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petepeters

Quite a fiscal legacy

131 posts in this topic

By one count, the president has publicly vowed to “solve problems, not pass them on to future presidents and future generations” upwards of 400 times. Heres a few of them: Oct 2, 2004 ... I believe it is the job of a President to confront problems, not pass them on to future Presidents and future generations

Oct 31, 2004 ... But I also know the job of a President is to confront problems, not to pass them on to future Presidents and future generations

Jan 26, 2007 ... And in my judgment, now is the time to fix this problem and not pass them on to future Congresses and future Presidents

As the clock starts to run out on Bush’s presidency, we know, of course, that the opposite is true. Global warming, the war in Iraq, the war in Afghanistan, a weak economy … not only is Bush passing monumental problems onto his successor, he’s created new ones that didn’t exist when he got there.

This is especially true when it comes to the federal budget. Bush inherited the largest surplus ever recorded ($128 billion), but his fiscal legacy is a painful one.

The White House on Monday predicted a record deficit of $490 billion for the 2009 budget year, a senior government official told CNN.

The deficit would amount to roughly 3.5 percent of the nation’s $14 trillion economy.

The official pointed to a faltering economy and the bipartisan $170 billion stimulus package that passed earlier this year for the record deficit.

Senate Budget Committee Chairman Kent Conrad (D-N.D.) said Bush “will be remembered as the most fiscally irresponsible president in our nation’s history,” adding, “If they gave out Olympic medals for fiscal irresponsibility, President Bush would take the gold, silver and bronze. With his eight years in office, he will have had the five highest deficits ever recorded. And the highest of those deficits is now projected to come in 2009, as he leaves office.”

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Come on now, the deficit wouldn't be all that bad if you took the war spending out of the equation.....wait.....what???? wink

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Unfortunatly to make the deficit look better the monies for Iraq And Afgan wars were not included,There was something else not included but I dont recall what it was.

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Unfortunatly to make the deficit look better the monies for Iraq And Afgan wars were not included,There was something else not included but I dont recall what it was.

The housing lending bailout.

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Yep, some village in Texas is about to get their one-who-thinks-I-am-silly back. Can't happen soon enough for my taste. From Bush's own own mouth here are his views of the economy.

"The economy is growing, productivity is high, trade is up, people are working. It's not as good as we'd like, but -- and to the extent that we find weakness, we'll move." --George W. Bush, Washington, D.C., July 15, 2008

"And so the fact that they purchased the machine meant somebody had to make the machine. And when somebody makes a machine, it means there's jobs at the machine-making place." --George W. Bush, Mesa, Arizona, May 27, 2008

"Wait a minute. What did you just say? You're predicting $4-a-gallon gas? ... That's interesting. I hadn't heard that." --George W. Bush, Washington, D.C., Feb. 28, 2008

"My job is a decision-making job, and as a result, I make a lot of decisions." --George W. Bush, The Decider, Lancaster, Pa., Oct. 3, 2007

If anyone knows what he is talking about can you please post an explaination. I'm scratching my head over here.

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I'll give you he's a bit of an one-who-thinks-I-am-silly when it comes to public speaking. I'm not a bush backer, but I'd take him again over the Heinz Frankenberry. I'd probably take him over Obama as well. But that's just me.

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When comparing Bush and Obama I guess the decision really is...

Do I want someone who I know can't do the job...or... Do I want someone who might not be able to do the job?

I'll take my chances with the new guy. I bet the republicans are glad Bush isn't running against Obama.

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When comparing Bush and Obama I guess the decision really is...

Do I want someone who I know can't do the job...or... Do I want someone who might not be able to do the job?

I'll take my chances with the new guy. I bet the republicans are glad Bush isn't running against Obama.

And which one would that be. I know neither one can do the job. laugh

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Well one has proven it for 8 years, it remains to be seen for the other. Can't be any worse thats for sure.

Wanna bet?

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The next President could sell America to China and it would still only be a slightly worse job leading the nation then George W did.

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I would call it complete failure! The other Hope,the third Mc he sure changes even more so than obama! That cant be trusted,after hes in hes already set for acceptable change,He'll just that was my first platform!

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So let me get this straight, according to the bush-haters, if Obama wins and things get better it will all be due to the work of Obama, but if things don't get better or God forbid get worse it won't be Obama's fault it will STILL be Bush's fault, is that right? Seems odd to me....

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As to the wars in Iraq and Afghanistan, since 2001 they have accounted for $750 billion in federal spending, about 4% of all spending. You can feel free to check this with the Congressional Budget Office at cbo.gov. (There is a ton of great info at the site). For the sake of argument, I'll say that this is unnecessary spending. However, that still leaves us with another 96% to hash out.

Funny, but the federal budget continues to grow at the same rate since the Dems took over Congress in 2007. They have not solved the spending problems as they promised when running in 2006. (Remember, the spending bills have to pass through Congress before being signed by the Pres). I’m guessing we’ll see that plan rolled out at about the same time they bring forth the plan to reduce gas prices. I remember in May of 2006 when Pelosi promised a plan to reduce the price of gas. Over two years have passed without this plan being unveiled.

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As to the wars in Iraq and Afghanistan, since 2001 they have accounted for $750 billion in federal spending, about 4% of all spending. You can feel free to check this with the Congressional Budget Office at cbo.gov. (There is a ton of great info at the site). For the sake of argument, I'll say that this is unnecessary spending. However, that still leaves us with another 96% to hash out.

Funny, but the federal budget continues to grow at the same rate since the Dems took over Congress in 2007. They have not solved the spending problems as they promised when running in 2006. (Remember, the spending bills have to pass through Congress before being signed by the Pres). I’m guessing we’ll see that plan rolled out at about the same time they bring forth the plan to reduce gas prices. I remember in May of 2006 when Pelosi promised a plan to reduce the price of gas. Over two years have passed without this plan being unveiled.

Very good points. I would like to know how the Dems are fixing things in Congress cause I haven't seen a thing. And again, they voted to go to war as well. As for fixing the gas prices, if they are anything like the MN Dems, they aren't intersted. Didn't we just get the biggest gas tax hike in history out of this session. Way to go guys, on the wings of record gas prices, tax the heck out of us!!! mad

Yep, hope BHO gets in so things get better!! cool

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The fact that the deficit is only (I say 'only') 3.5% of the economy actually give me hope. That is not horribly out of line. An analogy would be someone earning $30,000 borrowing $1000.

The problem is, you can't keep doing it year after year after year after year. And even when you finally stop borrowing, you still have to pay back that $1000.

This government has to get its spending under control...the evil wealthy are not a bottomless well that we can keep going back to for more and more tax revenue.

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Originally Posted By: Mid-Lake Rock
As to the wars in Iraq and Afghanistan, since 2001 they have accounted for $750 billion in federal spending, about 4% of all spending. You can feel free to check this with the Congressional Budget Office at cbo.gov. (There is a ton of great info at the site). For the sake of argument, I'll say that this is unnecessary spending. However, that still leaves us with another 96% to hash out.

Funny, but the federal budget continues to grow at the same rate since the Dems took over Congress in 2007. They have not solved the spending problems as they promised when running in 2006. (Remember, the spending bills have to pass through Congress before being signed by the Pres). I’m guessing we’ll see that plan rolled out at about the same time they bring forth the plan to reduce gas prices. I remember in May of 2006 when Pelosi promised a plan to reduce the price of gas. Over two years have passed without this plan being unveiled.

Very good points. I would like to know how the Dems are fixing things in Congress cause I haven't seen a thing. And again, they voted to go to war as well. As for fixing the gas prices, if they are anything like the MN Dems, they aren't intersted. Didn't we just get the biggest gas tax hike in history out of this session. Way to go guys, on the wings of record gas prices, tax the heck out of us!!! mad

Yep, hope BHO gets in so things get better!! cool

Ok, as for the gas tax- what, we have increased it 5.5 CENTS. I just paid 4 dollars a gallon for unleaded, almost a dollar more than last year!!!! How does do those two compare!!!! I am sick of people blaming the gas tax for the price of gas. Hello, our infrastructure is falling apart around us. How should we pay for it?? Maybe we should borrow more, oh wait, see national deficit. Oh, when was the last gas tax increase, I think it was 2 decades ago. Our neigbors to the east still pay more in gas taxes as we do. One last point, Minnesota gas prices have been consitantly less than the national average.

Congress does not have override majority, so why even try to pass any legislation when in a few months we may have a democrat as commander in chief.

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The next President could sell America to China and it would still only be a slightly worse job leading the nation then George W did.
I think its already being sold to them.

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Ok, as for the gas tax- what, we have increased it 5.5 CENTS. I just paid 4 dollars a gallon for unleaded, almost a dollar more than last year!!!! How does do those two compare!!!! I am sick of people blaming the gas tax for the price of gas. Hello, our infrastructure is falling apart around us. How should we pay for it?? Maybe we should borrow more, oh wait, see national deficit. Oh, when was the last gas tax increase, I think it was 2 decades ago. Our neigbors to the east still pay more in gas taxes as we do. One last point, Minnesota gas prices have been consitantly less than the national average.

Congress does not have override majority, so why even try to pass any legislation when in a few months we may have a democrat as commander in chief.

Right on, Sparkybear! (Maybe we could just call it a user fee to placate some of the righties)

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Originally Posted By: nofishfisherman
When comparing Bush and Obama I guess the decision really is...

Do I want someone who I know can't do the job...or... Do I want someone who might not be able to do the job?

I'll take my chances with the new guy. I bet the republicans are glad Bush isn't running against Obama.

And which one would that be. I know neither one can do the job. laugh

With the debt service obligatations, earmarks, 'Medicare/Social Security costs, and the 'War on Terror, I'm not sure who can fix this.

Six years of a republican majority cutting taxes for much richer republicans than those typically found on this site and a big bite for the Military Industial Complex haven't made things any easier.

Where the [PoorWordUsage] is the fiscally conservative party/candidate?

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When we had the gas tax hike it seemed big at the time. But the fact of the matter is that MN was not keeping up with increases in the gas tax over the years. Other states phased in small hikes over several years, but we did one big one all at once.

Our roads are falling apart so it was needed. In truth it was needed for years the price of road work is like anything, it always gets more expensive as time goes on. We were trying to pay for more expensive road work on a multitude of failing roads while we were still operating on an outdated budget with an outdated gas tax. We are now caught up with the rest of the country.

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Quote:
So let me get this straight, according to the bush-haters, if Obama wins and things get better it will all be due to the work of Obama, but if things don't get better or God forbid get worse it won't be Obama's fault it will STILL be Bush's fault, is that right? Seems odd to me....

fisherjmb, this seems odd? Please go back & see: Bill Clinton, Prez 1992-2000. The Bush-haters learned that trick from the right.

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