Obama team makes it official: Budget deficit hits record. By a lot. – The Oval: Tracking the Obama presidency — At some point they will stop blaming Bush for everything.
The Obama administration has released new deficit numbers, and they are not pretty.
The deficit for Fiscal Year 2009, which ended Sept. 30, came in at a record $1.42 trillion, more than triple the record set just last year. A year ago, as the financial crisis hit and the Bush administration prepared massive bailout plans, the deficit was $455 billion.
It is taking a lot of money to keep the country from sinking into a depression, the banking industry from collapsing, etc etc, because of the actions of the previous administration. These things cannot be fixed overnight, nor can the economy be forced to bounce back in 10 months time. While I do agree that some financial restraint might be a good thing, to blame this economic situation and its cause on Obama is simply not true.
Hey John, another problem is by the time this comment is approved it’s likely that others will have posted. But my comment will show up above theirs, messing up the numbering for the rest of the thread.
[Yup. Sometimes. –ed.]
I was going to joke around about how this is obviously Bush’s fault, but first poster beat me to it (and is serious.)
What was the projected 2009 deficit the day BEFORE Obama took office?
Republican deficits bad, democrat deficits good…
#1, why do you think recovery takes time?
Recovery is a function of wage reduction.
Once our wages, and productivity, reach the levels of the third world, we’ll be competitive with China, and jobs will come back.
This is all part of the master plan that included: giving China “most favored nation trading status” 15 years ago, NAFTA 20 years ago, and letting in “undocumented” workers 40 years ago.
Duh!
According to Obama’s own website recovery.gov “only” 162 billion of the 787 billion in the stimulus package has been spent so far. The US domestic product is about 14 trillion dollars, so the stimulus money would account for about 1% of that amount. Only 47 billion of that was spent on contracts, grants and loans, the rest on entitlements and “tax benefits” (handouts).
With so little spent, how is it that his deficit is well over a trillion?
The answer is that the tax receipts are way down, and taxing this dying economy more, or piling on more debt are his only solutions. We need to be taxed less, not more. Lower taxes will revive this economy much more effectively and quickly than piss-poor targeted government handouts with their concomitant waste, fraud, and corruption.
Wait a minute… Are those ass cheeks on each side of the bill?
I’ve got billions of dollars in Zimbabwe currency. The bills make fun gifts. I’ve been following the news in that plague racked hell hole. One of their officials said that he can hardly believe that the U.S is going down the same road to ruin that they took by printing more and more money.
Zimbabwe, formerly known as Rhodesia, used to be known for exporting food, gold, and diamonds, but is now listed in the C.I.A. fact book as the world’s second from last poorest country, which means that it is real poor.
The spending was just a massive pork project. Nothing went to recovering the economy. Those who waste our money should be shown the door.
Dallas, I’ll try to find that chart, but the numbers have gone up by a trillion since then.
tinyurl.com/obamadeficits
How is $480 billion the record? We were told the deficit last year was 700-800 billion.
#9-B.Dog-One of their officials said that he can hardly believe that the U.S is going down the same road to ruin that they took by printing more and more money.
I can believe it. You don’t have to go any further than some of the comments here to see the blind devotion to the Obama administration.
Some will have to be digging though garbage for their next meal before they realize what is really happening.
Oh, and blaming Bush won’t change anything… much like now.
#11 Thanks MikeN. Let me help.. The Congressional Budget Office economic outlook report — released January 7, 2009 projected:
$1.371 Trillion deficit for 2009.
The Cheney administration had their asses escorted to the back door around Jan 19th. Just say’n. Let’s sweep that under the rug.
http://bit.ly/uuEgE
“At some point they will stop blaming Bush for everything. ”
That will start when Hilary starts her 2012 campaign – she’ll say it’s all Obama’s fault.
When Khrushchev was forced out he sat down and wrote two letters. He gave them to his successor and he said ‘when you get yourself into a situation you can’t get out of open the first letter and you’ll be saved. And when you get yourself into another situation you can’t get out of, open the second letter.’
Well, soon enough, this guy found himself in a tight place so he opened the first letter which said ‘blame everything on me.’ So he blamed the old man and it worked like a charm. Well, he got himself into a second situation he couldn’t get out , so he opened the second letter. It said ‘Sit down and write two letters’.
I would like to know when democrats will actually start taking some, if only some, responsibility for the current state of affairs. At what point does it become acceptable to criticize the Obama administration? Can someone provide me with a date? ..or perhaps blaming Bush and playing the victim card still has political value among the O-pologists.
#17-StoopidFlanders-At what point does it become acceptable to criticize the Obama administration?
That time would be now.
The best thing to do at this point is… Take responsibility for it, claim it, and fix it. Then, in 2012, they’ll get the credit for stabilizing and rebuilding the economy.
undisputed. though i bet the republicans would still try claim it.
# 17 StoopidFlanders said, “At what point does it become acceptable to criticize the Obama administration?”
Any time you want. Of course, it will mean you are a racist…
“At some point they will stop blaming Bush for everything.”
Ha ha ha ha, that’s a good one John. The dems are always going to blame bush for everything, if they didn’t they would have to admit that they are the cause of the problems. Thats something they are never going to do.
someone explain to me…how are the “two parties” different?
#23-meetsy-how are the “two parties” different?
The two parties are like good cop, bad cop. Naturally your political leanings will determine the good cop.
In the end it doesn’t matter because they are working together and you like everyone else are their prey.
A government’s only objective is to destroy your freedom and increase it’s power.
If Obama had gone for a real stimulus package that created jobs, he’d have a better chance of getting health care passed. Instead, he went for corruption and higher unemployment, as well as a higher deficit, money that could have been used for health care.
Projected deficit for the decade is 9 trillion.
Obama could blame Bush irresponsibility IF he actually reduced the deficit, and wanted to pass the buck for the pain that was caused. Instead, he increases spending.
Just FYI, the Emergency Economic Stabilization Act of 2008 (the mega bank bailout that created TARP), was enacted October 3, 2008, which would put it in FY 09 (which started two days before on the 1st) and thus be part of the 1.4 trillion. So, yes, Bush does share a huge share of responsibility (either for signing the EESA2008, making it necessary, or both, depending on where you sit).
Sorry US dudes, you’re boned.
#28, elections of have consequences. People seemed to have forgotten that. Then again, its not like McCain was much better.
Looks like the most feared “tax and spend” democrats are in power. Better them than the don’t tax and spend even more Bushies.
Rule #1 of recession economics, the government spends more than it takes in to lessen the impact of the downturn.
What we need is another Teddy Roosevelt, or a Rockefeller republican, not that K street would allow it.
That’s odd … When Reagan and Bush set record-breaking deficits, Republicans insisted over and over again that the national debt doesn’t matter, that it’s a ultimately a fiction we don’t have to worry about.
What happened to that?