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It was Bush's budget. Please provide some actual thought or data instead of just trolling.
This thread wasn't meant to be an indictment of Bush. Just a counterpoint to the irrational emotion led blaming of Obama for everything when most of the problems he inherited.
No im not blaming Bush for everything, Obama is not the golden crown and has added to the debt, but at the same time it was giving to him. Bush had policies that were not informed and were divine design mission. It was just unprofessional esp from a fellow Texan Many people informed him of the mess he was getting into but he overrode it with that Good ole Texas cockiness that his plans was better
The Power of Veto --> if he knew the economic crises was coming, why he didn't take into account the foreseeable future and made a decision that this budget wasn't right for America huuummm
Refresh my memory...did not senator Obama vote both for the '09 budget and for TARP? I seem to recall that he took time off from campaigning to vote on both. I could be wrong, he could have voted "present".
In addition, President Bush DID NOT want to pass TARP at all. He did not think it was wise to pass such expensive legislation just before leaving office. He wanted to table the bill and let the NEW PRESIDENT come in and make the decision since the funds would not be disbursed until after the election. Barack Hussein INSISTED that Bush pass it IMMEDIATELY. He said that the country could not wait until Jan 20 to start the bailouts.
I am looking forward to seeing where the drop in revenue came from. The IRS stats only have 2008.
Federal Tax revenue was $2.1 Trillion in 2009, a drop of about half trillion from the year before and only 14.9% of the GDP. The last time tax revenue dropped to below 15% of the GDP was in 1950.
Looking back and comparing it to the budget in 2000 (in constant 2000 dollars):
Federal Tax Revenue Collected in 2000: $2.03 Trillion
Spending in 2000: $1.79 Trillion
Federal Tax Revenue Collected in 2009: $1.76 Trillion
Spending in 2009: $2.85 Trillion
2009 budget did not include war expense so, technically, it was a $3 Trillion plus budget even in 2000 dollars while the tax revenue was low enough that it would have created a deficit even with 2000 spending as a benchmark.
In addition, President Bush DID NOT want to pass TARP at all. He did not think it was wise to pass such expensive legislation just before leaving office. He wanted to table the bill and let the NEW PRESIDENT come in and make the decision since the funds would not be disbursed until after the election. Barack Hussein INSISTED that Bush pass it IMMEDIATELY. He said that the country could not wait until Jan 20 to start the bailouts.
As must be done with virtually every post of yours, let me call yet another BS from you on that one.
"Yeah, they do hate it. I can understand that. Look, the idea of spending taxpayer's money to give to wall street and the banks, to save them, a lot of people think they created the crisis in the first place. So I can understand the angst. But in my case, I wasn't worried about angst, personal angst, or contradiction, I was worried about the economy going down. And I believe TARP saved the economy."
- President George W Bush on TARP
Nothing irrational about it. Obama is NOT a victim. It WAS Bush's budget. As a senator he was well aware of the fiscal problems of this country. He asked for the job ( Hope and change, and all that ). Instead of having his feet held to the fire, he has you and many more making excuses for him. Eighth grade math says you can't spend yourself out of a debt problem. Did he skip eighth grade?
TB
Economics is not 8th grade math. It is highly advanced calculus and statistics.
And you can spend your way out of a debt problem if the economy grows fast enough. If GDP growth is greater than debt growth, your debt to GDP percentage will keep falling. This is exactly what happened in the period immediately after WW2.
Economics is not 8th grade math. It is highly advanced calculus and statistics.
And you can spend your way out of a debt problem if the economy grows fast enough. If GDP growth is greater than debt growth, your debt to GDP percentage will keep falling. This is exactly what happened in the period immediately after WW2.
On the other hand, if you let the economy collapse and do nothing about it hoping for the almighty hand to bail you out, well...
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Many people informed him of the mess he was getting into but he overrode it with that Good ole Texas cockiness that his plans was better
