per year,
due to the new size of the mortgage he inherited, in addition to the $900,000, and it will continue to add on and on, as those debts are ongoing, in-place debts & bills he inherited.
Even just adding the cost of the wars, into the actual defense budget, on O's first budget, just doing that alone hugely and dramatically increased the budget, but, it's more rational than paying for the wars by congressional appropriations bills, which are not counted in the annual budget reports of "bills due to be paid".
A fact no rightwinger seems aware of, is the budget was been dramatically reduced, the monthly mortgage has been reduced, and that $4 trillion, owed EACH AND EVERY YEAR, HAS BEEN reduced, in record levels, but, it is still overblown, and still adding up. Each and every year. http://www.nbcnews.com/id/49392702#.UR1AxJYUUtF
//"The Obama administration spent $3.538 trillion in the 2012 fiscal year, 1.7 percent less than last year due to the expiration of stimulus provisions, a stronger economy, the end of military operations in Iraq and the continued drawdown in Afghanistan, the Treasury said."//
<---instead of adding up all columns together, if looked at, year by year, it shows an entirely different picture. But no denying, when added up together, it is a massive number.
Under President Obama, the yearly budget has been reduced $200 billion per year!! This is record setting reduction in the annual budget!! Yet, the budget remains more than we can pay, and it continues to add up. http://www.cbpp.org/cms/?fa=view&id=2755
The budget explained, in plain speak, although, definitely written by a liberal, so some may rebuke this post here: http://maddowblog.msnbc.com/_news/20...-year-low?lite
But, if you distrust a PhD in political science, then here is the CBO, saying Obama reduced the budget by $1.9 trillion: http://cbo.gov/sites/default/files/c...07-outlook.pdf
Also, many people do not grasp kenseyian economics that well. turning around an economy as vast as the USA's is like turning a giant ship. At least we were saved from actually sinking! A crashing economy does need money circulating to keep multiple businesses alive.
Imo, blaming Obama for the economy, is sort of like blaming the fireman called to put out the fire.
Yes, it IS still smoldering, so let's blame the fireman next to it! Must be HIS fault, cuz surely the fire he ran to put out, should be extinguished by now.
No doubt, i will get flamed for this post, but, interesting to learn some facts anyway. (hits "submit" and then ducks!!)