How did Obumble run up the deficit so fast and destroy America?
(WASHINGTON, DC) – President Barack Obama and Congressional Democrats today surpassed the eight-year federal deficit total of the Bush Administration in just a little more than one month after taking control of all three branches of the federal government.
“Anybody who voted against Republicans over being mad at the deficit will want a redo when they see this,” says House Republican Conference Secretary John Carter (R-TX31). “Voting Democrat to straighten out the federal deficit is the same as hiring Foster Brooks to inventory the liquor store.”
“We are now on a course straight for national bankruptcy and a catastrophic devaluation of the U.S. dollar unless we can stop this,” says Carter. “We must convince the Administration to listen to alternative economic advice and turn the wheel immediately to avert disaster. This kind of red ink will keep us in recession, if not depression, for the next twenty years if we let it stand.”
The Obama Administration Budget released today contains a total $2.867 trillion in red ink, just 38 days after Obama’s inauguration on January 20.
In contrast, the Bush Administration ran up a $2.7519 trillion deficit over an 8-year period that included 7 years of war in Iraq and Afghanistan; the economic downturn after 9-11; the addition of a prescription drug benefit to Medicare; a massive increase in federal education spending under No Child Left Behind; and the current recession and 2008 Wall Street bailout.
Bush Surplus/Deficit Fiscal Years 2001-2008 (billions of dollars)
Congressional Budget Office (CBO) Statistics
Obama Budget Deficit FY 2009/10*
Office of Management and Budget (OMB) Statistics
*The Obama deficit total does NOT include the impact of the $787 billion Stimulus package approved by House Democrats in February. It also excludes any effect of an Obama contingency request for an additional $750 billion to use for bank rescue. If the contingency amount is included the total deficit for FY 2009/10 is $3.617 trillion
- Anonymous8 years agoFavorite Answer
And don't forget, Bush came off the heels of Clinton's budget surplus & booming economy. There's a thing called economic momentum. Obama came off the heels of Bush's budget deficit & recession.
- reco322Lv 68 years ago
Do you want to know what No Child Left Behind is???
I passed the 8th grade with a 96 average in all my classes. Some kid that didn't even show up for school half the year and ended up getting a 34 average in 8th grade (who also failed our regional test) got to graduate and go on to high school.
Bush started rolling the ball, Obama had to spend money and take the collateral damage in order to stop the rapid descent of the economy (it was shedding THOUSANDS OF JOBS PER MONTH, it is now IMPROVING in the job market) into oblivion.
The economy is not like a ball you can kick around, you can't reverse it after a single night... It takes years for a currency, deficit, and nation to recover. If you think unfunded wars and more importantly the deregulation of the banking system are ANY way for an economy to flourish you are mistaken. Deregulation allows for more commercial screw ups, not entrepreneurial endeavors. Study economics, study politics, your statistics are very misinformed and even then, your statistics are misconstrued. The debt has been rising constantly, look at other factors of growth like jobs.. The job market is more important than the deficit.. Developed nations are developed because they have a strong middle class... Not because they have low debt.
- DustbindivaLv 78 years ago
The CBO projected budget deficit for 2008 while Bush was still in office was $1.2 trillion. Because of necessary federal spending to help us get out of the recession such as extended unemployment benefits, loans to banks and the auto industry and other stimulus projects, the deficit rose to $1.4 trillion in the last two years but has receded back to $1.2 trillion. Very clever financial management I would say.Source(s): http://www.cbo.gov/doc.cfm?index=12103
- .Lv 78 years ago
Bombs and missiles destroy value quickly. That is the intended effect, not a by-product.
America needs to spend its way into its grave and defeat Israel's enemies before Israel can go up and become the ruling power in the world. So much of value has been destroyed and the rest of the people of the world will be slaves to debt and Israel's shadow government will be in global control and sitting pretty, well, relatively.
The Essence Of The Banking Industry...
youtubedotcom / watch?v= 2B_SxGmSJP0
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- 8 years ago
There was a concerted effort to stack the Senate with enough liberal politicians to stop a filibuster, which allowed a congressional super majority which ignored the wishes of the majority of the American people to push socialized medicine through. One example was the trumped-up charges against long time Alaska Senator Ted Stevens, who would have easily won his seat back if not for a liberal smear campaign. Without the ability to defeat one of the most egregious travesties put on the backs of the American people, the debt was bound to blow up like a balloon.
- 8 years ago
The better question is how did Bush run up the deficit and ruin America's credit rating in the process?
Oh wait. I know: Because he was a Republican. And Republicans can do no wrong.
- 8 years ago
Propaganda. Cbo figures show bush's policies amount to 7 trillin in debt while Obama's 1.7 trillion.
- larescaLv 43 years ago
in accordance to Obama, he's already carried out it. you recognize how "imploded" towers seem to purely carry close there AFTER the detonations? it rather is inertia working. Our financial equipment is extensive. Inertia is the sole element protecting it out of the debris pit in the mean time - in accordance to Obama.
- scott bLv 78 years ago
The President of the United States can't HAVE a deficit, the country does. And that's because they don't SPEND any money. Congress does. Turn off Fox hate and learn how your government works.
- MattLv 78 years ago
Obama continued the ruinous Bush policies of two wars and the Bush tax cuts. You forget, my conveniently short sighted friend, that Bush kept paying for the wars out of emergency supplemental bills, while Obama has to include the interest on the Bush debt.