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Getbig Main Boards => Gossip & Opinions => Topic started by: Coach is Back! on February 01, 2010, 09:28:22 PM
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By Dick Morris
02.1.2010
President Obama was disingenuous today when he said that the budget deficit he faced “when I walked in the door” of the White House was $1.3 trillion. He went on to say that he only increased it to $1.4 trillion in 2009 and was raising it to $1.6 trillion in 2010.
As Joe Wilson said “you lie.”
Here are the facts:
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 $600 billion. 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. And falling revenues and other increased welfare spending pushed it up to $1.4 trillion.
So, effectively, Obama came close to doubling the deficit.
His program of fiscal austerity in this new budget is a joke. 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.
Presto! The deficit is cut in half.
Those are the real numbers.
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Yes, but what's YOUR opinion on the matter, Joe?
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Yes, but what's YOUR opinion on the matter, Joe?
When I heard today he was going to increase the deficit to $3.8 trillion, I almost shit my pants.
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When I heard today he was going to increase the deficit to $3.8 trillion, I almost shit my pants.
you did shit your pants..then chamorita changed your depends you fat beener..Cut down on the beans holmes..
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you did shit your pants..then chamorita changed your depends you fat beener..Cut down on the beans holmes..
No, it was when your mom tried hitting on me by pulling her pants down and bending over..........and showing her scroat.
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coach needs to change his ipad. ;D
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come on, do you really think he calls it the 'white house'?
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When I heard today he was going to increase the deficit to $3.8 trillion, I almost shit my pants.
LOL
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When I heard today he was going to increase the deficit to $3.8 trillion, I almost shit my pants.
Why? Our deficit is meaningless.
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Coach...serious question, what do you think of Fox News cutting the last 20 minutes of the Q&A Friday? What was their reason...? :P
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Where the hell was joe when bush was in office for almost a decade? :-\
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Where the hell was joe when bush was in office for almost a decade? :-\
On this board.
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On this board.
sorry i forgot about all the threads u made about all the lies bush told..
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Clinton was known as the president after bush.
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sorry i forgot about all the threads u made about all the lies bush told..
Like? (here we go about the wmd's ::))