For years, the United States has faced a financial crisis, known as the deficit. When President Clinton left office in 2000, the United States had a surplus of $236 billion, and it was predicted to remain this way for ten years. Two years later, however, the U.S. was “in the red” by $158 billion—essentially this means that the country had a national debt of $158 billion. By the year 2004, the deficit had increased to nearly $413 billion, and by the end of 2008 the deficit had grown to $438 billion with Bush’s signing of a $700 billion bank bailout package. When Obama took office the deficit grew to $1.4 trillion after the enactment of a $787 billion economic recovery plan. Today the deficit stands at $15.7 trillion under the Obama Administration, but the President has new and effective ideas to get the country closer to where it was in 2000.
President Obama’s approach to the deficit is to increase taxes only on those who can afford it, while keeping taxation low in the middle class. The President wants the people who are currently employed to pay taxes in order to stimulate the economy. Obama also wants to bring back the New Deal Policies in order to create more jobs in the United States—this will provide the country with more people to tax and will therefore begin to even out the debt the U.S. currently faces. The President wants to create jobs in energy, health care, teaching and infrastructure repair because these jobs are the base of this country’s functionality. Obama’s proposed tactics on lowering the deficit was proven effective under Roosevelt during the Great Depression. If Roosevelt’s tactics and New Deal Policies were capable of helping America through the Great Depression, then surely the Obama Administration can achieve similar results using the same tactics in today’s economic world.
Although President Obama has not made great strides toward the end of the financial deficit within his four-year term, it would be unreasonable and unrealistic to expect such a huge achievement from one man in only one Presidential term. Obama was handed a country in debt, and has had to attempt to rebuild the economy in the span of just four years, an impossible feat. On Obama’s inauguration day the deficit was at $10.6 trillion, a fact that the people of the United States seem to have forgotten. When compared with previous Presidents, one will find that Obama is actually aligned with such former leaders as Roosevelt and Clinton. Clinton’s approval ratings in early 1995 almost exactly match the approval ratings Obama earned in February of 2011; Clinton was able to earn money for the United States with the exact same approval ratings as Obama. The difference between the two Presidents, however, is that Obama has many more financial issues to take care of, issues that have built up over previous Presidencies. The fact that Obama still has the same approval ratings as President Clinton in 2011 shows that he has the support of the people even while the economy now is much worse than it was during the Clinton Administration. Obama’s approach to the deficit in this country has already been proven effective and can bring this country out of the depression it is currently in; Romney’s tactics, on the other hand, have proven ineffective in the past. Romney is relying on the “trickle-down” effect for the economy, taxing the wealthy and cutting taxes for the rest of the country. Not only will this method take longer than Obama’s approach, it will anger the wealthy people of America. If the wealthy are unhappy with Romney, yet Romney’s plan relies on their support, nothing productive can be predicted from this approach. Obama will drive this country toward a debt-free future using tried tactics that are proven to improve the American economy; Obama’s method is planned out and based off of what this country is capable of in the present day, while Romney’s approach is based off of the ideal American economy. By keeping Obama in office, America will continue to take steps toward a deficit-free nation through job creation and tax cuts to the middle class.
BARACK OBAMA - DEFICIT
For years, the United States has faced a financial crisis, known as the deficit. When President Clinton left office in 2000, the United States had a surplus of $236 billion, and it was predicted to remain this way for ten years. Two years later, however, the U.S. was “in the red” by $158 billion—essentially this means that the country had a national debt of $158 billion. By the year 2004, the deficit had increased to nearly $413 billion, and by the end of 2008 the deficit had grown to $438 billion with Bush’s signing of a $700 billion bank bailout package. When Obama took office the deficit grew to $1.4 trillion after the enactment of a $787 billion economic recovery plan. Today the deficit stands at $15.7 trillion under the Obama Administration, but the President has new and effective ideas to get the country closer to where it was in 2000.
President Obama’s approach to the deficit is to increase taxes only on those who can afford it, while keeping taxation low in the middle class. The President wants the people who are currently employed to pay taxes in order to stimulate the economy. Obama also wants to bring back the New Deal Policies in order to create more jobs in the United States—this will provide the country with more people to tax and will therefore begin to even out the debt the U.S. currently faces. The President wants to create jobs in energy, health care, teaching and infrastructure repair because these jobs are the base of this country’s functionality. Obama’s proposed tactics on lowering the deficit was proven effective under Roosevelt during the Great Depression. If Roosevelt’s tactics and New Deal Policies were capable of helping America through the Great Depression, then surely the Obama Administration can achieve similar results using the same tactics in today’s economic world.
Although President Obama has not made great strides toward the end of the financial deficit within his four-year term, it would be unreasonable and unrealistic to expect such a huge achievement from one man in only one Presidential term. Obama was handed a country in debt, and has had to attempt to rebuild the economy in the span of just four years, an impossible feat. On Obama’s inauguration day the deficit was at $10.6 trillion, a fact that the people of the United States seem to have forgotten. When compared with previous Presidents, one will find that Obama is actually aligned with such former leaders as Roosevelt and Clinton. Clinton’s approval ratings in early 1995 almost exactly match the approval ratings Obama earned in February of 2011; Clinton was able to earn money for the United States with the exact same approval ratings as Obama. The difference between the two Presidents, however, is that Obama has many more financial issues to take care of, issues that have built up over previous Presidencies. The fact that Obama still has the same approval ratings as President Clinton in 2011 shows that he has the support of the people even while the economy now is much worse than it was during the Clinton Administration. Obama’s approach to the deficit in this country has already been proven effective and can bring this country out of the depression it is currently in; Romney’s tactics, on the other hand, have proven ineffective in the past. Romney is relying on the “trickle-down” effect for the economy, taxing the wealthy and cutting taxes for the rest of the country. Not only will this method take longer than Obama’s approach, it will anger the wealthy people of America. If the wealthy are unhappy with Romney, yet Romney’s plan relies on their support, nothing productive can be predicted from this approach. Obama will drive this country toward a debt-free future using tried tactics that are proven to improve the American economy; Obama’s method is planned out and based off of what this country is capable of in the present day, while Romney’s approach is based off of the ideal American economy. By keeping Obama in office, America will continue to take steps toward a deficit-free nation through job creation and tax cuts to the middle class.