Obama on Controlling Deficit Spending (Part 5 of 13)

[WillyHZE]

Clinton expanded the debt by two trillion dollars. Don't believe the lies.

[ufbret]

Obamas plan has 239 Million doolars in new spending per annum. You actually think he can balance that budget with just taxing my income bracket...good luck with that.

[knehall]

Take that in contrast to McCain's policy that only favors the rich. The whole idea of the Republican party is for the rich, and not the middle and working class people. Obama supports the working class as well as the middle class. Now this interview is over 4 months old. Watch some recent fotage of Obama's speech's and facts that he uses to back up his claims, while(being cival of course) slams McCain's proposals.

[KforKufnaka]

Agreed, Obama's plan of pay as you go does nothing to offset the already planted deficits in spending.

[ufbret]

Measured against current law and against the promises of his fellow Democrats, Obama would rack up huge deficits. According to a recent analysis by the nonpartisan Tax Policy Center, Obama's tax plan would add $3.4 trillion to the national debt, including interest, by 2018.

[sicktoaster]

If he cuts spending enough well get out of debt.

One thing for sure McCain will NOT get us out of debt. At least Obama is raising taxes on the rich. McCain might talk about cutting spending but Republicans never really do that. Reagan didnt and Bush didnt. McCain'll just cut taxes without doing anything to offset it & our deficit will be even deeper than it might be with Obama. When Obama gets us out of Iraq that will save a ton of money so we might just get out of the deficit.

[ufbret]

Those "rich" people you want to raise taxes on include small businesses...who are by far the largest employer in the country. What happens when their taxes rise? People are fired a la Jimmy Carter. What happens when Obama raised capital gains...I dont invest anymore...no new companies no job growht..its simply not worth the RIO id you tax me 55%.

[podunkest]

One thing is for certain, you don't know ANYTHING about our "debt". Our debt is what backs our currency, that is how MONEY is created. Through debt. You cannot eliminate the national debt without changing our entire monetary policy and removing all the currency in circulation. You can "balance the budget" so we don't increase the debt, and you can even pay some of it off which would cause deflation, and would actually worsen our economic issues if the money supply deflated too fast.Read more

[sicktoaster]

So when Clinton brought us out of debt why didn't that cause our economy to collapse?

[podunkest]

LOL. Just because we had money left over from a "budget" doesn't mean we still didn't have a gross national debt. Educate yourself further before asking stupid questions.

[jesuslover037]

Because the U.S. economy was in a bubble.  It lasted throughout the end of Bush's term as well. It's not really Clinton or Bush's fault; Greenspan started this whole mess.