Nouriel Roubini how george bush got us into this debt mess.

Discussion in 'Politics' started by Free Thinker, Aug 16, 2011.

  1. Economist Nouriel Roubini says 5 factors helped turn the nation's economic surplus into a deficit during Bush's presidency.

    One well-known economist says that former President George W. Bush is to blame for the current economic crisis.

    Nouriel Roubini, a New York University professor nicknamed "Dr. Doom" for his dour views on the economy, says in this video that when President Obama came to power, he inherited a budget deficit of $1.2 trillion. When Bush came to power, the country had a surplus of $300 billion.

    How did we get a $1.5 trillion change in our fiscal condition during Bush's time in office? Roubini lists five factors:

    1. We cut taxes.

    2. We spent $2 trillion on two unwinnable wars.

    3. We doubled discretionary spending. Some conservatives originally aimed to "starve the beast" by cutting taxes in order to force future cuts in spending. But spending grew so out of control in Bush's term that no beast was starved, Roubini said. In fact, the beast was fed.

    4. We added entitlement benefits like the Medicare drug benefit.

    5. We entered the largest economic and financial crisis ever, which caused a huge increase in the deficit through the "recession deficit" and the cost of bailing out the banks and financial institutions.
  2. hey, but people like it.
    they still give Mr Bush some of their tax money to live luxurious life.

    Facebook button would say: 297,245,334 Like It!
    588 don't like it. incl. jim rogers, alex jones, ron paul,gerald celente
  3. jem


    good points that is why is seems so odd that politicians would try and solve a spending problem with more spending.
  4. 4. We added entitlement benefits like the Medicare drug benefit.

    the medicare drug benefit is a good idea but they way bush designed it was loony. the law states that medicare must pay the highest retail price for drugs thereby doubling the cost of the program. then they ran it through private insurers adding another layer of profit skimming.
    i had to work through the available options when my mother signed up. it was maddening how complicated and designed to decieve the insurance company lingo was.
  5. g222


    Ow-ouch!! Careful, Free Thinker ... I get the idea that there's a few on ET that have donated a lot of do, re, me to the Put Bush's Mush on Mt. Rush Fund.

    I went thru that same Medicare nightmare, too. Political speech-wrighters MUST prepare all of the insurance co's paperwork - pages of words that say nothing and mean less. The more confused we are, the more pliable we are.
  6. jem


    interesting that if you do the research those same drug and insurance interests polluted, designed and passed obama care, yet I am sure you must be pro obama care.
  7. Arnie


    4. We added entitlement benefits like the Medicare drug benef

    Of all the entitlement programs, this one has been one of the best. SS and Medicare have exploded in costs. This one actually saved money.

    Study: Medicare Drug Benefit Helped Reduce Overall Program Costs
    The Medicare prescription drug benefit has helped beneficiaries avoid needing care in hospitals or nursing homes, saving the program $12 billion annually, according to a study published on Wednesday in the Journal of the American Medical Association, the AP/Washington Post reports (AP/Washington Post, 7/26).

    Read more:
  8. Lucrum


    Pee Drinker is pro EVERYTHING Obama and anti-EVERYTHING conservative. Facts be damned.
  9. Ricter


    Same for you, in reverse. You never did answer my question, about one honest thing you think Obama has done right. I know the list is short, but it's not zero.
  10. Lucrum


    Asked recently? I must have missed it. Is it a timed question? It's going to take some effort on my part to come up with something Dumbo has done right. I'm sure there is something, I just can't think of anything off the top of my head. In the famous words of The Terminator "I'll be back".

    Oh, does this mean you'll be answering all my questions you <s>ignored</s> didn't see?
    #10     Aug 16, 2011