He's just joking ya so he can raise your taxes. We still have the power of the printing press. Besides, he still hasn't spent his trillion dollar annual budgets yet nor inacted his trillion dollar government healthcare plan. I especially like how he makes sure to state that none of this is his fault. He was in the Senate but even if the deficits were none of his fault that doesn't excuse him for quadrupling the deficit on his watch. Anyway, hold on to your wallet. The biggest tax increase in history is coming. Let's call it "The Obama Mega Tax".
But a tax increase would deter economic growth. I see more tax cuts coming, unless you're referring to inflation as the Obama Mega Tax.
....to clean up the mess Bush and the Republicans created. You can cut your income and give money away from your credit cards for a limited time. Eventually it's time to pay the piper. With Chinese buying Gold instead of USD , the British and now the Japanese back in a depressionary cycle, you got no one to borrow from. Time to increase income, or cut your living cost. Or both. Time to pay back the piper for the mess Bush and Republicans created.
In Obama's first year in office, he over spent (deficit) by more than Bush's first 7 years in office. So how is the deficit Bush's problem, when Obama has taken it up several notches? I'm not defending Bush's over spending, but you have to face the facts that Obama is spending more than Bush every dreampt of.
It has always been rationed, whether folks wanted to admit it or not. What it is now time for is putting some logic and rationality into the rationing process.
absolutely true that Obama is bringing the deficit to new heights but to say that Bush had nothing to do with the problem is just a wee bit off. in my opinion i am not saying that greed on the part of the lenders, brokers and buyers didn't play a part in the current debacle but the economy, whilst Bush was in office, was so totally cornholed that we now have to pay for it. even looking back at GDP growth during his tenure and you will see that a lot of that was actually due to the housing bubble that engendered the credit crunch and spiraling destruction of assets we are now PAYING for. (pay, as mentioned twice now, shall be used henceforward to substitute for the ET Obama related commonly used word "spend" or if using the present continuous tense, "spending") even the mountainous deficit you are all crying about to pay for this mess, would you not say it started when... now think about it... when... c'mon, i know you can recall... right about the time that the market blew out bloody diarrhoea manifest as a 20+% drop in just over a week... right, October 3rd, George W. signed the rather sizeable sum of $700 billion to be used for... starting to PAY for the problems that happened to materialize whilst he was in office. really though, for all you cassandra complex riddled conservatives, don't let it worry you as the CBO does NOT predict the crazy inflation or unemployment that most ETers seem to like to rant about and actually, they have been historically slightly more accurate than say, Rush Limbaugh. on him, it may surprise you to know that he was saying frighteningly similar things about the havoc Clinton's administration would wreak upon the economy through its spending/tax hikes in his 1992 book, "The Way Things Ought To Be". true, we are in much more dire times now but all doom should be taken with at least a tablespoon of salt. fear and anger sells, the Romans ALWAYS filled the Coliseum. sure, Obama is pushing the rather spendy health care plan through in these wack times of wack spending but hey, the Dems have long believed in that, part of their schtik and probably not really an economic stimulant. so, to get to the point you made, I think, all things considered, that Bush actually could have dreamed of this amount of spending.