The joke's on you, America
Thanks, Obama. My children are looking forward to paying back your debt. Are you going to blame this on Bush?
(Reuters) – The United States posted an $82.69 billion deficit in April, nearly four times the $20.91 billion shortfall registered in April 2009 and the largest on record for that month, the Treasury Department said on Wednesday.
Why is it every time I read this stuff I feel like someone should be giving me a kiss?
Exit question: Is there anyone out there who still believes our taxes aren’t going to increase?
Memeorandum linked and has a thread.
It”s all Bush’s fault.
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I’d say what’s on my mind but I don’t want someone from the gov’t coming around asking what I meant.
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Hey, Lonely Conservative? I have a long answer here, since I just like the sound of my own typing. So stop reading now if you’re easily bored. You’ve been warned!
I’ve often read that Obama “Quadrupled” the deficit, and I wondered where the heck the GOP was getting it’s info. So I did some research and found out. Apparently, Bush submitted his last budget in October of 2008, which increased the national debt to 1.3 trillion. (You know, a trillion here, a trillion there, and pretty soon you’re talking about some real money!) Obama was inaugurated in late January 2009, and the budget passed in early April. Since Obama was president by then, for a grand total of a month and a half, the GOP counts it as “Obama’s deficit.” Pretty sneaky, sis! That’s kinda like getting pregnant at a truck stop and then telling your boyfriend that he’s the father. Surprise! It’s all yours!
However, it would be more accurate to say that Bush quadrupled his own deficit, and Obama is projected to halve it back down to about 700 billion dollars. Fun with numbers! I don’t expect this tidbit to go away, however. It’s just too much fun to say, “Quadrupled.” Go ahead and say it out loud: “Quad-RUUUU-pled.” It’s a great word. Expect to hear it a lot from the GOP until the November elections.
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Not one penny can be spent from the federal Treasury without the approval of Congress.
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Of course, except for the fact that Obama helped quadruple the deficit with his crippling bills beforehand. To put things in perceptive, quoting NPR:
“In fairness, however, Obama can’t rightly be held accountable for the 2009 budget, which he didn’t sign (although he did sign a $410 billion pork-laden omnibus spending bill for that year, which is nevertheless tallied in Bush’s column). Rather, Obama’s record to date should really be based on actual and projected spending in fiscal years 2010 and 2011 (plus the $265 billion portion of the economic “stimulus” package, which he initiated and signed, that was spent in 2009 (Table S-10), while Bush’s should be based on 2002-09 (with the exception of that same $265 billion, which was in no way part of the 2009 budgetary process).
How do Bush and Obama compare on closer inspection? Just about like they do on an initial glance. According to the White House’s Office of Management and Budget, during his eight fiscal years, Bush ran up a total of $3.283 trillion in deficit spending (p. 22). In his first two fiscal years, Obama will run up a total of $2.826 trillion in deficit spending ($1.294 trillion in 2010, an estimated $1.267 trillion in 2011 (p. 23), and the $265 billion in “stimulus” money that was spent in 2009). Thus, Bush ran up an average of $410 billion in deficit spending per year, while Obama is running up an average of $1.413 trillion in deficit spending per year — or $1.003 trillion a year more than Bush.
Obama, of course, has said the economy made him do it. But the average inflation-adjusted deficits through Obama’s first two fiscal years will be more than ten times higher than the average inflation-adjusted deficit during the Great Depression. Even as a percentage of the gross domestic product, the average deficits in Obama’s first two fiscal years will more than three times higher the average deficit during the Great Depression. The fact that Obama’s deficits have, by any standard, more than tripled those of the Great Depression, cannot convincingly be blamed on the current recession.”
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