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 |  All Boards  |  Current Events  |  Topic: Bush ran up most of the Debt and deficit-CBO 0 Members and 1 Guest are viewing this topic.
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Author Topic: Bush ran up most of the Debt and deficit-CBO  (Read 31582 times)
captain_kook
Laughing at the right-wingrrrr corporate-front-Tea Party-GOP-TalkRadio Cult! Yes - YOU!
Sr. Member

Posts: 26077


« on: 07 27, 11, 07:19:44:PM » Reply

With President Obama and Republican leaders calling for cutting the budget by trillions over the next 10 years, it is worth asking how we got here — from healthy surpluses at the end of the Clinton era, and the promise of future surpluses, to nine straight years of deficits, including the $1.3 trillion shortfall in 2010.
 
The answer is largely the Bush-era tax cuts, war spending in Iraq and Afghanistan, and recessions.
 
Despite what antigovernment conservatives say, non-
defense discretionary spending on areas like foreign aid, education and food safety was not a driving factor in creating the deficits.

In fact, such spending, accounting for only 15 percent of the budget, has been basically flat as a share of the economy for decades.

Cutting it simply will not fill the deficit hole.
 
 
 
The first graph shows the difference between budget projections and budget reality. In 2001, President George W. Bush inherited a surplus, with projections by the Congressional Budget Office for ever-increasing surpluses, assuming continuation of the good economy and President Bill Clinton’s policies. But every year starting in 2002, the budget fell into deficit.
 
 
In January 2009, just before President Obama took office, the budget office projected a $1.2 trillion deficit for 2009 and deficits in subsequent years, based on continuing Mr. Bush’s policies and the effects of recession. Mr. Obama’s policies in 2009 and 2010, including the stimulus package, added to the deficits in those years but are largely temporary.
 
 
 
The second graph shows that under Mr. Bush, tax cuts and war spending were the biggest policy drivers of the swing from projected surpluses to deficits from 2002 to 2009.
 
 
Budget estimates that didn’t foresee the recessions in 2001 and in 2008 and 2009 also contributed to deficits.
 
 
Mr. Obama’s policies, taken out to 2017, add to deficits, but not by nearly as much.
 
 
 
A few lessons can be drawn from the numbers.
 
 
First, the Bush tax cuts have had a huge damaging effect. If all of them expired as scheduled at the end of 2012, future deficits would be cut by about half, to sustainable levels.
 
 
Second, a healthy budget requires a healthy economy; recessions wreak havoc by reducing tax revenue. Government has to spur demand and create jobs in a deep downturn, even though doing so worsens the deficit in the short run.
 
 
Third, spending cuts alone will not close the gap. The chronic revenue shortfalls from serial tax cuts are simply too deep to fill with spending cuts alone.
 
Taxes have to go up.
 
In future decades, when rising health costs with an aging population hit the budget in full force, deficits are projected to be far deeper than they are now.

 Effective health care reform, and a willingness to pay more taxes, will be the biggest factors in controlling those deficits.
 
http://www.nytimes.com/2011/07/24/opinion/sunday/24sun4.html
captain_kook
Laughing at the right-wingrrrr corporate-front-Tea Party-GOP-TalkRadio Cult! Yes - YOU!
Sr. Member

Posts: 26077


« Reply #1 on: 07 27, 11, 07:20:30:PM » Reply

have a look
 
 
 


* July2011-CBO-deficit-chart-01.gif (26.81 KB, 650x724 - viewed 189 times.)
captain_kook
Laughing at the right-wingrrrr corporate-front-Tea Party-GOP-TalkRadio Cult! Yes - YOU!
Sr. Member

Posts: 26077


« Reply #2 on: 07 27, 11, 07:22:03:PM » Reply

this is very clear:
 
BUSH : $5.07 trillion in new spending
 
Obama: $1.44 trillion
 
 click on these to enlarge


* July2011-CBO-deficit-chart-02.gif (25.4 KB, 650x722 - viewed 243 times.)
william H
Honored Member

Posts: 8282


« Reply #3 on: 07 27, 11, 07:34:00:PM » Reply

Wow you seem to forget that DEMORATS were in power in both Houses for the last 2 years of Bush they too deserve some blame  for our National Debit. Obama is spending money we don't have on bullshit we the people DO NOT NEED OR WANT more than doubling the debt! How about this ideal ALL OF THE FOLKS IN DC IN POWER NO MATTER WHAT LETTER IS BEHIND THEIR NAME (D)  (R) STOP SPENDING MY MONEY AND THE REST OF THE PEOPLE IN AMERICAS MONEY! DON"T SPEND WHAT WE DON"T HAVE AND DON"T SPEND WHAT IS NOT YOURS!
We can't get back what is already spent it's gone no matter who is to blame but we can STOP SPENDING NOW!
Byteryder
ΜΟΛΩΝ ΛΑΒΕ
Sr. Member

Posts: 32425

ante omnia armari


« Reply #4 on: 07 27, 11, 07:35:46:PM » Reply

I've said it before, I'll say it again, it make little difference how we got where we are.  What does make a difference is where we go from here.
captain_kook
Laughing at the right-wingrrrr corporate-front-Tea Party-GOP-TalkRadio Cult! Yes - YOU!
Sr. Member

Posts: 26077


« Reply #5 on: 07 27, 11, 07:36:16:PM » Reply

"Wow you seem to forget that DEMORATS were in power in both Houses for the last 2 years of Bush"



You seem to forget how many vetos Bush used in 2007 and 2008.

Everything that Bush and the Republicans WANTED was passed, and little else.
Dardmex
Sr. Member

Posts: 26230


« Reply #6 on: 07 27, 11, 07:37:11:PM » Reply

captain kook --- I hate Hitler Bush so very, very much!  Bush lied, people died!

Also, Bush tried to raise the debt ceiling in 2006 but President Obama, the a U.S. Senator, voted against it, because that would have been stupid!

http://www.thedailykos.com   http://www.MoveOn.org 

captain_kook
Laughing at the right-wingrrrr corporate-front-Tea Party-GOP-TalkRadio Cult! Yes - YOU!
Sr. Member

Posts: 26077


« Reply #7 on: 07 27, 11, 07:39:02:PM » Reply

I've said it before, I'll say it again, it make little difference how we got where we are.  What does make a difference is where we go from here.

True.

And the American people will not allow the far-right to destroy the government BUILT and PAID FOR BY THE PEOPLE with our blood and treasure just to protect the interests of a very small and very wealthy minority.
Dardmex
Sr. Member

Posts: 26230


« Reply #8 on: 07 27, 11, 07:42:16:PM » Reply

captain kook --- You certainly understand economics!
 
What American needs today is a hefty tax increase so that we can spend even MORE, not less!
 
Only the stupid, racist Republicans want to cut spending!  We pro-Obama Democrats know better!
 
http://www.thedailykos.com   http://www.MoveOn.org 

Dan
Contributor
Sr. Member

Posts: 87141

Tolerance is a 2-way street


« Reply #9 on: 07 27, 11, 07:56:43:PM » Reply

Quote
With President Obama calling for cutting the budget by trillions over the next 10 years
Really?
 
Maybe he should have thought of that before spending $4 trillion in 2.5 years.
 
I thought you libs loved liberal spending anyway.  What happened?
Dardmex
Sr. Member

Posts: 26230


« Reply #10 on: 07 27, 11, 08:23:55:PM » Reply

anchoragedan --- Of course we love our federal spending!
 
President Obama had to say that because if he hadn't the right-wingers would be bashing him like they always do!  But why would he ever cut $4-trillion from the budget when that money is desperately needed for health care reform and other entitlement programs going to the poor & middle class?
 
http://www.thedailykos.com   http://www.MoveOn.org 

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