National Debt: It’s Math over Politics
Posted in : Economics:
- On : Jun 16, 2016
There are some misconceptions about the $20 trillion debt that the Washington Post wrote that Obama will leave office with.
Here are a few points:
– The actual numbers are below- these are taken directly from the US Treasury official government website
– Bush did not increase debt just as much – this claim is FALSE – GW Bush increased the debt by $5 trillion – from $5 to $10 trillion – Obama increased it by twice that
– Who cares if Bush increased debt, it doesn’t make it a good thing, Bush was a terrible President and a low bar for comparison
– Debt and deficit are different things – politicians who are marketing to people who don’t understand economics use the deficit as if it was as important as debt – it’s not. Debt is what the nation owes, deficit is how much more we spend each year than we take in. It’s like saying that someone who makes $50k a year but spends $200k has done a good job if they drop the $200k in spending down by $20k…while at the same time increasing credit card debt from $1 million to $2 million
– This isn’t a partisan political issue, it’s an issue of math – there simply is not enough money to pay the massive amounts we owe …the math doesn’t work. Wishing, hoping, making emotion or feeling based arguments or thinking it will just solve itself won’t change the problem.
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