Kind of convenient there's no arrow pointing to where Obama took office. Look at that debt skyrocket around 2009!!! Bang! Zoom! To the moon Alice!!
So, did Obama increase or decrease taxes? Cause I'm pretty sure he increased spending!!
Good questions. First. The Great Recession took hold in the last year of Bush's presidency. Financial losses and the growth of unemployment led to a significant decline in tax revenue which persisted until recently. That is the fundamental cause of the skyrocketing debt. Second. The Obama administration attempted to stop economic decline with an expenditure program to stimulate the economy--mostly infrastructure. It was in the range of $800 billion. Third. The Bush tax cuts had a ten year limit. When they expired, the Obama administration allowed the taxes on people earning 400,000 or more to rise to an earlier level. Also, in the Affordable Care Act, there was a slight increase in certain taxes that affect the wealthy. The specifics of any tax policy are complicated, but this a rough summary.
The federal government increases spending every year regardless of who or which party is in control for a lot of reasons.
We had a federal budget surplus during the last years of Clinton's presidency projected into the future. Unfortunately, Bush and the Republicans decided to give his rich friends a tax cut without cutting spending, then 9/11, then the 6 trillion dollar wars (the first time in history the US did not raise taxes during a war), then the Great Recession the effects of which occupied much of Obama's presidency, now the 20 trillion dollar debt.
Economists tell us that in times of recession or depression it is important for the federal government to spend money to stimulate the economy in order to stop and, hopefully, reverse the downward spiral of economic activity. In times of prosperity--such as the nation has been enjoying for the last couple of years--it's the time to raise taxes and cover your debt. Do you think we will do that? LOL
No, once again the Republicans want to give the rich a big tax cut--an estimated 80% of the current proposal per the Tax Policy Center analysis.