Obama Lies About Debt vs Deficit

Obama Lies About Debt vs Deficit

Debt vs. deficit: What�s the difference? What word starts with “d” and ends with “t”
and has to do with the federal budget? You�d be right if you said “debt.” You�d
also be right if you said “deficit.” But while the two words sound the same, they describe
very different concepts. One is getting bigger, while the other is getting smaller. The politicians
and talking heads don�t make things easier by confusing the two. It�s a mistake we�re seeing more often,
especially from Democrats who want to defend President Barack Obama�s fiscal policies. The latest offender: the Senate�s second-ranking
Democrat, Dick Durbin of Illinois. In an interview on Fox News Sunday last week, Durbin said
the Obama administration was going to “reduce the overall debt of the United States by $3
trillion over the next 10 years.” Sorry, but his talk about the overall debt
was ridiculously wrong. Instead of going down $3 trillion, the best estimate of the debt
over the next 10 years is that it will rise by $8.6 trillion. That’s a difference of … $11.6 trillion.
That’s real money to anyone. PolitiFact rated his statement Pants on Fire! Democrats do have a point when they say that
the federal deficit is going down. The deficit is a measure of a single year�s shortfall,
the difference between what the government takes in and what it spends. And in recent
years, the deficit has been declining, thanks to the end of the recession and lower government
spending. The deficit hit a mind-boggling $1.41 trillion
in 2009 during the teeth of the recession, due to a fall off in tax revenues and an economic
stimulus aimed at jump-starting the economy. It gradually declined somewhat, but still
stayed north of $1 trillion in 2010, 2011 and 2012. The nonpartisan Congressional Budget
Office said those years marked the largest budget deficits relative to the size of the
economy since 1946. But with the end of the Great Recession, deficits
are getting smaller. The deficit for 2013 is expected to finally drop below the $1 trillion
mark, to $973 billion. The Obama administration predicts further declines through 2018, when
they project the deficit will be $475 billion. But the deficits aren�t going away. If they
did go away, then there would be what�s called a budget surplus. The United States
hasn�t seen budget surpluses since the days of President Bill Clinton. So years of deficits, even deficits that are
growing smaller, still means the overall debt is getting bigger. Got it? The fiscal future Sometimes, though, you hear people on TV talk
about the debt going down, and that�s wrong. When PolitiFact has fact-checked the claim
— usually from Obama supporters — the explanation is typically that they said “debt” when they
meant “deficit.” Back in November, for example, Al Sharpton
said on his MSNBC show PoliticsNation that the national debt “has been reduced every
year for the last five years.” He meant deficits. PunditFact, the PolitiFact project that rates
the talking heads, rated his statement False. And even if some are feeling cheerful about
declining deficits, the Congressional Budget Office warns that shrinking deficits won�t
last if the nation keeps to its current spending and taxing policies. Deficits will begin to
increase in years to come, and continue increasing for the next 25 years, through 2038. Much of that deficit spending will be driven
by spending on health care — especially Medicare, the government insurance program for people
over age 65 — and Social Security, according to the CBO�s latest report. The agency issued
a warning along with its usual graphs and charts: “The unsustainable nature of the federal government�s
current tax and spending policies presents lawmakers and the public with difficult choices.
Unless substantial changes are made to the major health care programs and Social Security,
those programs will absorb a much larger share of the economy�s total output in the future
than they have in the past.” We see no end in sight to conversation and
commentary about deficits and debt. So keep this in mind: Deficit=one year. Debt=all money owed. Thank you for watching The Shakaama Live Show.

6 thoughts on “Obama Lies About Debt vs Deficit

  1. if our politicians werent morons they would just figure out what are absolute necessities and cut all other spending. then the debt could be completely paid off in 5 years.

  2. we should just end ssi we dont need that shit. im 20 i know i wont see that money so id rather not get the extra tax every pay check. ill save for my own retirement im not a retarded fiscally irresponsible baby boomer. i dont feel bad for the boomers its not my fault they were so irresponsible. thanks for the dumpy future you old ass holes passed off on my generation. thanks for playing kick the can so damn long.

  3. The politicans are only catering to the will of the American people. They cannot do anything the we do not allow them to do. Why, then, do they do the things they do? They do them, because we want, or allow them to do them. So, whose fault is it that we are in the fix that we are in? It is 100% our fault. Who is it that keeps voting for irresponsible politicians? We do. Jonathan Gruber said it best "call it the stupidity of the American people." Google him, if you don't know who he is.

  4. For all the news subscribers and people just now discovering me, YouTube works like this: if you don't thumbs up the video, leave a comment and share the video, they think the video is no good. I work extremely hard to make this videos. Right now my videos are showing zero activity, because no one is liking, commenting and sharing my videos.

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