Sunday
Nov212010
Comparing Federal Deficits: Bush Vs. Obama
Source: CBO -- More detail inside.
In the first independent analysis, the non-partisan Congressional Budget Office concluded that President Obama's budget will rack up massive deficits even after the economy recovers, forcing the nation to borrow $9.3 trillion over the next decade.
Graphic courtesy of the Washington Post.
Two short comments: the numbers have already worsened since this graphic was produced in March, and the Obama administration is on the same prescription meds as AIG execs. Take a look at 2013-2019. Holy rosy scenario.
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Nov 21, 2010 at 11:46 AM
Reader Comments (21)
Did he really say that? Maybe he misunderstood. Maybe we should clear our collective throats and speak a little louder. I doubt if he'll hear us even then...but I intend to be heard. One way or another.
(BTW, am I the only one who wants to do very un-Christian things whenever I hear Robert Gibbs speak? And while we're on the subject, am I the only one who thought his response to the Rick Santelli question a while back sounded a tad scripted? And why the hell did he have a paper copy of the housing bailout with him at the lecturn? It's almost as if he KNEW he would be asked about Rick Santelli and that he would have the chance to hold that thing up in the air like a flea-market peddler hawking the latest advamcement in stain-removal. And there's no way Gibbs thought of that coffe/tea joke on the fly. Didn't happen that way. Then again, this is the same administration that threatened some of the Chrysler bondholders (ahem...Mr. Rattner) with public excoriation through the press. Gibbs is a real piece of work alright. Whatever happened to that cup of coffee he offered to have with Santelli, anyway?)
@AB, I'd say the Piss N' Vinegar Café has been in full swing of late. I imagine Santelli and I would disagree on a whole bunch of things (McCain), but he's the balls. 'Cause he ain't never bullshittin' -- unlike that unofficial govt. spokesperson, Steve Liesman. I still can't believe Santelli is on the air. I guess it was a toss-up between ratings and GE's need for welfare checks. Maybe he'll run for Congress or something -- can you imagine Rick Santelli having one of his episodes on the House floor? To paraphrase the great walstreetpro2, I'd be Googling that shit on YouTube all the time. Fire up the popcorn, honey, Santelli's in the House!
"The administration has reclassified prior month expenditures related to the Emergency Economic Stabilization Act (EESA- also known as TARP). Consistent with statutory requirements of the Federal Credit Reform Act and EESA, TARP purchases are now being accounted for on a net present value basis, taking into account market risk. Accordingly, budget outlays have been reduced and direct loan financing activity correspondingly increased by $175 billion." (Monthly Treasury Statement through April 30)
Isn't this great? Because our TARP "investments" are risky, over-priced pieces of crap, we've reduced the budget deficit!
http://www.forbes.com/2009/05/14/taxes-social-security-opinions-columnists-medicare.html
This is right wing extremism through propaganda.
Look and see 4 yourself
Cool your heels...the chart is from the Washington Post...anywhere else you saw it jsut borrowed it from them...
I repeat...it is from the liberal Washington Post.
The chart above is from right-wing hypocrites, sure, but it's still way too optimistic, actually. Like this guy, he's in fantasy land: http://blogs.reuters.com/justinfox/2010/10/25/whats-really-behind-that-1-3-trillion-deficit/ He says if the economy were better and we weren't spending so much propping it up, the deficit would be a lot smaller. Can't argue with that. But the spending is mostly structural and the CBO is factoring in a "recovery" in their estimates.
Detroit from folding?
All this under the guise of free enterprise...he should have let both institutions sink, but Republicans/Big Business couldn't save the game from falling off the table and somehow convinced the Dummycrats to sign on for the ride.
bush and obama are both fiscally irresponsible...obama's numbers are worse because tax receipts cratered...both love to spend taxpayer bucks borrowed from future generations...
1- The 2009 fiscal year actually started in October 2008. So the bulk of the 2009 spending was already placed into the budget months before Obama was inaugurated. So fiscally, it actually looks like this:
http://www.obamaftw.com/blog/wp-content/uploads/2011/09/obama-2009-deficit.jpg
2- The growing deficit has more to do with lowered revenues than increased spending. Those lowered revenues come from the Bush tax cuts (which Obama tried rolling back on the richest Americans but was blocked by the GOP) and the economic downturn (which happened under Bush but isn't Bush's fault).
3- It's important to note that the Bush tax cuts didn't just lower revenue the year they were enacted. Every year these tax cuts are extended they keep adding to the deficit. And the more the GOP fights Obama's jobs plan, the longer revenues will remain suppressed (in fact, the GOP is COUNTING on this).
4- These are numbers aren't adjusted for inflation so it's unfair to say "Obama Added More to National Debt in First 19 Months Than All Presidents from Washington Through Reagan Combined." The numbers are higher because the economy is larger and there is more currency in the economy.
http://www.obamaftw.com/blog/deficit-and-debt/obama-vs-bush-deficit-debt-revenue
"While this might make sense to a casual observer, (to hang FY2009 on Obama) it is largely untrue. The 2009 fiscal year began Oct. 1, 2008, nearly four months before Obama took office. The budget for the entire fiscal year was largely set in place while President Bush was in the White House. "
http://www.cato.org/images/pubs/commentary/mitchell-122909-2.jpg
http://www.cato.org/pub_display.php?pub_id=11094
http://www.factandmyth.com/deficit-and-debt/obama-vs-bush-deficit-debt-revenue-spending