Teetering on the edge of the next Great Depression is not the time to tighten the belt and pay down deficits. It takes a surge of money back into the economy to get it going again. Any economist will tell you that. The White House and the Fed, so far, have averted the next Great Depression. And let's not forget that Bush's "anything goes" policies towards bank regulation, among other things, are what got us into this mess in the first place.
Things would be a lot easier right now if we were at the debt level we were at 8 years ago ($5 Trillion) and we had to spend another Trillion to pull us back from the edge. But under the Bush administration, they had to raise the national debt ceiling five times in order to accomodate all of his unfunded spending... unfunded spending such as the prescription drug bill which is still huge part of our deficit today.
Incorrect. The bank deregulations happened under Clinton. ie. Glass Steagall being repealed. The banks needed to be bailed out, I agree. Bush started those bailouts, not obama.
Chrysler and GM should not have been bailed out. I disagreed with Bush's spending, too. ie Farm subsidies he promised Iowa for voting for him, etc.
You are incorrect. The Bush Administration implemented sweeping bank deregulation reform in 1991:
House Panel OKs Bush's Plan for Banking Reform - * Deregulation: The bill endorses powerful new interstate companies, $70 billion more for failures. - Los Angeles Times
Here's a Consumer's Advocate assessment of Bush's bank reform:
The Bush blueprint for deregulation could be a recipe for disaster. Congress should scrutinize the proposal carefully and make doubly sure that consumers are represented through enactment of the financial consumers association. With this deregulatory proposal coming hard on the heels of the savings and loan fiasco -- which consumers will pay for with $500 billion or more over the next 30 years -- it's time to give consumers a voice that was sorely lacking and help make a difference now. EDMUND MIERZWINSKI Consumer Advocate, U.S. Public Interest Research Group Washington, Feb. 21, 1991
Source:
Bush's Bank Plan Leaves Consumers Out - The New York Times House Panel OKs Bush's Plan for Banking Reform - * Deregulation: The bill endorses powerful new interstate companies, $70 billion more for failures. - Los Angeles Times
And by the way, our country was already $9.5 Trillion in debt before TARP, which I also supported, and Bush had already clocked in the 4 highest deficits in national history BEFORE our economic collapse, when we REALLY needed the money. Where were you Republicans then? He could have paid off our national debt, or at least paid it down significantly. Instead, he ran amock, leaving a legacy of unfunded spending built in to our ongoing national budget.
And here you are, blaming a Democrat who has been in office for 7 months, his hand forced into deficit spending to combat a recession, rising health care costs, and two wars, with already historic budget deficits left by his Republican predecessor. [facepalm]