Who is Responsible for the US National Debt and How Can it Be Addressed?

[Nebula815]

President Bush knew there was risk of a real-estate crash, that was one reason he tried to reign in Fannie and Freddie multiple times, but the Congress killed it every attempt; it was one of the things Barack Obama voted against even as a Senator.

As for Social Security, SS was projected to remain solvent far longer, but because of this recession, tax revenues have plummeted, which thus blew a hole into the projections (yet again why it is ludicrous to claim they can project how to pay for this healthcare bill).

Don't forget - the fundamentals of the economy are strong.

They are, but our captain is doing the equivalent of turning the ship towards the storm and then gunning it to full-throttle.

 

[calculusrocks]

President Bush knew there was risk of a real-estate crash, that was one reason he tried to reign in Fannie and Freddie multiple times, but the Democrats killed it every attempt; it was one of the things Barack Obama voted against even as a Senator.

As for Social Security, SS was projected to remain solvent far longer, but because of this recession, tax revenues have plummeted, which thus blew a hole into the projections (yet again why it is ludicrous to claim they can project how to pay for this healthcare bill).
They are, but our captain is doing the equivalent of turning the ship towards the storm and then gunning it to full-throttle.

It was difficult for Bush to make inroads here, because so many from both parties received http://www.opensecrets.org/news/2008/09/update-fannie-mae-and-freddie.html" , two of the main culprits of the housing collapse

 

[Nebula815]

It was difficult for Bush to make inroads here, because so many from both parties received http://www.opensecrets.org/news/2008/09/update-fannie-mae-and-freddie.html" , two of the main culprits of the housing collapse

You are correct, it was both parties, I have modified my post.

 

[CRGreathouse]

President Bush spent a great deal of time and effort attempting to fix the Social Security problem.

The President doesn't matter. Congress matters -- it's the one that gets to decide how SS funding is handled.

 

[mheslep]

The President doesn't matter. Congress matters -- it's the one that gets to decide how SS funding is handled.

Well Congress writes the laws, but big ideas matter, especially when they come from the executive.

 

[mheslep]

President Bush knew there was risk of a real-estate crash,

No doubt everyone would admit to some risk, the question is how much. I've never seen anything definitive from Bush on that score.

that was one reason he tried to reign in Fannie and Freddie multiple times,

True.

but the Congress killed it every attempt;

Including the Republican Congresses. It was Republican representatives that sponsored the reign-in attempts, and it was Democrats that mainly opposed them, but never the less they failed under Republican majorities in both houses.

it was one of the things Barack Obama voted against even as a Senator.

I'm not sure Obama overlapped with those reign-in bills, but he certainly exhibited support for FM. See for instance this video of a Congressional swearing-in ceremony which includes Obama, which is hosted by 'family' member Daniel Mudd, CEO of Fannie Mae. I've never seen anything remotely like this, where a corporate CEO presides over such a ceremony.