Listening
Gold Member
- Aug 27, 2011
- 14,989
- 1,650
- 260
Obama's biggest contribution to the debt (in terms of policy) was his stimulus package of 787 billion which was achieved by cutting taxes, extending unemployment benefits, and job creating public works projects. For the next two years, 858 billion was added because of he extended Bush's tax cuts. He increased defense spending by 800 billion a year. What also contributed to the debt under Obama was the low federal income because of low income tax receipts from 2008 financial crisis.
Both Obama and Bush had to contend with higher mandatory spending for social security and Medicare. The Patient Control and ACA was designed to reduce the debt by 143 billion over 10 years but these savings didn't show up til late.
US Debt by President
Here is what Obama did wrong: Extending the Bush tax cuts. The CBO estimates that the Bush tax cuts created 4.6 jobs for every million dollar cut. That is pathetic job growth. Bush was stupid to introduce them and Obama was stupid to extend them. Reductions in the tax rate actually hurt the economy. Every dollar lost in tax revenue only creates 59 cents in growth.
Do Tax Cuts Create Jobs?
What Obama did right: extending unemployment benefits. Not only did this provide relief to the Americans out of work, but it also helped the economy. 19 jobs were created per 1 million in benefits. Every 1 billion, creates 19,000 jobs. Not only that, but every dollar spent on these benefits created $ 1.73 in economic demand. This is because the unemployed spend every dollar they receive on basic essentials, such as food, clothing, and housing. It is estimated that every month these benefits were extended cost tax payers $10 billion. However, it also generated 17.3 billion in economic growth.. Without benefits during this time, demand drops.
Why Extended Federal Unemployment Benefits Boost the Economy
Obama so-so spending was his increase in defense spending which did both good and bad, depending on how you look at it.
Lets not forget that there was no spending growth under Obama from Bush's years.
I was right: Under Obama, spending has been flat - Rex Nutting - MarketWatch
Also, 2.5x more jobs were created under Obama's 5 years than all of Bush's 8.
Obama?s Numbers, October Update
What's the bottom line? Republican economic policies only help the wealthy and government can and does create jobs![]()
He increased defense spending by 800 billion a year.
Obama did that? Wow!
The CBO estimates that the Bush tax cuts created 4.6 jobs for every million dollar cut.
I'd like to see the back up for that. But it sounds good to me. People keep their own money AND jobs are created? Count me in!!!
That is pathetic job growth. Bush was stupid to introduce them and Obama was stupid to extend them.
Better than Obama wasting money giving it to campaign donors who blow it on bankrupt green energy schemes. I will agree with one thing, Obama is stupid.
Every dollar lost in tax revenue only creates 59 cents in growth.
Keeping more of our money AND growth? Where is the downside?
What Obama did right: extending unemployment benefits. Not only did this provide relief to the Americans out of work, but it also helped the economy. 19 jobs were created per 1 million in benefits
Bullshit.
Lets not forget that there was no spending growth under Obama from Bush's years.
When you add $250 billion in TARP loans in FY 2009 as well as Obama's stimulus spending after his election, and blame it on Bush, and then ignore the $250 billion getting paid back in following years, and continuing the level of Obama's stimulus spending every year, it's easy for the math challenged on the left to believe that.
We know better.
Bush spent like a drunken sailor, no question about that.
Obama spends like a gay drunken sailor on crack and X.
Makes me miss Bush's "fiscal discipline".
You just made the case for how we got 8 more years of George Bush.