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Politics : President Barack Obama
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To: RetiredNow who wrote (114642)6/4/2012 1:37:50 PM
From: i-node  Read Replies (1) of 149317
 
>> But he was the beginning of the idea in this country that "deficits don't matter".

Nonsense.

I was in college between 72 and 76 and at the time one of the hottest topics was the national debt (at the time, had reached something like $500 billion). While discussing this informally with my second-year economics teacher told me, "Forget the national debt. It is meaningless."

The era of 30 and 40% increases in debt (over a four-year term) began during the Carter years. While Reagan did increase debt substantially, it was a sensible thing to have done because it is what ended the Cold War which eventually yielded a substantial peace dividend in the Clinton years.

Now, we've reached entirely new levels of fiscal irresponsibility.

Bush, First term -- debt increased 30%
Bush, Second term - debt increased 22%
Obama, 3.5 years -- debt increased ~50%

The king of "deficits don't matter" is Barack Obama.
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