Bush, GOP Most Responsible for the Deficit

Discussion in 'Economy' started by Toro, Mar 14, 2010.

  1. Toro
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    Toro Diamond Member

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    There are several sources who make this argument. First,

    Getting the Facts Straight — Center on Budget and Policy Priorities

    In fairness to Bush and the Republicans, the tax cuts were supposed to expire over the next few years, so one could argue extrapolating tax cuts that were supposed to expire should not be attributed to Bush.

    The Center on Budget and Policy Priorities is a left-leaning institution. However, there are others who are not left-leaning who have made this same argument. First is David Walker, who was Comptroller under Bush, and who has been warning Americans of the dire fiscal straights the country will be in if it does not deal with the entitlements from social security and Medicare.

    In a recent interview, he said that Bush cut taxes three times. The first tax cut may have been okay, but the second and third tax cuts were reckless. He also called Bush the "biggest spending President in the history of the republic." You can hear this interview here.

    After Financial Ruin, Plotting America's 'Comeback' : NPR

    Paul Kasriel is a noted economist with Northern Trust, one of the few who warned about the dangers of the housing bubble when most economists had their heads buried in the sand. Kasriel confirms what Walker states regarding spending. Kasriel notes that when comparing Bush with Obama before any new initiatives

    Welcome to Welling@Weeden

    Now this is before any new Obama programs. Including the new Obama programs, the deficit will be higher than it otherwise would be.

    [​IMG]

    Greg Mankiw's Blog: CBO on the President's Budget

    For certain, Obama's program will exacerbate the deficit, and all new programs should be paid for. But as for the responsibility of where we are now, that lies with the prior administration.
     
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  2. Truthmatters
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    and any good he does the republicans will claim.

    they are a very dishonest bunch
     
  3. rdean
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    rdean rddean

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    So, that's a 5 trillion dollar swing from surplus to deficit.

    Add 2 trillion from that tax cuts.

    Add possibly 3 trillion from the two unpaid wars

    Add another trillion from the Republican drug bill

    Add a guestimate of 300 billion from the Katrina clean-up

    Add a nearly trillion from the Bush stimulus package.

    Add the fact Republicans did nothing on infrastructure or health care for 8 years.

    Add the tens of thousands of Americans maimed in Iraq.

    Add the rebuilding of Iraq .

    Add it all together

    and in Republican mathematics

    the answer is
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    It's Obama's fault.
     
    Last edited: Mar 14, 2010
  4. Truthmatters
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    Truthmatters BANNED

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    There are not enough stupid Americans for the republicans to win.
     
  5. Care4all
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    Care4all Warrior Princess Supporting Member

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    thank you toro
     
  6. Oddball
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    Oddball BANNED Supporting Member

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    Bunk.

    Most of the increasing deficits were called by Ross Perot, way back in 1992.

    According to CBO numbers, the budget was projected to balance ALL BY ITSELF (using present spending outlays and revenue streams and based upon 3% growth for a baseline) by 2002, after which it would go back into deficit as reliance upon entitlement programs increased as baby boomers aged.

    Did Shrubbie and his neocon glee club make an already bad situation worse?...Undoubtedly.

    Were they THE cause?...Not on your life.
     
  7. Care4all
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    we had unprecedented social security surplus monies under pres bush.....so more boomers retiring had nothing to do with his deficits
     
  8. Care4all
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    he was fiscally HORRIBLE dude....truly!
     
  9. Oddball
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    Oddball BANNED Supporting Member

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    Everyone has been spending that money to float social spending....That didn't start with him either.
     
  10. Oddball
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    Yes he was.

    That doesn't excuse him on one hand...The train wreck has been inevitable OTOH.
     

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