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lol, how quickly we forget about how much we hated bush.
-------------------- "Nina, this is my house, you work for me, and I want to suck your toes." -Big Trouble (2002) Posts: 1855 | Registered: Nov 2007
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Or quite possibly before its all said and done that Bush wasn't such a bad president after all.
Posts: 602 | Registered: Jun 2009
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Lets pay some attention to the facts folks. I tried to advise everyone against Obama, obviously people are now figuring it out. Here is one of Obamas latest on the economy and the truth is as follows:
In 2008, Bush ran a deficit of $485 billion. By the time the fiscal year started on October 1, 2008, it had gone up by another $100 billion due to increased recession-related spending and depressed revenues. So it was about $600 billion at the start of the fiscal crisis. That was the real Bush deficit.
But when the fiscal crisis hit, Bush had to pass TARP in the final months of his presidency which cost $700 billion. Under the federal budget rules, a loan and a grant are treated the same. So the $700 billion pushed the deficit -- officially -- up to $1.3 trillion. But not really. The $700 billion was a short term loan. $500 billion of it has already been repaid.
So what was the real deficit Obama inherited? The $600 billion deficit Bush was running plus the $200 billion of TARP money that probably won't be repaid (mainly AIG and Fannie Mae and Freddie Mac). That totals $800 billion. That was the real deficit Obama inherited.
Then...he added $300 billion in his stimulus package, bringing the deficit to $1.1 trillion. This $300 billion was, of course, totally qualitatively different from the TARP money in that it was spending not lending. It would never be paid back. Once it was out the door, it was gone. Other spending and falling revenues due to the recession pushed the final numbers for Obama's 2009 deficit up to $1.4 trillion.
So, effectively, Obama came close to doubling the deficit.
Obama seems not to understand that the deficit is the jobs problem. To add to the deficit in the hope of creating more jobs is an oxymoron. Additional deficit spending just crowds out small businesses trying to borrow money to create jobs and consumers seeking credit to buy cars and homes.
Soon, when the Fed stops printing money and we have to borrow real funds from real lenders, the high deficit will send interest rates soaring, further retarding growth and creating a cost-push inflation.
The interest rate we are now paying for the debt -- about 3.5% -- is totally artificial and based on the massive injection of money supply created by the purchase of mortgage backed securities by an obliging Federal Reserve. Once these injections of currency/heroin stop, the rate will more than double, sending our debt service spending into the stratosphere. Once we had to choose between guns and butter. Now we will have to choose between guns and butter on the one hand and paying our debt service on the other.
Obama's program of fiscal austerity in this new budget is a joke. He freezes very selected budget items while he shovels out new spending in his stimulus packages. If he wanted to lower the deficit, here's what he could do:
1. Cancel the remaining $500 billion of stimulus spending and
2. Cancel the $300 billion of spending in stimulus II.
Those are the real numbers.
Posts: 169 | Registered: Mar 2007
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See my note above and on the poll, I didn't vote for Obama even though McCain was not much of an alternative. I feel sorry for those that did vote for him though!
Posts: 169 | Registered: Mar 2007
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Kudos on your analysis and number-crunching, chaz36. I couldn't see the results of the poll as I'm disqualified - I wouldn't have voted for Obama if it cost me my nuts; I have spoken to a few Obama voters and they are beginning to figure out how badly they have been duped.
Of course, your suggestions for a remedy are good ones, perhaps even obvious, but, sadly, they will be ignored by those who know better how to spend our money than we do.
Posts: 5067 | Registered: Apr 2005
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Fickle Americans and their damned partisanship. We spend FAR more energy fighting one another than we do advancing our country while the "underdeveloped" countries work as a unit to develop themselves. This is the true tragedy we're giving to our children. Damn Dems, Damn Republicans.....while the chinese and indians are advancing ahead of us.
-------------------- If she won't indulge your fetish, I bet you that cuter, smarter girl across the bar will. Lets go find out. Posts: 1877 | Registered: Aug 2006
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U Can't blame me, I didn't vote for him, I knew he was just the flavor of the month, flash in the pan, waaaaaaay wet behind the ears. Everybody just bought into the idea of voting the first black man president, they had no clue or I guess they didn't care what he stood for, they just went with the hope and change agenda. So now we will just have to put up with it until his first term is over, because that's all he going to get, can you say Jimmy Carter.LOL
Posts: 521 | Registered: Mar 2007
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quote:Originally posted by Wrinklesguy: GQ: I actually agree with that statement, so true!
are you 2 craaaazy? you would really want to live in china? you probably cant even get this website there.
and you really think the reason we voted for obama was b/c he black? really? and i bet that made it sooooo easy for him to win, right?
the reason we voted for obama was b/c WE HATED BUSH! even republicans hated bush. his administration simply ruined our economy. and to say that was a mistake after 8 years of bush is just simply incomprehensible.
-------------------- "Nina, this is my house, you work for me, and I want to suck your toes." -Big Trouble (2002) Posts: 1855 | Registered: Nov 2007
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The only reason that Obama hasn't accomplished more in his first year is because the republicans have been obstructionists all the way. No matter what it is that the president wants, their against it. If Obama jumped into a raging river and saved Rush Limbaugh's mother from certain death, he'd find a way to say that he should have let her drown.
I'm not letting the democrats off the hook either. They have a majority in both houses and they need to learn how to do whatever is necessary to get things done. They need to grow a spine. If the republicans fillibuster then let them. Let them stand there and read the phone book til their blue in the face and see how well that goes over with the people.
Is the Obama presidency perfect? No, no administration ever will be. Is it far and away better than a 70+ year old republican whose answer to everything is more tax cuts for the rich? If that 70+ year old should die is it far and away better than having a stupid bimbo who didn't know who we were fighting in World War 2 as president? I don't think I even need to answer that.
quote:Originally posted by Wrinklesguy: GQ: I actually agree with that statement, so true!
are you 2 craaaazy? you would really want to live in china? you probably cant even get this website there.
and you really think the reason we voted for obama was b/c he black? really? and i bet that made it sooooo easy for him to win, right?
the reason we voted for obama was b/c WE HATED BUSH! even republicans hated bush. his administration simply ruined our economy. and to say that was a mistake after 8 years of bush is just simply incomprehensible.
Rewind to the start of 2006 my friend. Oil was less than $50, unemployment was way less than 10% and the economy was rolling along. That was after 6 years of Bush/Cheney and and a good many years of republican majority in both houses. Nancy and Harry did more damage than Bush ever dreamed of.
Obama shot us a line of bull and many people fell for it.
Posts: 602 | Registered: Jun 2009
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KeyFeet: So you're saying you wanted "anyone but Bush" right? So if he had horns and a forked tail under the suit coat you would have still voted for him as long as Bush was out? Obstructionists is a great cop-out, they have the majority {or had} and could have done something but failed. Now when November rolls around they're all gone, mark my words.Too bad the new boss is same as the old one..we're doomed until we can bring back some common morality back into the policies of the gov't that everyone can agree with.
GQ and I were not saying we wanted to live in China..maybe stop reading the invisible lines and adding to the commentary. Those 2 nations are far ahead in production than the USA right now due to outsourcing and bad economy. The bickering between the 2 parties is probably by design by the real people in charge to keep the real issues blurry and so nothing can get accomplished it's fairly obvious.
posted
Can't we all just get along. I think it's time for us people of this great nation to overthrow the ENTIRE government and get back to the basics that our founding fathers laid down for us. Enough of the arguing and all of these tons of lupolls in our laws and government,it's has gotten WAY out of hand. The constitution starts with "We the people" It's time that us "people" take back over and fix what our government (all political parties) has so obviously fucked up! I'm not calling for mass chaos but I think the time has come to strip the reigns from these power hungry morons. I fought for this great country of ours and got to see some crazy governmental bullshit that the general public doesn't get to see, so believe me when I say the time has coming sooner than later. Posts: 372 | Registered: Mar 2007
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I think it's time for us people of this great nation to overthrow the ENTIRE government and get back to the basics that our founding fathers laid down for us. Enough of the arguing and all of these tons of lupolls in our laws and government,it's has gotten WAY out of hand. The constitution starts with "We the people" It's time that us "people" take back over and fix what our government (all political parties) has so obviously fucked up! I'm not calling for mass chaos but I think the time has come to strip the reigns from these power hungry morons. I fought for this great country of ours and got to see some crazy governmental bullshit that the general public doesn't get to see, so believe me when I say the time has coming sooner than later. ![[Mad]](cuss.gif)
