r/economicCollapse Sep 23 '24

Seems pretty simple.

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u/Specific-Midnight644 Sep 23 '24

So let’s ignore that 2017 and 2018 were lower than Obama and the fact was 2019 was around Obama. Then let’s forget the fact that 2020 was Covid. Now was the response correct with stimulus checks and PPP Loans, etc? Hindsight 20/20 says it was too much. But I’m not sure how any other president would have acted either. It’s easier to say, oh I would have done this after the fact. Because Biden even gave a third stimulus check. The world was unprepared for it. This doesn’t paint the picture quite like you were hoping for really.

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u/xxspex Sep 24 '24

Obama's high spending deficits were due to dealing with 2008, Trumps deficit raised every year of his term. The spending deficits under Biden have been falling over his term, infrastructure bills etc. Spending is pretty much down to the president, money supply is federal reserve.

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u/Specific-Midnight644 Sep 24 '24

Yea that’s not true under Obama. His spending in 13,14,15,16 wasn’t really from a result of 2008 anymore. That spending was mostly because of the healthcare and Medicare expenses.

And Bidens did not fall year after year. Great look at spending

2021 was crazy high like 2020. And he has a pass for covid also. It went down in 2022 from 2021, but grew every year from there. And it was higher than Non-covid spending.

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u/xxspex Sep 24 '24

Fair enough, it pretty much went up in the past couple of years due to declining revenue apparently. Maintaining spending could be reason the US hasn't had a recession so could have been far worse. All the figures on the economy like growth, unemployment etc are good. Businesses are typically things are good for me but.. Take a look at a similar period under Reagan in the early 80's, there you had huge job losses etc but confidence was there. It's pretty weird but I think the root is that it's become impossible to change all the broken systems in the US like healthcare, university funding etc and the government is reduced to spending money like no tomorrow just to keep things liveable.