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Financial Crisis Leads to Stimulus, $832 Billion T.A.R.P.
The recession which began in Dec. 2007 was a significant turning point that dramatically led to lower tax revenue and increased spending. "Most economists think that both the stimulus and TARP were necessary, and especially TARP was effective," Haskins said. "As a result of all that and combined with tax cuts passed during Bush administration – and the stalemate on tax increases, taxes are historically low."
http://abcnews.go.com/Business/national-debt/story?id=17159803 -
Obama took office
Obama took office and since then our national debt has increased 4.8 trillion dollars over his two terms
http://www.cbsnews.com/news/national-debt-up-6-trillion-since-obama-took-office/ -
Obama Raises Debt Limit, Averting Default
Obama singed into law a deal that incrased the 14.3 trillion dollar debt limit, ending a months-long stalemate between the White House and Congress. Quote from President Obama ""The uncertainty surrounding the raising of the debt ceiling for both businesses and consumers has been unsettling, and just one more impediment to the full recovery that we need, and it was something we could have avoided entirely," http://www.cnn.com/2011/POLITICS/08/02/debt.talks/ -
U.S. Trade
Deficit declined ($19 billion) in 2012, but goods trade deficits with China, and in non-petroleum products, rose sharply. Incrased 6.6% with China, which is very bad.
http://www.epi.org/publication/us-trade-deficit-china-oil/ -
Saving
Because of Bush, we still haven't recovered and we don't really have the money to bail us out incase something big happens. http://www.cbpp.org/research/economic-downturn-and-legacy-of-bush-policies-continue-to-drive-large-deficits?fa=view&id=3849
http://zfacts.com/p/318.html -
Budget
The U.S. budget deficit fell by nearly a third to $483 billion in fiscal 2014, the lowest level since 2008. Fiscal 2014 revenues grew 9 percent to $3.02 trillion, boosted by a jump in individual and corporate tax receipts and a 31 percent rise in Federal Reserve earnings, mostly from the central bank's massive bond portfolio.
http://www.reuters.com/article/2014/10/15/usa-economy-budget-idUSL2N0SA1HA20141015 -
Peter Pan Generation and America's Giant Saving Deficit
50% 18-29 year old's don't have retirement savings.
http://davidstockmanscontracorner.com/the-peter-pan-generation-and-americas-giant-savings-deficit/ -
Saving
Food stamps increase because of the recession and the fact that people don't save for hard times makes people spend more
http://www.wsj.com/articles/savings-turn-negative-for-younger-generation-1415572405
