@parados,
Your previous post that proved that the deficit is not double since Obama took over is misleading, because the deficit AS A PERCENTAGE OF GDP has dropped dramatically. This IS THE MAIN ISSUE. All countries view deficit based on the country's GDP, because that's what shows whether the country's deficit is too much.
Quote:Fact - The debt has NOT doubled since Obama has been in the office of President.
Debt on Jan 21, 2009 - $10,625,053,544,309.79
Debt as of Nov 30, 2013 - $17,203,336,836,345.12
http://www.treasurydirect.gov/NP/debt/current
What many people of the conservative persuasion doesn't understand is that when Obama took over, our country (and the world) was in the Great Recession, and Obama inherited two wars that was not paid for. All while the republicans refused to increase taxes to pay for them. TNCFS if they believe Obama can pay for saving our banks and paying for two wars while the GOP refused to increase taxes - on the rich.
From Wiki.
Quote:National debt of the United States
U.S. federal debt held by the public as a percentage of GDP, from 1940 to 2012.
The United States public debt is the amount owed by the federal government of the United States. The measure of the public debt is the value of the Treasury securities that have been issued by the Treasury and other federal government agencies[which?] and which are outstanding at that point of time. Gross public debt consists of two components:[1]
Debt held by the public, such as Treasury securities held by investors outside the federal government, including that held by individuals, corporations, the Federal Reserve System and foreign, state and local governments.
Debt held by government accounts or intragovernmental debt, such as non-marketable Treasury securities held in accounts administered by the federal government that are owed to program beneficiaries, such as the Social Security Trust Fund. Debt held by government accounts represents the cumulative surpluses, including interest earnings, of these accounts that have been invested in Treasury securities.
In general, debt held by the public increases as a result of government spending and decreases as a result of government tax or other receipts, which fluctuate in the course of the fiscal year, and in practice Treasury securities are not issued or redeemed on a day-by-day basis.[2] (Treasury securities may also be issued or redeemed as part of government macroeconomic management.) The government surpluses between FY1998-FY2001 decreased the debt in the hands of the public, but was offset by increases in intragovernmental debt. The aggregate, gross amount that Treasury can borrow is limited by the United States debt ceiling.[3]
Historically, the US public debt as a share of GDP increased during wars and recessions, and subsequently declined. For example, debt held by the public as a share of GDP peaked just after World War II (113% of GDP in 1945), but then fell over the following 30 years. In recent decades, however, large budget deficits and the resulting increases in debt have led to concern about the long-term sustainability of the federal government's fiscal policies.[4] The ratio of debt to GDP may decrease as a result of a government surplus as well as due to growth of GDP and inflation.
On October 24, 2013, debt held by the public was approximately $12.122 trillion or about 72.8% of Q2 2013 GDP.[5][6] Intragovernmental holdings stood at $4.9 trillion (29%), giving a combined total public debt of $17.078 trillion.[5] As of January 2013, $5 trillion or approximately 47% of the debt held by the public was owned by foreign investors, the largest of which were the People's Republic of China and Japan at just over $1.1 trillion each.[7]
And CBO.
Quote:U.S. debt now about 73% of GDP, CBO says - MarketWatch
