I agree that the debt problem has over the last 30 years been primarily a Republican led thing, with the except of Bush Sr. He doesn't get enough credit for raising taxes to pay for Gulf War I. That set the stage for Clinton to raise taxes again and cut the welfare expenditures so he could get to a surplus. Other than those two, it's been debt out the wazoo as far as the eye can see.
Now Obama isn't cut from the same cloth as Clinton. Obama inherited a giant mess from Bush Jr, no doubt, but he has doubled down on Bush's policies and on Bush's spending. The only difference is that Obama is spending the money on welfare and health care in addition to the wars Bush started. Right now, Obama has no credible plan to cut back on the deficits, nor the money printing.
I just checked and in the last 6 months, Obama has spent $700B. This year's deficits is now projected to be $1.4 trillion, which is higher than last years, even after the sequester. When you couple that with the high probability that we're about to go into another cyclical downturn with the Fed and Congress out of bullets, we're in for some real trouble, not to mention another major surge in debt that the Fed will most certainly meet with money printing to purchase the Treasuries with, since global demand can't absorb all of our new debt.
It's time for everyone in the US to start to recognize what we're doing to ourselves. |
