Billy000
Democratic Socialist
- Nov 10, 2011
- 32,074
- 12,821
Here is a no bullshit assessment about what exactly the debt under Obama is composed of. As you can see Obama's biggest expenses were his TAX CUTS and defense spending - policies republicans love.
Of course, all this being said, I do agree Obama has spent too much on defense and he shouldn't have extended Bush's tax cuts. My point is that Repubs are ignorant about what exactly Obama's expenses are.
US Debt by PresidentPresident Barack Obama - The second largest contributor to the debt dollar-wise was President Obama. He added $4.8 trillion, a 41% increase, in just one term. Obama's budgets included the economic stimulus package, which added $787 billion by cutting taxes, extending unemployment benefits, and funding job-creating public works projects. The Obama tax cuts added $858 billion to the debt over two years. Obama's budget included increased defense spending to around $800 billion a year. Federal income was down, thanks to lower tax receipts from the 2008 financial crisis.
Both Presidents Bush and Obama had to contend with higher mandatory mandatory spending for Social Security and Medicare. He also sponsored the Patient Protection and Affordable Care Act, which was designed to reduce the debt by $143 billion over 10 years. However, these savings didn't show up until the later years.
Of course, all this being said, I do agree Obama has spent too much on defense and he shouldn't have extended Bush's tax cuts. My point is that Repubs are ignorant about what exactly Obama's expenses are.
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