#1 | Posted by zack991

Please don't start this stuff so early. Danni is still sleepin' it off and when she gets up she's gonna go ballistic and lecture us over and over about how Little Caesar Barackus has reduced the deficit by billions and billions.

"Old spending by GW accounts for most of the debt."

Wrong...doesn't work that way. Debt is accumulated by annual deficits, not by spending itself. The annual deficits result from spending money we don't have each year (borrowing) and the trillion dollar plus deficits of the last four years are undoubtedly the largest in history. Added up, those deficits have increased the the national debt to a record level REGARDLESS of how much spending increased. Bush may have increased spending by a larger PERCENTAGE, of previous years, but it wasn't nearly as many total dollars or as much BORROWED money as what Obama has spent. Spending, deficits and debt are different things, Corky, and can be presented in various ways. I know I don't have to tell you that. In just pure dollars, Obama has spent more, borrowed more, had larger deficits and the largest increase in national debt.

"Its all just creative accounting with a purpose."

No argument. And for Corky's edification, I certainly wasn't defending Bush. The old adage that, "Figures don't lie, but liars can figure," holds true. The number crunchers (Corky too) defending the current administration wanna put their man forward as the most frugal president and lowest spender and debt creator in many decades and for anyone with two brain cells, that dog won't hunt. Some folks MIGHT get a clue from the fact the U.S credit rating was lowered for the FIRST TIME in history (and it certainly isn't all Obama's fault although he hasn't "helped" any.) The U.S. credit rating is in peril of another drop as well. Spin it any way you want, but these developments are NOT indications that Obama is doing a stellar job on the economy.

"A downgrade by Fitch would make two out of three major credit rating agencies to knock U.S. off the top rung of the most credit-worthy nations. Standard & Poor's cut its AAA rating on U.S. debt during Washington's 2011 battle over raising the debt ceiling. Moody's, the third agency, has its top Aaa rating for the U.S. under review."