The Fiscal Legacy of George W. Bush(and a republican congress)

Discussion in 'Politics & Religion' started by Free Thinker, Jun 12, 2012.

  1. Bruce Bartlett held senior policy roles in the Reagan and George H.W. Bush administrations and served on the staffs of Representatives Jack Kemp and Ron Paul. He is the author of “The Benefit and the Burden: Tax Reform – Why We Need It and What It Will Take.”

    Republicans assert that Barack Obama assumed sole responsibility for the budget on Jan. 20, 2009. From that date, all increases in the debt or deficit are his responsibility and no one else’s, they say.
    This is, of course, nonsense – and the American people know it. As I documented in a previous post, even today 43 percent of them hold George W. Bush responsible for the current budget deficit versus only 14 percent who blame Mr. Obama.

    The American people are right; Mr. Bush is more responsible, as a new report from the Congressional Budget Office documents.

    In January 2001, the office projected that the federal government would run a total budget surplus of $3.5 trillion through 2008 if policy was unchanged and the economy continued according to forecast. In fact, there was a deficit of $5.5 trillion.

    The projected surplus was primarily the result of two factors. First was a big tax increase in 1993 that every Republican in Congress voted against, saying that it would tank the economy. This belief was wrong. The economy boomed in 1994, growing 4.1 percent that year and strongly throughout the Clinton administration.

    The second major contributor to budget surpluses that emerged in 1998 was tough budget controls that were part of the 1990 and 1993 budget deals. The main one was a requirement that spending could not be increased or taxes cut unless offset by spending cuts or tax increases. This was known as Paygo, for pay as you go.

    During the 2000 campaign, Mr. Bush warned that budget surpluses were dangerous because Congress might spend them, even though Paygo rules prevented this from happening. His Feb. 28, 2001, budget message reiterated this point and asserted that future surpluses were likely to be even larger than projected due principally to anticipated strong revenue growth.

    This was the primary justification for a big tax cut. Subsequently, as it became clear that the economy was slowing – a recession began in March 2001 – that became a further justification.

    The 2001 tax cut did nothing to stimulate the economy, yet Republicans pushed for additional tax cuts in 2002, 2003, 2004, 2006 and 2008. The economy continued to languish even as the Treasury hemorrhaged revenue, which fell to 17.5 percent of the gross domestic product in 2008 from 20.6 percent in 2000. Republicans abolished Paygo in 2002, and spending rose to 20.7 percent of G.D.P. in 2008 from 18.2 percent in 2001.
    http://economix.blogs.nytimes.com/2012/06/12/the-fiscal-legacy-of-george-w-bush/?partner=rss&emc=rss
     
  2. "Republicans assert that Barack Obama assumed sole responsibility for the budget on Jan. 20, 2009. From that date, all increases in the debt or deficit are his responsibility and no one else’s, they say.
    This is, of course, nonsense – and the American people know it. As I documented in a previous post, even today 43 percent of them hold George W. Bush responsible for the current budget deficit versus only 14 percent who blame Mr. Obama.

    The American people are right; Mr. Bush is more responsible, as a new report from the Congressional Budget Office documents."


    I think the moronic 14% who blame Obama are heavily represented on ET.
     
  3. Everyone who understands the system knows that Spending begins in the house, here is a chart for you guys..... For the record, in my opinion, Republicans are just as big of jackasses as Democrats when it comes to spending... but lets atleast be honest...

    [​IMG]
     
  4. Next subject.
     
  5. Yep, a fire was roaring during the Bush years and Obama came in, threw gas on the fire turning it into a raging inferno. On 1/21/09 he needed to present a jobs program. Instead he waited until fall of 2011. Too little, too late. He wasted time, money, energy, and whatever good will he might have had when he chose to make free healthcare his top priority during year one. Making matters worse, he delegated that heathcare concept to Pelosi and Reid, two more incompetent buffoons you could not find. Clearly the man has zero leadership qualities.
    And who might we blame for not bringing a single indictment against those who were major players in this financial crisis? Are we to blame Bush for that as well? Nearly four years after the fact and these clowns cannot come up with one, not one single person to hold accountable, and the MSM has given him a free pass on it. That's something that would not have happened under a republican administration. The press would not have given a republican adminstration 4 months, let alone 4 years to get something done on that front.
     
  6. Ricter

    Ricter

    <img src="http://www.usgovernmentdebt.us/usgs_line.php?title=US%20Gross%20Domestic%20Product%20GDP%20History&year=1950_2010&sname=US&units=b&bar=0&stack=1&size=m&col=c&spending0=293.7_339.3_358.3_379.3_380.4_414.7_437.4_461.1_467.2_506.6_526.4_544.8_585.7_617.8_663.6_719.1_787.7_832.4_909.8_984.4_1038.3_1126.8_1237.9_1382.3_1499.5_1637.7_1824.6_2030.1_2293.8_2562.2_2788.1_3126.8_3253.2_3534.6_3930.9_4217.5_4460.1_4736.4_5100.4_5482.1_5800.5_5992.1_6342.3_6667.4_7085.2_7414.7_7838.5_8332.4_8793.5_9353.5_9951.5_10286.2_10642.3_11142.2_11853.3_12623_13377.2_14028.7_14369.1_13939_14526.5">
     
  7. I wonder how that chart would look without federal spending being included as part of gdp?
     
  8. Expect a lot more of this. Obama is in deep trouble. Voters sense he is a decent guy totally in over his head. Throw in his weak leadership ability, his notoriously thin skin and his haughty arrogance and you have a president with little to run on. Oh yeah, "he" killed OBL.

    So it's back to Bush. Did Ronald Reagan spend his first four years whining about the mess Jimmy Carter left him? Not that I recall. but he was a leader.

    The question is not who was solely responsible for each dollar in the budget four years ago. The question is who has a clue going forward what needs to be done. We know what obama plans. Higher taxes, more union bailouts, more stifling regulation.

    Romney at least knows how to read a balance sheet and appreciates that there is a private sector and its function is more than to support government unions.
     
  9. I can't wait for the movie to come out!!!! I wonder if Obama will play himself?
     
  10. "Privately, senior Obama advisers say they are no longer expecting much economic improvement before the election. …"
     
    #10     Jun 12, 2012