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No More Irresponsible Bush Deficits

jcummins

Well-known member
No More Irresponsible Bush Deficits
October 16, 2009 | By BoomerJeff In ObamaNomics |

Throughout the Presidential campaign Barack Obama and the Democrats aggressively attacked budget deficits run during the Bush Administration.

Today, the Treasury Department published the final budget numbers for Fiscal Year 2009, ended September 30, giving us an opportunity to compare Obama’s first deficit with those “irresponsible Bush Deficits.” In the chart above the numbers for 2009 come for today’s treasury report and the numbers for 2010 come from the White House Office of Management and Budget’s Mid-Session Review, published in August.

The 2009 deficit is greater than the last four Bush deficits combined.

President Obama’s first two deficits will total 37% more than all seven Bush deficits combined. (There was a surplus in 2001.)

Hoping to dodge accountability, Obama and his crew always claim they “inherited” the 2009 deficit. But half of this year’s deficit is due to the TARP program that bailed out insolvent banks, car companies and AIG. TARP was enacted by Congress in the final weeks of the Bush Administration. But then Senator Obama spoke out forcefully in favor it, and voted for it, as did almost all the Democrats in Congress. Obama took the initiative to spend out the second half, which had not been spent by the time Bush left office.

Obama added to the deficit with the massive “stimulus to create or save 3 to 4 million jobs.” Record high job losses prove the stimulus to be failure. In fact, the economy has lost 3.4 millions jobs since the stimulus was enacted.

Along the way, the Democratic Congress has added to the 2009 deficit by padding appropriation bills that should have been passed in the Summer of 2008, but were held over until 2009.

Had President Obama and the Democrats been serious about the deficit they could easily have held it below $700 Billion.

http://libertyworks.com/no-more-irresponsible-bush-deficits/
 
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