MOST RED INK EVER: $9 TRILLION Over Next Decade

[Polk]

ROFLMNAO... The BOY King has charged up more debt in 6 months than Bush managed in 8 YEARS! And this because THE LEFT VOTED IN DEMOCRATS SO THEY COULD IMPLEMENT: ECONOMIC RESPONSIBILITY!

LOL...





LEFTISTS...

How does Obama's $800 billion added to the national debt equate to Bush's $5 Trillion in debt?

- Obama's $800 billion was used to reverse a recession that cost Americans $10.2 TRILLION in lost personal wealth

- Bush's $5 TRILLION in debt went to pay for tax cuts for the rich and two wars

I'll take Obama's spending any day

So now 1.8 trillion becomes 800 billion that's some fuzzy math you are using?

First, the projections show a 1.5 trillion dollar deficit for this year.
Two, he was referring to the amount of the stimulus package, not the deficit.

 

[jreeves]

How does Obama's $800 billion added to the national debt equate to Bush's $5 Trillion in debt?

- Obama's $800 billion was used to reverse a recession that cost Americans $10.2 TRILLION in lost personal wealth

- Bush's $5 TRILLION in debt went to pay for tax cuts for the rich and two wars

I'll take Obama's spending any day

So now 1.8 trillion becomes 800 billion that's some fuzzy math you are using?

First, the projections show a 1.5 trillion dollar deficit for this year.
Two, he was referring to the amount of the stimulus package, not the deficit.

This where I got the 1.8 trillion dollar number...
CBO: U.S. budget deficit to hit 1.8 trillion dollars this year_English_Xinhua
The U.S. federal budget deficit is expected to top 1.8 trillion dollars in the current fiscal year, which ends on Sept. 30, 2009, the Congressional Budget Office (CBO) estimated on Friday.

I know he was only referring to the stimulus bill but if he compares it to the entire deficit compiled during the Bush Presidency, then why wouldn't he compare it to the entire deficit compiled during the Obama Presidency?

 

[Polk]

OMB released new numbers this week showing the deficit for the current year as being 1.5 trillion.

 

[jreeves]

OMB released new numbers this week showing the deficit for the current year as being 1.5 trillion.

Oh, you mean the administration's budget office. Oh, ok I understand ....

 

[Polk]

OMB released new numbers this week showing the deficit for the current year as being 1.5 trillion.

Oh, you mean the administration's budget office. Oh, ok I understand ....

CBO's current numbers also show the same thing.

 

[jreeves]

OMB released new numbers this week showing the deficit for the current year as being 1.5 trillion.

Oh, you mean the administration's budget office. Oh, ok I understand ....

CBO's current numbers also show the same thing.

Yep the CBO's current numbers project a 1.6 trillion dollar deficit this year.
http://www.cbo.gov/ftpdocs/105xx/doc10521/2009BudgetUpdate_Summary.pdf
The Congressional Budget Office (CBO) estimates
that the federal budget deficit for 2009 will total
$1.6 trillion,

Which I am sure will be revised even higher after Sept. 30th. But even at 1.6 trillion it is still the highest 1 year deficit in history.

 

[Dr Grump]

I love this link..

Able Minds Forum - Please Log In

enough said....

 

[Polk]

1.6 trillion this year, up from 1.3 trillion last year. Excuse me if I'm not going to damn the guy for making the decision that all credible economists on either side of the spectrum were saying was necessary.


Also, nominal numbers are pretty darn useless. It would be like me claiming rice is more expensive today than it was in 1800.

 

[namvet]

8 mons in and Osama has not done 1 god damned thing yet. he's a slacker. and a cheese dick. that's why Pelosi calls the shots.

 

[jreeves]

1.6 trillion this year, up from 1.3 trillion last year. Excuse me if I'm not going to damn the guy for making the decision that all credible economists on either side of the spectrum were saying was necessary.


Also, nominal numbers are pretty darn useless. It would be like me claiming rice is more expensive today than it was in 1800.

Last Updated: September 9, 2008

NEW YORK (CNNMoney.com) -- The budget deficit will jump by $246 billion to $407 billion this year, the Congressional Budget Office estimates in a report released Tuesday.

 

[rightwinger]

How much of the projected budget deficit is due to 2 wars and the Bush tax cuts???

 

[Care4all]

How much of the projected budget deficit is due to 2 wars and the Bush tax cuts???

5 trillion of the 9 trillion estimate comes from legislation or actions taken under the Bush Administration.

But this is not an excuse for the Obama administration's estimated 4 Trillion more....and what actually happens as time passes is usually worse than our projections and estimates... so we still need to pressure congress to cut their spending and tighten their strings, once we are out of the recession.

care

 

[jreeves]

How much of the projected budget deficit is due to 2 wars and the Bush tax cuts???

5 trillion of the 9 trillion estimate comes from legislation or actions taken under the Bush Administration.

But this is not an excuse for the Obama administration's estimated 4 Trillion more....and what actually happens as time passes is usually worse than our projections and estimates... so we still need to pressure congress to cut their spending and tighten their strings, once we are out of the recession.

care

I would like a link to that? BTW whatever happened to that one saying, Change we can believe in? Almost everything can be blamed on someone's predecessor, to do so is a cop out.

 

[jreeves]

How much of the projected budget deficit is due to 2 wars and the Bush tax cuts???

Obama’s Backdoor Tax Increase (Letting the Bush Tax Cuts Expire) « America’s Watchtower
It’s simple, President Obama is going to let the Bush tax cuts expire. These taxes are set to expire in 2010. Contrary to the spin from the Obama administration the Bush tax cuts were not just on the rich. When these tax cuts expire every American taxpayer will receive a tax increase negating his thrifty thirteen dollar tax cut.


Very nice spin, but the tax cuts are due to expire next year. So the 9 trillion+ deficit over the next ten years lays on Obama's shoulders for the most part. If it's Bush policies change them, isn't that why he was elected?

 

[ozzmdj]

Got to love the CHANGE

 

[Care4all]

How much of the projected budget deficit is due to 2 wars and the Bush tax cuts???

Obama’s Backdoor Tax Increase (Letting the Bush Tax Cuts Expire) « America’s Watchtower
It’s simple, President Obama is going to let the Bush tax cuts expire. These taxes are set to expire in 2010. Contrary to the spin from the Obama administration the Bush tax cuts were not just on the rich. When these tax cuts expire every American taxpayer will receive a tax increase negating his thrifty thirteen dollar tax cut.


Very nice spin, but the tax cuts are due to expire next year. So the 9 trillion+ deficit over the next ten years lays on Obama's shoulders for the most part. If it's Bush policies change them, isn't that why he was elected?

Why didn't the republicans make the tax cuts permanent when they gave them in the first place jreeves?

BECAUSE they did not want to have to count them in their budget out for 10 years...they would have SHOWN that we could not afford them and it would have shown our future deficits rising rising rising, if they continued.

So the Repubs, who KNEW we could not afford these tax cuts, in order to get votes and reelected, told everybody they got a tax cut, from them yahdeedah....EVEN THOUGH the republicans KNEW they could not afford to make them permanent.

by the way, the "Mr. Pink Eyes" that is the author of your link is a partisan hack...and neglected to say that the obama administration has said wayyy more than once that the tax cuts the middle class got under president bush WILL NOT BE ELIMINATED or let expire by Congress....he should have AT LEAST mentioned such if he was going to be honest and less of a hack.

You see, I am against a tax on sugary drinks and a tax on cigarettes and an extra tax on ANYTHING and think all of those taxes added to things here and there are wrong, and we should be taxed once and once only, via the income tax we have now....

Adding all of these REGRESSIVE TAXES on the POOR and Middle class with tobacco tax, etc....just allows the wealthiest to continue to say that the poor or middle only pay 20% of our income taxes CRAPOLA and the wealthiest are paying 80% of it CRAPOLA....

These sin taxes are hidden taxes that the poor and middle are paying much more so in sheer numbers than the wealthiest....yet the wealthiest can still say these people pay shit in taxes because the wealthiest speak ONLY of income taxes...

it ALSO is a way for our gvt to HIDE taxes on us...we should be taxed once, where it can clearly be analyzed and seen by all instead of congress dilly dallying around and trying to make things look better than they are type of stuff... ya know?

care

 

[jreeves]

How much of the projected budget deficit is due to 2 wars and the Bush tax cuts???

Obama’s Backdoor Tax Increase (Letting the Bush Tax Cuts Expire) « America’s Watchtower
It’s simple, President Obama is going to let the Bush tax cuts expire. These taxes are set to expire in 2010. Contrary to the spin from the Obama administration the Bush tax cuts were not just on the rich. When these tax cuts expire every American taxpayer will receive a tax increase negating his thrifty thirteen dollar tax cut.


Very nice spin, but the tax cuts are due to expire next year. So the 9 trillion+ deficit over the next ten years lays on Obama's shoulders for the most part. If it's Bush policies change them, isn't that why he was elected?

Why didn't the republicans make the tax cuts permanent when they gave them in the first place jreeves?

BECAUSE they did not want to have to count them in their budget out for 10 years...they would have SHOWN that we could not afford them and it would have shown our future deficits rising rising rising, if they continued.

So the Repubs, who KNEW we could not afford these tax cuts, in order to get votes and reelected, told everybody they got a tax cut, from them yahdeedah....EVEN THOUGH the republicans KNEW they could not afford to make them permanent.

by the way, the "Mr. Pink Eyes" that is the author of your link is a partisan hack...and neglected to say that the obama administration has said wayyy more than once that the tax cuts the middle class got under president bush WILL NOT BE ELIMINATED or let expire by Congress....he should have AT LEAST mentioned such if he was going to be honest and less of a hack.

You see, I am against a tax on sugary drinks and a tax on cigarettes and an extra tax on ANYTHING and think all of those taxes added to things here and there are wrong, and we should be taxed once and once only, via the income tax we have now....

Adding all of these REGRESSIVE TAXES on the POOR and Middle class with tobacco tax, etc....just allows the wealthiest to continue to say that the poor or middle only pay 20% of our income taxes CRAPOLA and the wealthiest are paying 80% of it CRAPOLA....

These sin taxes are hidden taxes that the poor and middle are paying much more so in sheer numbers than the wealthiest....yet the wealthiest can still say these people pay shit in taxes because the wealthiest speak ONLY of income taxes...

it ALSO is a way for our gvt to HIDE taxes on us...we should be taxed once, where it can clearly be analyzed and seen by all instead of congress dilly dallying around and trying to make things look better than they are type of stuff... ya know?

care

Guaranteed we would be able to afford the tax cuts that expire next year, if the government hadn't expanded by enormous proportions. I agree with not double, triple....etc... taxing people. But as far as taxes paid, the wealthiest still pay the greatest majority of taxes. Do you think all of those other taxes are more than income taxes paid in this country? No, income taxes is still the greatest generator of tax revenue in this country.

 

[concept]

Obama is doubling what Bush spent and you find that ok? He has not turned off the war that he claimed he would, he has not fixed the economy like he promised if we just rushed through a hog of a money wasteful bill, he has not brought us a more open and transparent government, in fact, he has not delivered on a single campaign promise.

He was clear during the campaign to state he did not support immediate withdrawal. The war in Iraq is really a damned-if-you-do, damned-if-you-don't issue for him, because not withdrawing leaves him for being criticized for not living up to a campaign promise he never made and withdrawal would leave the same people complaining that he's not putting the interest of the nation first.

As for your declaration of the stimulus as a failure, I'd suggest taking a look at the second quarter GDP numbers.




It's pretty shameless to blame one person for the actions of another.

By the way dumb ass 3 years of Bush's Presidency had democrats in control and the BIGGEST spending occurred last year under the Democrats. And yet we are headed for a new high in deficit spending. This year alone it will be over 1.5 TRILLION dollars. every dollar the Government spends is half borrowed. And it will be worse next year.

Funny how a large recession (causing a decline in revenue) and efforts to counteract the effects of said recession (increasing in spending) result in deficits. Also, the Democrats only had control of Congress for two years of the Bush presidency.

In Bush's first term the Democrats controlled the Senate for a YEAR. Further if one pays attention the House market that brought everyone down was created by DEMOCRATS. Barney Frank and Chris Dodd were claiming just weeks before the bubble burst that all was sound and fine. No need for regulation, no need for worry and in fact barney Frank claimed if the Government did create more regulations it would HURT a booming industry.

Democrats knew about the housing crisis and I believe they deliberately did nothing so that they could use that crisis as an OPPORTUNITY to regain power.

Seems to have worked out pretty well for them.

 

[concept]

Whether I am insane or not, I do not produce the index of leading economic indicators, I do not print the daily Dow Jones Average, I do not report on housing starts or production levels........All are UP since January 2009

I think you need you need to take another peak at my OP rw... I think there's a VERY IMPORTANT PART of the BUDGET that you're trying to ignore...

The fact is that Americans lost $10.2 Trillion of personal wealth in 2008. That was money lost due to declining home values, retirement funds and other investments. The recession had a real impact on every American. Borrowing money to prevent a recession from turning into a depression is money well spent

Democrats were in control, why didn't they do anything about it?

 

[rightwinger]

I think you need you need to take another peak at my OP rw... I think there's a VERY IMPORTANT PART of the BUDGET that you're trying to ignore...

The fact is that Americans lost $10.2 Trillion of personal wealth in 2008. That was money lost due to declining home values, retirement funds and other investments. The recession had a real impact on every American. Borrowing money to prevent a recession from turning into a depression is money well spent

Democrats were in control, why didn't they do anything about it?

Simple reason.......VETO