Yeah, It's Obama's "fault"

[Dad2three]

How the Deficit Got This Big

In 2001, President George W. Bush inherited a surplus, with projections by the Congressional Budget Office for ever-increasing surpluses ($5+ trillion), assuming continuation of the good economy and President Bill Clinton’s policies.



Bush, tax cuts and war spending were the biggest policy drivers of the swing from projected surpluses to deficits from 2002 to 2009.

http://www.nytimes.com/2011/07/24/opinion/sunday/24sun4.html



Economic Downturn and Legacy of Bush Policies Continue to Drive Large Deficits


We already know what economic policies work best for our country. Clinton knew that we had to cut spending and increase revenues. We had revenues of 20% of GDP and 4 straight surpluses (3 after vetoing the GOP's $700+ billion tax cut) .


Then something terrible happened, the Republicans gained complete control in 2001 and instead of sticking with what was working they decided that their ideology was more important. The debt has gone up $12+ trillion since then.

Economic Downturn and Legacy of Bush Policies Continue to Drive Large Deficits | Center on Budget and Policy Priorities


Do you remember 2001 when we had a budget surplus. Alan Greenspan testified before Congress in favor of the Bush tax cuts,"we are in danger of paying down the debt too fast". How absurd is that statement today! By the way, not a single GOPer voted for the '93 reconciliation act that led to the balanced budget and eventual surplus.



GOING TO 2 UNFUNDED WARS (YOU CUT SPENDING OR INCREASE TAXES!) AS YOU GUT REVENUES FROM 20% OF GDP TO LESS THAN 15% AS YOU RAMP UP SPENDING TO 25% AS DUBYA DID?

Historical Source of Revenue as Share of GDP


The Republicans would not pay down the debt when times were much better. Now they want to focus on deficits and blame Obama for the mess Dubya left US in?

 

[Dad2three]

GOP HAS FOUGHT OBAMA FROM DAY ONE


Sam Stein reported in April, the book reports on a dinner of leading Republicans held the night of Obama’s inauguration.

For several hours in the Caucus Room (a high-end D.C. establishment), the book says they plotted out ways to not just win back political power, but to also put the brakes on Obama’s legislative platform.

\
"If you act like you're the minority, you’re going to stay in the minority,” Draper quotes [Rep. Kevin] McCarthy [R-Calif.] as saying.
“We’ve gotta challenge them on every single bill and challenge them on every single campaign.”

And Stein highlights this useful passage from Draper’s book:

The dinner lasted nearly four hours. They parted company almost giddily. The Republicans had agreed on a way forward:

Go after Geithner. (And indeed Kyl did, the next day: ‘Would you answer my question rather than dancing around it — please?’)

Show united and unyielding opposition to the president’s economic policies. (Eight days later, Minority Whip Cantor would hold the House Republicans to a unanimous No against Obama’s economic stimulus plan.)

Begin attacking vulnerable Democrats on the airwaves. (The first National Republican Congressional Committee attack ads would run in less than two months.)

Win the spear point of the House in 2010. Jab Obama relentlessly in 2011. Win the White House and the Senate in 2012.

Republicans had it in for Obama before Day 1

Remember when the GOP claimed tax cuts would make the economy better?

Remember how George Bush senior called Regan's "Trickle Down" theory "voodoo economics"?

 

[Dad2three]

No president in US history has ever been handed such a mess as Obama inherited from the disastrous Bush administration in which the economy was in absolute free fall, the GDP plunging 9% in just one quarter. That's equivalent to THREE years of robust growth literally wiped out in three months! US foreign policy was in a shambles, and 750,000 jobs were being lost each and every month.

Just go back to Sept. of 2008 to honestly admit that Obama & company have performed a veritable miracle; we are much better off today than we should have been able to expect we would be, when viewed from the bottom of that deep chasm 7 years ago.



HOW WE GOT HERE:


Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse


2004 Republican Convention:

Another priority for a new term is to build an ownership society, because ownership brings security and dignity and independence.
...

Thanks to our policies, home ownership in America is at an all- time high.

(APPLAUSE)

Tonight we set a new goal: 7 million more affordable homes in the next 10 years, so more American families will be able to open the door and say, "Welcome to my home."



"Another form of easing facilitated the rapid rise of mortgages that didn't require borrowers to fully document their incomes. In 2006, these low- or no-doc loans comprised 81 percent of near-prime, 55 percent of jumbo, 50 percent of subprime and 36 percent of prime securitized mortgages."

Q HOLY JESUS! DID YOU JUST PROVE THAT OVER 50 % OF ALL MORTGAGES IN 2006 DIDN'T REQUIRE BORROWERS TO DOCUMENT THEIR INCOME?!?!?!?

A Yes.




Q WHO THE HELL LOANS HUNDREDS OF THOUSANDS OF DOLLARS TO PEOPLE WITHOUT CHECKING THEIR INCOMES????

A Banks.

Q WHY??!?!!!?!

A Two reasons, greed and Bush's regulators let them.


Bush's documented policies and statements in time frame leading up to the start of the Bush Mortgage Bubble include (but not limited to)

Wanting 5.5 million more minority homeowners (2002)
Tells congress there is nothing wrong with GSEs (2003)
Pledging to use federal policy to increase home ownership
Routinely taking credit for the housing market
Forcing GSEs to buy more low income home loans by raising their Housing Goals (2004)
Lowering Investment banks capital requirements, Net Capital rule (2004)
Reversing the Clinton rule that restricted GSEs purchases of subprime loans (2004)
Lowering down payment requirements to 0% (2004)
Forcing GSEs to spend an additional $440 billion in the secondary markets (2004-2007)
Giving away 40,000 free down payments per year 2004-2007
PREEMPTING ALL STATE LAWS AGAINST PREDATORY LENDING (2003)


But the biggest policy was regulators not enforcing lending standards.

FACTS on Dubya's great recession | US Message Board - Political Discussion Forum

November 27, 2007

A Snapshot of the Subprime Market



Dollar amount of subprime loans outstanding:

2007 $1.3 trillion

Dollar amount of subprime loans outstanding in 2003: $332 billion

Percentage increase from 2003: 292%


Number of subprime mortgages made in 2005-2006 projected to end in foreclosure:

1 in 5



Proportion of subprime mortgages made from 2004 to 2006 that come with "exploding" adjustable interest rates: 89-93%


Proportion approved without fully documented income: 43-50%


Proportion with no escrow for taxes and insurance: 75%



Proportion of completed foreclosures attributable to adjustable rate loans out of all loans made in 2006 and bundled in subprime mortgage backed securities: 93%


Subprime share of all mortgage origination's in 2006: 28%


Subprime share of all mortgage origination in 2003: 8%


FACTS on Dubya's great recession | Page 3 | US Message Board - Political Discussion Forum

 

[Dad2three]

67 Straight Months of Private Sector Job Growth (RECORD BEATING CLINTON)

Under President Obama's leadership, the economy has added private sector jobs for 67 straight months. During this span, 13.2 million private sector jobs have been created. -


67 Straight Months of Private Sector Job Growth | Democratic Policy & Communications Center




DEFICIT DUBYA LEFT US, CUT BY 2/3RDS

 

[Dad2three]

 

[Dad2three]

Dubya took US from $5.8 trillion of debt end of Clinton (with surpluses estimated at $5+ trillion) , to $11.9+ trillion his last budget AND Obama inherited the "job creator" tax cuts that failed to produce a single private sector job under Dubya's 8 years, but are responsible for 30%+ of the deficits!! Add to that Dubya's regulator failure as he cheered on the Banksters AND HIS 2 UNFUNDED WARS! (to name just a few)

Government - Historical Debt Outstanding - Annual 2000 - 2014

Dubya had less than 1% of growth per year IF you take out his ponzi scheme where people used their homes as ATM's

The Economic Blue Screen of Death



AS THE GOP FOUGHT OBAMA ON EVERY SINGLE PROPOSAL, EVEN WHAT USED TO BE BIPARTISAN STUFF LIKE STIMULUS DURING DOWNTURNS!

 

[Dad2three]

TRICKLE DOWN HUH?

 

[Dad2three]

 

[deltex1]

Zzzzzzzzzzzzzzzzzzzzzz

 

[Dad2three]

Zzzzzzzzzzzzzzzzzzzzzz

I get it Bubba, when FACTS aren't on your side, run away right?

 

[Dad2three]

Bush Lead During Weakest Economy in Decades


President Bush has presided over the weakest eight-year span for the U.S. economy in decades, according to an analysis of key data, and economists across the ideological spectrum increasingly view his two terms as a time of little progress on the nation's thorniest fiscal challenges.


"The expansion was a continuation of the way the U.S. has grown for too long, which was a consumer-led expansion that was heavily concentrated in housing," said Douglas Holtz-Eakin, a onetime Bush White House staffer and one of Sen. John McCain's top economic advisers for his presidential campaign. "There was very little of the kind of saving and export-led growth that would be more sustainable."

"For a group that claims it wants to be judged by history, there is no evidence on the economic policy front that that was the view," Holtz-Eakin said. "It was all Band-Aids."

Bush Lead During Weakest Economy in Decades



The Economic Consequences of Mr. Bush


The next president will have to deal with yet another crippling legacy of George W. Bush: the economy. A Nobel laureate, Joseph E. Stiglitz, sees a generation-long struggle to recoup.


The Economic Consequences of Mr. Bush

 

[ScienceRocks]

Reaganonomics sucks...

Send our jobs over sea's
Bring in millions of h1b's
Slash taxes for the super rich
Weaken regulations so small businesses can't compete.

Piece of shit president is what he was.

 

[Dad2three]

 

[ScienceRocks]

Zzzzzzzzzzzzzzzzzzzzzz

You can't debate that loserterianism is shit. Utter bullshit....

 

[ScienceRocks]

Zzzzzzzzzzzzzzzzzzzzzz

I get it Bubba, when FACTS aren't on your side, run away right?

Wow, Reaganonomics has slit the throat of our middle class and given everything to the super rich. Time to end it for good!

 

[Dad2three]

 

[Dad2three]

Zzzzzzzzzzzzzzzzzzzzzz

I get it Bubba, when FACTS aren't on your side, run away right?

Wow, Reaganonomics have slit the throat of our middle class and given everything to the super rich. Time to end it for good!

Weird SOOOO many have looked at the thread but for some odd reason (Credible links using logic, history and MATH) the GOPers have decided not to question a damn thing? HMM

 

[Dad2three]

Zzzzzzzzzzzzzzzzzzzzzz

You can't debate that loserterianism is shit. Utter bullshit....

 

[Dad2three]

 

[CrusaderFrank]

According to the projection, Obama would have made peace in our lifetime too!!