How the Deficit Got This Big

[Free Thinker]

The answer is largely the Bush-era tax cuts, war spending in Iraq and Afghanistan, and recessions.

http://www.nytimes.com/2011/07/24/opinion/sunday/24sun4.html?_r=1&ref=todayspaper


Bush inherited a surplus, with projections by the Congressional Budget Office for ever-increasing surpluses, assuming continuation of the good economy and President Bill Clinton’s policies. But every year starting in 2002, the budget fell into deficit. In January 2009, just before President Obama took office, the budget office projected a $1.2 trillion deficit for 2009 and deficits in subsequent years, based on continuing Mr. Bush’s policies and the effects of recession.

 

[Lucrum]

Quote from Free Thinker BELL:

The answer is largely the Bush-era tax cuts, war spending in Iraq and Afghanistan, and recessions.

Then obviously we need a new POTUS. Cause the stupid fuck we have now simply extended all of the above.

 

[Illum]

Should we be surprised ending the wars are not part of any solution. This is the biggest money hole we have. And neither party gives two chits about ending them. If they insist on Empire, it will collapse like every other one.

 

[Messi007]

Quote from Free Thinker:

The answer is largely the Bush-era tax cuts, war spending in Iraq and Afghanistan, and recessions.

http://www.nytimes.com/2011/07/24/opinion/sunday/24sun4.html?_r=1&ref=todayspaper


Bush inherited a surplus,

Bush also inherited one of the most dangerous recession in american history and a country with a CIA cut in half. (Because, Bill Clinton 250 billion surplus was thank because he and Gingrich cut the military spending in half, 250 billions).

And By the way, I was at the IRS webpage and during Bush era the revenue went up every single year from 2003 up to 2008. So the problem was not the Bush tax cut, but the Huge spending. And Both party have their share of responsability on that.

 

[bone]

Dickhead, when Obama took office he had the same two wars, the same prescription drug program, the stock market had already tanked four months prior, and two days before Obama took office there was a $450 B deficit with a CBO projection for $1.4 T in 2009 - those are CBO FACTS.