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3 years onto Obama and all the OP has is "blame Bush, Palin, et al. rather than Obama accomplishments to laud. Sad really.
No one is buying the "blame Bush" strategy anymore. Obama has grown the debt by more than all other US POTUSs combined and the Democrats have failed to pass a budget in the entire time their leader has been in office.
Make no mistake about it: The Great Recession belongs to George Bush. His war in Iraq, his tax cuts for the wealthy, and his refusal to plug newly discovered tax loopholes, have all taken the United States from the 10-year projected budget surplus of $5.6 trillion that he inherited from the Clinton administration to a projected deficit over the same period of more than $2.4 trillion. That’s a swing of $8 trillion.
The debt accumulated during Bush’s term nearly matches the combined total debt of his 42 predecessors. This president has borrowed more money from abroad than all 42 of his predecessors combined, including nearly $450 billion in U.S. Treasury securities held by China.
Our enormous trade deficit has recently caused the dollar to hit an all-time low against the Euro and drop below the value of the Canadian dollar, thus exacerbating inflation concerns. Bush’s budget deficit, and his refusal to aggressively enforce our trade agreements, are both substantially responsible for our trade deficit.
The Federal Reserve Board has a potent weapon to prevent recession — cuts in interest rates. The upcoming recession would have been avoided if the Federal Reserve Board had been able to cut interest rates sufficiently. However, Bush’s giant budget deficit, combined with his trade deficit, means that sufficiently large interest rate cuts may trigger inflation.
George Bush did everything possible to escape responsibility for the recession that he caused. He even claimed there was no recession during his 8 year debacle. He blamed Democrats. He blamed the business cycle. He blamed the alignment of the planets.
According to Forbes Magazine 14 trillion in CONSUMER WEALTH evaporated during the Shrub debacle. It trickled UPWARD, dumbasses.
RW voters owe a stupid tax. After voting for mccain't PALIN they proved they cannot be trusted.
It's mind-boggling how you could think that we are this far in debt because the government simply didn't tax enough.
3 years onto Obama and all the OP has is "blame Bush, Palin, et al. rather than Obama accomplishments to laud. Sad really.
No one is buying the "blame Bush" strategy anymore. Obama has grown the debt by more than all other US POTUSs combined and the Democrats have failed to pass a budget in the entire time their leader has been in office.
Presidents do not spend, Congress does. Democrats controlled Congress from 2007 through 2010, and they continue to control the Senate.
You are correct in that during the four year period when Democrats controlled Congress they did not produce a single budget. Instead, they passed Continuing Resolutions, Supplemental, and Omnibus bills to fund government, which is why the deficits were so high. Continuing Resolutions cannot be greater than the last budget that was enacted into law, which was in 2006 (by a Republican controlled Congress) for FY2007.
Presidents do not spend, Congress does. Democrats controlled Congress from 2007 through 2010, and they continue to control the Senate.
You are correct in that during the four year period when Democrats controlled Congress they did not produce a single budget. Instead, they passed Continuing Resolutions, Supplemental, and Omnibus bills to fund government, which is why the deficits were so high. Continuing Resolutions cannot be greater than the last budget that was enacted into law, which was in 2006 (by a Republican controlled Congress) for FY2007.
Are you suggesting that a democrat controlled congress would be thrifty?
If we can keep the masses focused on Bush, we'll be able to grow the state beyond our wildest dreams.
Signed,
A liberal tool
But the masses are getting tired of it, since Dubya has been gone for more than 2 years. They are asking when does BO get some of the blame? What ever shall we say?
Are you suggesting that a democrat controlled congress would be thrifty?
Have they ever been? What would make you think they ever would be? Democrats are noted for one thing, and one thing only - spending other people's money, even money they do not have.
But the masses are getting tired of it, since Dubya has been gone for more than 2 years. They are asking when does BO get some of the blame? What ever shall we say?
Well, the lion's share of the problem was caused during the Bush administration. That is a fact.
Obama's response to the problems are certainly up for criticism, but you can't say that the recession itself is due to Obama. (at least not if you want to be taken as an intelligent, open minded person)
Obama inherited a pile of dog crap from Bush, but instead of cleaning it up Obama has smeared it all over the sidewalk. Both Bush and Obama are equally to blame for the severity and long lasting of this recession that seemingly has no end in sight.
Actually, Obama "inherited" your "pile of dog crap" from the two previous year's of a democratic House and Congress (2006 - 2008), when Dems took over. Up until that time, our economy was doing very well!
You need to get your facts straight on who spends $'s. The previous post back up the line here gives an excellent description.
During the years of President Bush's term, he was "blackmailed" into signing expenditures he knew were dead wrong because they were attached to bills that were imperatively necessary, most to pay our troops and pay for their equipment. We need to demand that every single bill must address ONLY one issue instead of all the crap that gets added! That would stop the majority of the "financial games" played in Congress.
In addition, the Senate, which barely had a Republican majority the 6 previous years before Dems were in the majority, were constantly blocked by Dems because the Dems could filibuster and Republicans did not have enough majority to stop them (takes 60 votes to stop a filibuster). The Dems also blocked the requests for reforms for Freddy Mac and Fannie May and other housing problems in order to head off the housing crash which intelligent people knew was coming unless change was made. Dems blocked that change. As I have pointed out before, the proof is available within C-SPAN files that recorded Barney Frank, Maxine Waters, Chris Dodd and Chuck Schumer blasting President Bush as not knowing what he was talking about, the housing mortgage area was just fine, leave it alone, etc., etc., etc. (those are the one I saw...I'm sure there are more on tape since C-SPAN tapes everything that happens in both the House and Senate). Dems ignored President Bush's requests and warning which he sent down at least 3 times that I know of.
As I look back, nearly everything that is wrong today was caused by Democrats stopping correction attempted by Republicans. Obama's ignoring of our Constitution and apparent lack of knowledge about anything he does has contributed so much misery and stifling of our economy it is hard to believe anyone living in this country could be so very ignorant. I do blame Republicans for not making the truth of their efforts and agendas better known in an understandable language to the voting citizens. If we, the voting citizen, take the responsibility to vote for the right people that run for office for the right reasons we can alleviate most of these problems caused by politicians "using" their positions for bad legislation and their lies and spins to just "get a vote." It is not really the fault of the politicians...it is the fault of the voters who put them in office! I, personally, don't listen to their "talk." I just look at and analyze how it will work, how legal (Constitutional) it is and who is going to benefit if it meets those terms favorably. It is irresponsible to ever base any vote on spin talk and lies.
The recession was not caused by government fiscal deficits. The recession was caused by a sharp increase in private consumer debt. Excessive borrowing (1st mortgages, 2nd mortgages, credit cards, student loans) is an inflationary event, which is what caused the "growth" of 2004-2006. Having to pay back debt over time is a long-term deflationary event, which is where we are now.
Bush deserves blame for being so ignorant about economics, that he couldn't tell the difference between an unstable, reckless, "runaway train" economy built on skyrocketing levels of debt, and healthy sustainable growth built on savings and investment. Bush actually encouraged the crisis, by being unable (or unwilling) to understand that sometimes "growth" is a bad thing.
Do those people who took out those mortgages they couldn't afford share any responsibility here? Ditto for those who ran up credit card debt, took out students loans and anything else that added up consumer debt that they can't repay?
Well, the lion's share of the problem was caused during the Bush administration. That is a fact.
Actually I like another poster's response regarding too much consumer debt.
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