On 08/08/2011 10:21 AM, Pete Theisen wrote: > lelandj wrote: >> On 08/08/2011 03:19 AM, Michael Madigan wrote: >>> Bush's last deficit was 400+ billion, Obongo is now at 1.6 Trillion and the >>> loss of the AAA rating. Five governments have recovered their AAA Rating >>> and it took from 9 -18 years to do it. Unfortunately the Affirmative >>> Action President will drive this country and the world in to the Greatest >>> Depression yet. I hope you like the taste of kangaroo. > Hi Leland, > > Regardless. If you were doing my books you would tell me if I went into > debt $400 in one year I would be doing better than if I were going into > debt $800 in one year, wouldn't you. > > Bush, Clinton and the others went in deeper over many years than Obama > in 2 years, but actually, that is to be expected with all that time, > recession and all those wars.
The real problem is the spending during the Bush years, both 60% tax revenues and 40% borrowing, which lead to the great recession of 2007-2009. The deficit spending by president Obama, during his first two years in office, were purely reactionary to prevent the great recession from becoming the great depression. Currently, President Obama is trying to reduce expenses and increase revenue in his annual budget to generate surpluses. The budget surpluses created can then be used to reduce USA national debt. If successful, president Obama would go on record as having significantly reduced the nation debt by the end of his second term in office. > The real problem is rich people. If you try to tax them they hire guys > like you to get them out of it. The Ds allow loopholes, the Rs allow tax > cuts. No real difference. Attorneys and CPAs have always been able to find loophole in tax code faster than congress can close them or enact new tax law, LOL But who needs loop holes, when rich individual and corporations can lobby their congressional representatives to give them what they want. If legislators deliver the special tax breaks for the rich, they reward their congressional representatives with generous political contributions to keep them working for them. Regards, LelandJ >> Click on the link below for an informative article about "How the U.S. >> Racked Up $14 Trillion in Debt". _______________________________________________ Post Messages to: [email protected] Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech Searchable Archive: http://leafe.com/archives/search/profox This message: http://leafe.com/archives/byMID/profox/[email protected] ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
