NYcarbineer
Diamond Member
First there has to be a recovery. Tripling the deficit in a recession is not a recovery. We've had a little lift, but then all the bills P-BO has racked up will come due and we'll be taking the dive back down even deeper, soon.[
Oh good. Then this IS the Obama Recession through and through.
No, it would Obama's recovery now.
Then we can call it the Bush/Obama recession for the next president, whomever it will be, to clean up in 2012.
Wait, you actually believe P-BO will GET re-elected?
Reagan and GW Bush both tripled the deficit. So now we can honestly say they never had recoveries?
Read:
The CBO reported in October 2009 reasons for the difference between the 2008 and 2009 deficits, which were approximately $460 billion and $1,410 billion, respectively. Key categories of changes included: tax receipt declines of $320 billion due to the effects of the recession and another $100 billion due to tax cuts in the stimulus bill (the American Recovery and Reinvestment Act or ARRA); $245 billion for the Troubled Asset Relief Program (TARP) and other bailout efforts; $100 billion in additional spending for ARRA; and another $185 billion due to increases in primary budget categories such as Medicare, Medicaid, unemployment insurance, Social Security, and Defense - including the war effort in Afghanistan and Iraq. This was the highest budget deficit relative to GDP (9.9%) since 1945.[54] The national debt increased by $1.9 trillion during FY2009, versus the $1.0 trillion increase during 2008.[55]
The Obama Administration also made four significant accounting changes, to more accurately report the total spending by the Federal government. The four changes were: 1) account for the Wars in Iraq and Afghanistan (overseas military contingencies) in the budget rather than through the use of emergency supplemental spending bills; 2) assume the Alternative Minimum Tax will be indexed for inflation; 3) account for the full costs of Medicare reimbursements; and 4) anticipate the inevitable expenditures for natural disaster relief. These changes would make the debt over ten years look $2.7 trillion larger, but that debt was always there. It was just hidden.[56][57]
United States federal budget - Wikipedia, the free encyclopedia