Tells us that capitalism doesn't work. And remember when Clinton left office there was something like a $150 billion surplus.
shempmcgurk wrote: > Putting aside who is responsible for it, how do you feel about such > incredible debt? > > > --- In [email protected], "do.rflex" <do.rf...@...> wrote: > >> --- In [email protected], "shempmcgurk" <shempmcgurk@> wrote: >> >>> Am I the only one totally freaked out by this? >>> >>> I used to shake my head in disbelief when George Bush racked up $580 >>> billion deficits. Now Obama has more than tripled it. >>> >> That's false. >> >> == >> >> Wednesday's New York Times analysis of the CBO budget >> projections reveal that Obama's stimulus plan and >> other domestic programs account for "only a sliver" of >> the deficits, about 10 percent of the projected $1.2 >> trillion deficit for 2009. >> >> = >> >> ~~ Study Shows Most Red Ink Came From President Bush ~~ >> >> ...Before leaving office, Bush had transformed what was projected in 2001 to >> be a $848 billion surplus for fiscal 2009 into a $1 trillion deficit, nearly >> a $2 trillion swing from deep black to bright red, according to >> Congressional Budget Office figures. >> >> But one of the ironies of the early Obama administration is that the >> Republicans and their many allies in the U.S. news media have succeeded in >> shifting much of the blame for the ocean of red ink onto Barack Obama, >> leading the new President to scale back programs and to scramble >> politically. A recent Gallup poll found 51 percent disapproving of Obama's >> handling of federal spending. >> >> That GOP success is a reflection of the Right's massive investment in media >> over the past several decades and the audacity of Republicans to tick off >> talking points regardless of reality. >> >> A steady propaganda barrage, especially when it's ineffectively countered, >> can create perceptions that influence the electorate and thus constrain >> political options. >> >> If Americans think Obama is responsible for the massive deficits, they will >> be less willing to support his recommendations for addressing a host of >> pressing problems, from the environment to health care to the economy. >> >> And to the degree they forget or don't know about Bush's role in the deficit >> problem, they are more likely to turn back to Republicans, the same people >> who enabled Bush with his extravagant tax cuts and open-ended wars to chart >> the nation into that red-ink ocean. >> >> So, it is useful to read Wednesday's New York Times analysis of the CBO >> budget projections, which revealed that Obama's stimulus plan and other >> domestic programs account for "only a sliver" of the deficits, about 10 >> percent of the projected $1.2 trillion deficit for 2009. >> >> == >> NYT article here: http://snipurl.com/jx05h >> == >> >> The Times analysis by David Leonhardt blamed 37 percent of the $2 trillion >> swing from surplus to deficit on the business cycle, including the bursting >> stock-market bubbles and related recessions. >> >> The Times traced about 33 percent of the deficit swing to legislation signed >> by Bush, including his signature tax cuts and his Medicare prescription drug >> plan. >> >> Though Bush is now out of office, continuation of other of his key >> initiatives, such as the Wall Street bailout and the Iraq War, contributed >> significantly to the deficit under Obama, the Times found. >> >> "Mr. Obama's main contribution to the deficit is his extension of several >> Bush policies, like the Iraq War and tax cuts for households making less >> than $250,000," the Times reported. "Such policies – together with the Wall >> Street bailout, which was signed by Mr. Bush and supported by Mr. Obama – >> account for 20 percent of the swing." >> >> Obama's stimulus bill, signed in February, accounted for 7 percent of the >> deficit expansion, and his other early programs, including health care, >> education and energy, added 3 percent, the Times said. So, the tally would >> indicate that Bush's policies contributed to 53 percent of the 2009 deficit >> swing compared to 10 percent from Obama's plans. >> >> Yet the Republicans have scored some important political points by >> repositioning themselves as the party of fiscal responsibility and tagging >> Obama as a spendthrift... >> >> Full article: http://www.consortiumnews.com/2009/061009.html >> >> >> >> >> >> >> >> >>> It really can be the end of the American Empire, way of life, etc. >>> >>> Do you have an idea of the enormity of this amount of money? >>> >>> And there is no indication that he and his Democratic Congress won't repeat >>> it next year and every year afterwards. >>> >> >> >>> This changes everything. >>> >>> Although the current Canadian federal government (with 10% of the >>> population of the U.S. in Canada) recently passed a budget with a stimulus >>> package resulting in a deficit of $50 billion, socialist Canada has not >>> only balanced its budget over the past 10 years but created surpluses to >>> PAY DOWN its national debt in many of those years. Ironic, isn't it, that >>> Canada can afford a myriad of ridiculous social programs, handle a country >>> that is, geographically, second only to Russia in the world, and yet >>> balance its budget most years? When I left Canada in '94 it had, per >>> capita, a larger deficit than the States and I never imagined they would >>> ever get their act together. Well, I was wrong; it was the idiot >>> Republicans who more than the Democrats did all the deficit spending >>> (except for now with Obama who is breaking ALL records!). And you would >>> think it was the socialist Canadians who would be the deficit spenders and >>> not the pro-capitalists. >>> >>> > > > > ------------------------------------ To subscribe, send a message to: [email protected] Or go to: http://groups.yahoo.com/group/FairfieldLife/ and click 'Join This Group!'Yahoo! 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