Will the next president be able to clean up after Bush?

Question

Reagan caused a huge deficit in the 80s, Bush Sr. (who was smarter than both Reagan and Bush Jr. combined by the way) raised taxes to help clean it up, and didn't get re-elected because of it. Clinton also had to raise taxes to fix it and luckily the debt was taken care of.

However, this time around we have the increasing retirement numbers of the baby boomers and the impending crash of social security and medicare to deal with - will raising taxes and lowering spending get us out of this mess like before?

Answer 1

it might but i think its more complicated than that. its not that clear cut

Answer 2

I personally believe in the Keynesian economic theory. I think that implementing a tax system thats supports business like the fair tax, combined with efficient government spending is the best way to boost the economy. If we spent limitlessly on things that help the economy, like renewable energies, it couldn't possibly hurt. Look at WW2 for example. Even if it results in inflation. Inflation is just a mathematically precise tax. In my opinion inflation is the only tax Americans should pay. Then when a candy bar costs say 100$ renew the currency, it would be cheaper than paying the IRS.  

Answer 3

yeah lets put Obama in there and relive another great depression. yeah that's the ticket.

Answer 4

The problem wasn't  low taxes. The problem is and always has been government spending.

Answer 5

Nope we're doomed. If they raise the taxes people are going to be so poor it's going to crush the economy...there's no way out

Answer 6

I think we are going to have some bad times.  The longer we continue to waste ten billion a month in Iraq, the worse they will be.  If Obama gets elected, he will do what he can, but the Republicans will blame him for everything bad that ever happened in history.

This situation gives me a distinct sense of deja-vu.  In the 70s we had a period of double digit inflation and double-digit interest rates.  This was caused by (1) a huge debt from a long, unproductive war and (2) a sudden doubling in the price of gas, which raised the price of just about everything.  To this day Republicans blame Jimmy Carter for this every chance they get.  But the genesis of the problem was two presidents before Carter, with Nixon, who kept the Vietnam War going for an extra four years for his own purposes. Nixon was the one who instituted wage and price controls.  Ford, his successor, fought a campaign called WIN, 'Whip Inflation Now' which consisted entirely of getting Americans to wear buttons that said "WIN" on them.

The same thing is happening now.  We are so far in debt, and our debt is growing so fast that our currency is losing its value. We don't manufacture anything in the US so we are going to have to buy trillions of dollars worth of stuff from overseas, with devaluated dollars.  The Republicans did so much deficit spending while times were good that when times are bad we won't be able to.  And of course they will blame the Democrats for everything, and the major media will parrot their pronouncements.

Answer 7

Will the next president be able to clean up after Bush?

After Bush?  Are you really that near sighted and ignorant?  Our government started getting off track as far back as the Roosevelt administration or possibly earlier and things have gotten "progressively" worse with each successive president.  Why is it only the Republican Presidents that you complain about?  Do you honestly believe that Democratic Presidents have no blood on their hands?  If so, you are either an idiot or terribly naive.  Neither Obama nor McCain have the character, humility or values which are going to be needed if this mess is to get fixed.  As a matter of fact, I might even go so far as to say that they will continue the tradition of s******g the citizen's of this nation.  

Answer 8

You make it sound as if debt has any substantial impact on the United States. What are we going to do, turn ourselves in to a collection agency and never be able to spend over budget again?

And secondly, what exactly caused this impending social security and medicare crash? If you ask me, it's government incompetence (I've had a lot of experience with the government, and I can tell you personally... they're pretty incompetent). Why not allow people to put money in their own private retirement / medical coverage through organizations which compete with one another, rather than some government monopoly?

It's That Guy: In all fairness, the Vietnam War was started by the DEMOCRAT Lyndon B. Johnson.

Answer 9

Clean up what?

Answer 10

I actually think it will take several terms.  There's some extreme long-term problems on our hands.

Our current debt level is $9.6 trillion.  That's current, not what is to come.

If I gave you $100 million each day, it would take me over 27 years to pay you just $1 trillion.  In other words, if we pay $100 million per day on this debt, we will bring it to zero in 259 years.  Not counting any additional debt accrued past TODAY, and no inflation either.

Anyone awake now?