How we have recovered from Obama

[Dric902]

YObama’s election and bailouts, stimulus, Obama are did serious damage to the economy.

Have we recovered? Mostly

• The national debt grew by 15% through February 11 of Clinton's first term and ended up growing by 36% by the end of the 2000 fiscal year, the final full fiscal year of his presidency.
• The debt grew by 12% during Bush's first 752 days and grew by 75% when the 2008 fiscal year came to a close.
• Under Obama's first two years and change, the national debt grew by 33%, and it grew by 84% by the end of the 2016 fiscal year.
• The debt grew 10% in Trump's first 752 days and is projected to grow by 44% by the end of the 2024 fiscal year.

Some good, some not so good. 

The Fed has dumped a lot of billions into the market. The Fed now stands over 4 trillion in debt/easing

 

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[Dric902]

In August, Congress passed a massive $320 billion two-year increase to the existing spending caps, which allowed for $169 billion in additional spending for this year’s appropriations —ostensibly to help move the process along. This $169 billion is not chump change even in the massive federal budget. It is enough to cover almost doubling the U.S. Army’s budget, quadrupling Highway Trust Fund spending or writing a $500 check to every person in the United States.

Recall that these spending caps were originally put in place to force Congress to agree to savings elsewhere in the budget — if Congress couldn’t live within the tight discretionary limits, they could find other better targeted savings. 

For the first four years of caps, they were reasonably successful, and though Congress lifted them, they also offset the costs (albeit with a bunch of games and gimmicks included in their offsets).

But the past two deals have been far more reckless. Starting in 2017, Congress lifted the caps –and then added even more spending – bringing the total increase to over $600 billion in four years, most of which was not paid for. Between 2017 and 2021, the caps on discretionary spending will have increased 21 percent. 

The argument made by many in casting the fiscally irresponsible vote to increase spending for this year by so much was that the additional spending was needed to help smooth the path for an easy appropriations process. Instead, 78 days after the start of the fiscal year, it is safe to say that plan did not work. Not a single one of the 12 funding bills has been enacted. 

Instead, leadership is contemplating adding a number of unrelated items — presumably none of them paid for. These include:

• reviving special interest tax breaks that expired two years ago ($35 billion);
• delaying or repealing important ObamaCare taxes ($45 billion to $400 billion);
• a bailout of multi-employer pensions (up to $65 billion);
• and new spending gimmicks ($25 billion or more).

Some of these may be worthwhile, though not all of them. It is ridiculous to be considering retroactive tax cuts

https://thehill.com/opinion/finance/474667-the-federal-governments-nonstop-spending-binge-continues
 

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Edited December 18, 2019 by Dric902

[Fog]

We are a very long way from recovering from obama.

[janice6]

Just now, Fog said:

We are a very long way from recovering from obama.

We are still fighting the divisiveness between many people in America.  He promoted radial and sexual disharmony, and now groups still expect to have their rights supersede yours.  He tried to make the whole country a ghetto.

I don't know if we'll ever get over it.

[Bish1309]

10 hours ago, janice6 said:

We are still fighting the divisiveness between many people in America.  He promoted radial and sexual disharmony, and now groups still expect to have their rights supersede yours.  He tried to make the whole country a ghetto.

I don't know if we'll ever get over it.

We won't. It's easier to become a low life and be a PITA than it is to be a productive member of society.