Geitner: Obama's Budget Is Unsustainable

[rew]

Quote from Brass:

You're just broadbrushing it to support your narrative. It's not that deficit spending is occasionally required, but spending. Had the powers that be not engaged in deficit spending when entirely unnecessary and unwarranted, then the spending that was required during the recent near economic collapse would not necessarily have rendered deficits (if it had been required at all). It would just have partially depleted the national treasury of some of its surplus. But remember it was Reagan, the "fiscal conservative," who blazed the trail by increasing the national debt 185% during his administration alone. And Bush Jr. did his best to keep up. Again, when it was not necessary. And then, as a result of absolutely no fiscal restraint on the part of the GOP when in power over the lasr few administrations, when the economy genuinely needed defibrillation after the party was over, NOW it raises your ire. How very convenient.

Liar. I was never happy with the Reagan or Bush 1/Bush 2 deficits. I do recall that some Democrats complained about those $100 - $400 billion deficits but are happy with the $1.5 trillion deficits now. In any case, regardless about what politicians in either party <i>said</i>, what they actually <i>did</i> was spend more money, every time. Both parties suck, and I am disgusted with those pretending that one or the other is going to be our savior.

 

[Brass]

Quote from rew:

...In any case, regardless about what politicians in either party <i>said</i>, what they actually <i>did</i> was spend more money, every time...

Nice attempt at false equivalency (there's that broad brush again):

Try again.

 

[rew]

Quote from Brass:

Nice attempt at false equivalency (there's that broad brush again):

Try again.

Oh yes, that lying graph that equates the political party of the president with the political party that controls congress (and also leaves out the breathtaking deficits of the Obama administration, which had a Democratic majority in both houses of congress for its first two years).

 

[Max E.]

Quote from rew:

Oh yes, that lying graph that equates the political party of the president with the political party that controls congress (and also leaves out the breathtaking deficits of the Obama administration, which had a Democratic majority in both houses of congress for its first two years).

Here is the inconvenient truth, that far left dumb asses like brASS always seem to ignore....

 

[Scataphagos]

Every now and then, a politico/Fed speaks out and says, ".... what we're doing/spending is UNSUSTAINABLE..." That all they do... mention it... nothing is ever done.

Apparently merely mentioning the fact calms the hoi polloi into thinking, "well, if they're paying attention, must be something getting done about it." None of which is true.

 

[rew]

Quote from Max E. Pad:

Here is the inconvenient truth, that far left dumb asses like brASS always seem to ignore....

Thanks, Max E. Pad. Even though Democrats love to give Clinton credit for shrinking the deficit in his second term he was able to do that only because Republicans controlled both houses of congress.

 

[Brass]

Quote from rew:

Oh yes, that lying graph that equates the political party of the president with the political party that controls congress (and also leaves out the breathtaking deficits of the Obama administration, which had a Democratic majority in both houses of congress for its first two years).

Right. When Bush handed Obama the keys to the car as it went over the multi-generational-sized cliff, you expected Obama to fly. Got it.

 

[AK Forty Seven]

Quote from rew:

Oh yes, that lying graph that equates the political party of the president with the political party that controls congress (and also leaves out the breathtaking deficits of the Obama administration, which had a Democratic majority in both houses of congress for its first two years).

Republicans controlled the House and Senate when The Bush tax cuts were passed,when Bushs wars were passed,when Bushs Medicare was passed and republicans controlled The House when the Homeland Security Act(which spawned massive government) was passed

Those are the main causes for the deficit problems,all passed by a Republican House.All but the homeland security act was passed by a Republican House and Senate

 

[AK Forty Seven]

Quote from Brass:

Right. When Bush handed Obama the keys to the car as it went over the multi-generational cliff, you expected Obama to fly. Got it.

They seem to put more blame on the guy who made the deficit 500 billion dollars less in 3 years then the guy who turned a 230 dollar budget surplus into a 1.4 trillion dollar deficit

 

[rew]

Quote from Brass:

Right. When Bush handed Obama the keys to the car as it went over the multi-generational-sized cliff, you expected Obama to fly. Got it.

If you look at Max E. Pad's chart you can see that the debt/GDP ratio went up every year Democrats controlled both houses of congress. That was true 1987 - 1994, before the mortgage crisis was even imagined.

As for the recent crisis, I blame both parties. Both the Democrats and the Republicans favored the various government actions that contributed to the crisis:

1. Loose monetary policies by the Fed, encouraging speculation.

2. Fannie Mae and Freddie Mac. They bought up those securitized mortgages, making it easy for banks to offload dud loans they wouldn't dare hold themselves. When the Republicans tried to tighten up standards the Democrats like Barney Frank and Maxine Waters opposed it, saying that would be racist.

3. The CRA and other government actions that created strong incentives for banks to make marginal loans.

Yes, greed by Wall Street, mortgage brokers, and banks, as well as plain stupidity by house buyers, also played a big role. But without the Republicrats meddling in the housing market none of this would have happened.