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(CBS News)   CBS: National debt rose more under Obama than Bush; also, the Pirates are a bigger joke than the Royals and Justin Bieber is way lamer than Shaun Cassidy   (cbsnews.com) divider line 316
    More: Interesting, President Bush, End of World War II in Europe, gross domestic products, pirates  
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1819 clicks; posted to Politics » on 20 Mar 2012 at 1:42 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-03-20 09:24:48 AM
But that's CBS.
 
2012-03-20 09:54:39 AM
gee, it's almost as if there were some sort of, i dunno, economic cataclysm that occurred during the waning days of bush's second term that necessitated an increase in government spending while causing a decrease in income tax revenues.
 
2012-03-20 09:57:29 AM

FlashHarry: gee, it's almost as if there were some sort of, i dunno, economic cataclysm that occurred during the waning days of bush's second term that necessitated an increase in government spending while causing a decrease in income tax revenues.


That there is open to interpretation.
 
vpb [TotalFark]
2012-03-20 09:57:33 AM
It's almost as if Obama were spending money to fix something. And almost as if government revenues were related to the economy.
 
2012-03-20 09:57:34 AM
I guess that this will be scrubbed from the net today too. Either that, or the author is going to find out how to file for unemployment benefits soon.
 
vpb [TotalFark]
2012-03-20 09:59:28 AM

AmazinTim: FlashHarry: gee, it's almost as if there were some sort of, i dunno, economic cataclysm that occurred during the waning days of bush's second term that necessitated an increase in government spending while causing a decrease in income tax revenues.

That there is open to interpretation.


It's open to derp.

I guess that this will be scrubbed from the net today too. Either that, or the author is going to find out how to file for unemployment benefits soon.

See?
 
2012-03-20 09:59:48 AM

vpb: It's almost as if Obama were spending money to fix something. And almost as if government revenues were related to the economy.


All but $200B of the current yearly deficit comes from either Bush projects or things that happened under his Presidency.
 
2012-03-20 10:00:02 AM
Just because Bush leaves office doesn't mean his polices or their spending just evaporate.
 
2012-03-20 10:00:47 AM

vpb: See?


That's it! I'm dumping gold and hording derp. It's a sound investment in a risky economy.
 
2012-03-20 10:00:47 AM
CBS: National debt rose more under Obama than Bush; also, the Pirates are a bigger joke than the Royals and Justin Bieber is way lamer than Shaun Cassidy the Pensacola Blue Wahoos are not as good a baseball team as the New York Yankees and Lana Del Rey is less authentic and talented than Adele.
 
2012-03-20 10:03:22 AM

AmazinTim: That there is open to interpretation.


this is true. some economists think the unemployment rate would have peaked as high as 16 percent without the stimulus, and others say it would have only peaked at around 11 percent.
 
2012-03-20 10:03:39 AM

vpb: It's open to derp.


oh whatever would we have done had we not spent trillions bailing out all those banks!
 
2012-03-20 10:04:11 AM

EnviroDude: I guess that this will be scrubbed from the net today too. Either that, or the author is going to find out how to file for unemployment benefits soon.


You have to admit, though, that the Internet could probably use a good scrubbing.
 
2012-03-20 10:05:50 AM

thismomentinblackhistory: EnviroDude: I guess that this will be scrubbed from the net today too. Either that, or the author is going to find out how to file for unemployment benefits soon.

You have to admit, though, that the Internet could probably use a good scrubbing.


i.imgur.com
 
2012-03-20 10:08:19 AM

SlothB77: oh whatever would we have done had we not spent trillions bailing out all those banks!


a cascading, global economic collapse that would make the great depression seem like a walk in the park?
 
2012-03-20 10:11:23 AM

EnviroDude: I guess that this will be scrubbed from the net today too.


What else got scrubbed from the net today?
 
2012-03-20 10:17:23 AM
But Ronald Reagan proved that debt and deficits don't matter.
 
2012-03-20 10:23:24 AM
The Pirates held onto first place of the NL central for almost half the year last year.
 
2012-03-20 10:30:34 AM
The more debt you have, the more that debt costs!

What portion of the federal spending is devoted to debt servicing?

/From what teh googles say, it's "a lot"
 
2012-03-20 10:40:36 AM

I_Am_Weasel: What portion of the federal spending is devoted to debt servicing?


From the spending side, the Interest on the extended debt is about 12% of the current federal goverment spending.

However from the income side, this interest eats up a little over 20% of all federal tax revenue.
 
2012-03-20 10:40:55 AM
Considering the economy didn't take a crap until Bush's last few months in office this isn't surprise. It's also why I think it would take over 20 years of republican leadership to convince the uneducated that republican economic policies have been, are, and always will be rooted in greed for the rich.
 
2012-03-20 10:41:22 AM

I_Am_Weasel: The more debt you have, the more that debt costs!

What portion of the federal spending is devoted to debt servicing?

/From what teh googles say, it's "a lot"


Given the fact that the government can currently borrow at nearly 0% interest, we'd be foolish to pull back spending now.

Our problem isn't that the government spends/borrows too much during recessions, our problem is that we continue to borrow/spend too much while the economy is booming.
 
2012-03-20 10:46:12 AM

James72: The Pirates held onto first place of the NL central for almost half the year last year.


Unfortunately it was between October and April.
 
2012-03-20 10:47:27 AM

DarnoKonrad: Just because Bush leaves office doesn't mean his polices or their spending just evaporate.


Makes you wonder what the next president is going to complain about.
 
2012-03-20 10:49:02 AM

Eddie Adams from Torrance: Given the fact that the government can currently borrow at nearly 0% interest, we'd be foolish to pull back spending now.


You do realize that these borrowing costs are not always going to be at '0%', right? You are just kicking the can down the road if you think that piling up debt when interest rates are low is a good thing.

I agree about not pulling all the way back during a recession, however, we need to really be careful on much we pile on. The rate at which we are doing so today is going to be a very heavy burden going into the future.
 
2012-03-20 10:55:43 AM
Ahhh - the old "since he took office" measure that doesn't take into account legislation signed by Bush that didn't go into effect into after Obama's inauguration.
 
2012-03-20 10:56:22 AM
Also, this article attributes every new dollar of debt to Obama starting with the day he took office, even though the 2009 budgeting was done by Bush.
 
2012-03-20 11:01:23 AM
Do we really need to go over the whole "Bush keeping the wars off the books" thing again?
 
2012-03-20 11:02:43 AM

Bloody William: thismomentinblackhistory: EnviroDude: I guess that this will be scrubbed from the net today too. Either that, or the author is going to find out how to file for unemployment benefits soon.

You have to admit, though, that the Internet could probably use a good scrubbing.

i.imgur.com


I dunno, that pic is more suited to "Wait till they get a load of Santorum."
 
2012-03-20 11:06:00 AM

Mugato: Do we really need to go over the whole "Bush keeping the wars off the books" thing again?


It really has nothing to do with this problem. Even though the wars were 'off budget' items, they were still accounted for in the deficit and debt (part of the unified budget).

/Similar to Social Security
//you can read more here (new window)
 
2012-03-20 11:07:03 AM

I_C_Weener: DarnoKonrad: Just because Bush leaves office doesn't mean his polices or their spending just evaporate.

Makes you wonder what the next president is going to complain about.


We'll have to wait until 2016 to find out.
 
2012-03-20 11:11:56 AM
That's pretty damning. Obama will go down in history as President Downgrade, the National Debt President.
 
2012-03-20 11:19:15 AM

SkinnyHead: That's pretty damning.


Meh, as much as I am a fiscal conservative, Obama is not the complete origin of this mess. Nor are the republican/democrats. Sure, they are not helping much in this regard, but if you want to actually blame someone, go point at that arsehole in the mirror:

www.thebasispoint.com

What do you expect when we become as leveraged as we have over the past 30 years? Most 5th graders could have looked at this graph and told you what was bound to happen.
 
2012-03-20 11:23:24 AM

FlashHarry: SlothB77: oh whatever would we have done had we not spent trillions bailing out all those banks!

a cascading, global economic collapse that would make the great depression seem like a walk in the park?


If spending trillions is good, why not give every man, woman and child in the US (say) $50,000 for them to spend as they will (unless you are, of course, rich).

/because out of control spending isn't good?
 
2012-03-20 11:23:27 AM
Is it just me, or does this article read like an op-ed masquerading as a simple news report?
 
2012-03-20 11:25:19 AM
GEE I WONDER WHO INCURRED THE LIABILITIES
 
2012-03-20 11:27:52 AM

gameshowhost: GEE I WONDER WHO INCURRED THE LIABILITIES


Since the biggest liabilities out there are SS and Medicare, you could say FDR and Johnson.
 
2012-03-20 11:31:04 AM

SkinnyHead: That's pretty damning.


Yeah - CBSNews is almost as big a liar as FoxNews
 
2012-03-20 11:32:49 AM

vpb: It's open to derp.

I guess that this will be scrubbed from the net today too. Either that, or the author is going to find out how to file for unemployment benefits soon.

See?


It's pretty hard to find a stronger argument for "this invites derp" than EnviroDude posting some derp on the subject.
 
2012-03-20 11:36:20 AM

DarwiOdrade: SkinnyHead: That's pretty damning.

Yeah - CBSNews is almost as big a liar as FoxNews


Actually, that article pretty much sticks to the facts. Not much opinion in there.
 
2012-03-20 11:38:32 AM

HeadLever: DarwiOdrade: SkinnyHead: That's pretty damning.

Yeah - CBSNews is almost as big a liar as FoxNews

Actually, that article pretty much sticks to the facts. Not much opinion in there.


So attributing to Obama every penny of debt from the moment he was inaugurated is what you call honest?
 
2012-03-20 11:40:48 AM

DarwiOdrade: So attributing to Obama every penny of debt from the moment he was inaugurated is what you call honest?


Citation? From what I remember of the article, there was no issuance of blame. Just the facts of where the number stand.

/you seem very defensive
 
2012-03-20 11:45:11 AM

HeadLever: DarwiOdrade: So attributing to Obama every penny of debt from the moment he was inaugurated is what you call honest?

Citation? From what I remember of the article, there was no issuance of blame. Just the facts of where the number stand.

/you seem very defensive


If you think this article will not be used by idiots to attack Obama (as it already has been in this thread) you are delusional.
 
2012-03-20 11:46:50 AM

HeadLever: e. Just the facts of where the number stand.


You have to look at where the numbers come from.
 
2012-03-20 11:47:57 AM

DarwiOdrade: If you think this article will not be used by idiots to attack Obama (as it already has been in this thread) you are delusional.


Anything will be used by the idiots to attack Obama. That does not make the facts any less true. Quit moving the goalpost.
 
2012-03-20 11:49:27 AM

HeadLever: DarwiOdrade: If you think this article will not be used by idiots to attack Obama (as it already has been in this thread) you are delusional.

Anything will be used by the idiots to attack Obama. That does not make the facts any less true. Quit moving the goalpost.


Not moving the goalposts - lying with misleading facts and by omitting relevant information is still very much lying.
 
2012-03-20 11:55:05 AM

WhyteRaven74: HeadLever: e. Just the facts of where the number stand.

You have to look at where the numbers come from.


Most of them come from the government itself. Here are some snips of the agencies/programs/items they cite:

Bureau of Public Debt at the Treasury Department
federal budget sent to Congress last month by Mr. Obama
Federal budget records
"Win the Future" Program
His [Obama] latest budget project[ion]s

do you have any issues with using these numbers? I don't as they seem to align themsleves pretty well with the latest GAO report
 
2012-03-20 11:56:22 AM

DarwiOdrade: lying with misleading facts


Name one misleading fact in the article. I don't see any.

omitting relevant information

such as?
 
2012-03-20 11:59:27 AM

EnviroDude: If spending trillions is good, why not give every man, woman and child in the US (say) $50,000 for them to spend as they will (unless you are, of course, rich).

/because out of control spending isn't good?


Were you this loud when Bush turned a budget surplus into a record deficit?
 
2012-03-20 12:00:16 PM

HeadLever: DarwiOdrade: lying with misleading facts

Name one misleading fact in the article. I don't see any.

omitting relevant information

such as?


The calculation of the debt under Obama is misleading precisely because the article makes no mention of the fact that a significant portion of that debt is due to legislation enacted by Bush.

I know what you're saying - the article doesn't come right out and say Obama is responsible for incurring all of that debt, which is technically correct. But then tell me what's the point of reporting those meaningless numbers in the first place?
 
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