Responding to w4u -
“It takes revenue to pay the interest on the national debt”
According to data published by the White House Office of Management and Budget and the U.S. Treasury, federal revenues hit an all-time high of approximately $2.57 trillion - in fiscal 2007 under Bush43 complete with his tax cuts - OMB published this table as part of Obama’s 2013 budget proposal showing historical revenues.
“It was IMPERATborrow more money to prevent total collapse and yes it is true that this increased the national debt.”
the National Debt is increasing at the rate of $ 1,453,798,079,568.14 per year under Obama as opposed to $ 612,159,600,000.75 / year under Bush43
that is NOT slower, that is more than twice as fast (2.38)
The National Debt as of 20 January 2001 - $ 5,727,776,738,304.64
The National Debt as of 20 January 2009 - $ 10,625,053,544,309.79 (1.85 times 2001)
Total National Debt Increase over 8 years - $ 4,897,276,806,005.15 ($ 612,159,600,000.75 / year)
The National Debt as of 17 October 2012 - $ 16,193,100,189,055.25 (2.83 times 2001)
Total National Debt Increase over 3.83 years - $ 5,568,046,644,746 ($ 1,453,798,079,568.14 / year)
“there was no evidence of a function and beneficial trickle down eonomy.”
“Trickle down economy” is a nonexistent theory. Those on the left who use it simply argue against a caricature rather than confront an argument actually made. - I challenge you to find a single legitimate economist who proposes such a thing as a “trickel down economy” -
In 1921, when the tax rate on people earning more than $100,000 a year was 73 percent, the federal government collected a little more than $700 million in income taxes, of which 30 percent was paid by those earning more than $100,000. By 1929, after the tax rate had been cut to 24 percent on incomes higher than $100,000, the federal government collected more than $1 billion in income taxes, of which 65 percent was collected from those with incomes higher than $100,000.
Also, as stated above by the Obama OMB, the highest revenue ever was in FY2007 with Bush43 tax cuts in place .
“But now that expenditures have been made and with an focus on building an NECESSARY infrastructure, good paying jobs would be available, stimulating local economies around the countries.”
Obama’s proposed budget would add more than $9.7 trillion to the national debt over the next decade, congressional budget analysts said Friday. Obama’s proposed tax cuts for the middle class account for nearly a third of that shortfall.
That will bring the total National Debt to $ 25.9 Trillion Dollars - who is going to pay for that w4u ? and how ?