Budget cuts

Discussion in 'Economics' started by Rickshaw Man, Nov 10, 2005.

  1. Congress making budget cuts to education, cutting out the school lunch program, while subsidizing the oil and gas industry which just reported record breaking profits, what in heavens name is going on. Throw the bums out.
  2. Why do we have nothing but bums running for politics?

    Maybe the office of president should pay a hundred million a year so we can get talent in the whitehouse who would be immune to bribes and special interest.
  3. Bush Borrowed More Than All Previous Presidents Combined, Group Says
    By Melanie Hunter
    CNSNews.com Senior Editor
    November 04, 2005

    (CNSNews.com) - President Bush and the current administration have borrowed more money from foreign governments and banks than the previous 42 presidents combined, a group of conservative to moderate Democrats said Friday.

    Blue Dog Coalition, which describes itself as a group "focused on fiscal responsibility," called the administration's borrowing practices "astounding."

    According to the Treasury Department, from 1776-2000, the first 224 years of U.S. history, 42 U.S. presidents borrowed a combined $1.01 trillion from foreign governments and financial institutions, but in the past four years alone, the Bush administration borrowed $1.05 trillion.

    "The seriousness of this rapid and increasing financial vulnerability of our country can hardly be overstated," said Rep. John Tanner (D-Tenn.), a leader of the Blue Dog Coalition and member of the House Ways and Means Committee.

    "The financial mismanagement of our country by the Bush Administration should be of concern to all Americans, regardless of political persuasion," said Tanner in a press release.

    Earlier this year, the Blue Dog Coalition unveiled a 12-step plan to "cure" the nation's "addiction to deficit spending." It included requiring all federal agencies to pass clean audits, a balanced budget, and the establishment of a rainy day fund for use in emergencies specifically a natural disaster.

    "No American political leadership has ever willfully and deliberately mortgaged our country to foreign interests in the manner we have witnessed over the past four years," said Tanner. "If this recklessness is not stopped, I truly believe our economic freedom as American citizens is in great jeopardy."
  4. umm... that article is a little silly. They didn't even adjust for inflation or growth in the US economy. The president which borrowed the most was FDR during WW2.


  6. Atleast adjust it for inflation.

    I don't disagree with what you're saying. Every penny spent during WW2 was justified. The trillion dollars plus Bush is spending is just wastful and is doing more harm to the economy than any good.

    We should be running a substantial surplus if finances were managed properly.
  7. [​IMG]

    It still needs to be adjusted on a per capita basis if it is to have any type of meaning (even that iss shaky at best) but to say Bush spent more than all the other presidents in history is just idiotic and simply not true regardless of how you look at it. There is no way to justify using nominal dollars. That's like saying the minimum wage 70 years ago was $1 then pointing to 5.45 today and using it to justify the progress the minimum wage has done... a 545% increase so why should the poor complain.