Change! Obama's Monthly Deficit Tops Bush's Yearly Deficit
Posted by Jim Hoft on Friday, November 13, 2009, 12:14 PM
More Hope & Change–
Obama’s October Deficit topped Bush’s Deficit for All of 2007
Team Obama was off on their October budget predictions by nearly $20 billion.
The deficit for the first month of the 2010 fiscal year reached $176 billion.
(It must be Bush’s fault, right?)
The Wall Street Journal reported:
The federal government kicked off fiscal year 2010 by posting its widest-ever October budget deficit, the Treasury Department said Thursday.
The $176.36 billion gap is more than $20 billion wider than the shortfall recorded in October 2008, driven up by lower tax receipts, stimulus-related revenue reductions and consistently high government outlays.
…The October deficit figure is wider than the Congressional Budget Office’s estimate for a $175 billion deficit in the month and wider than the $165.9 billion expected by analysts surveyed by Dow Jones Newswires.
President George Bush never did this.
Obama tripled the national deficit his first year in office and he’s off to a record-setting start in fiscal year 2010.
Despite the wars in Iraq and Afghanistan, Hurricane Katrina, the Clinton Recession he inherited, and the 9-11 attacks, President Bush brought down the national budget deficit from 412 billion dollars in 2004 to 162 billion dollars in 2007.
On July 11, 2006, the Bush Administration announced they were revising midyear budget estimates. They changed their projections after they discovered that greater than expected tax revenues would drop the deficit below 300 billion dollars. Budget Director Rob Portman drove home the message later that day telling reporters that this latest revision was proof that the administration’s tax cuts were working.
This wasn’t a one time event. During the Bush years, despite the 2000 Recession, the attacks on 9-11, the stock market scandals, Hurricane Katrina, and wars in Iraq and Afghanistan, the Bush Administration was able to reduce the budget deficit from 412 billion dollars in 2004 to 162 billion dollars in 2007, a sixty percent drop. In 2004 the federal budget deficit was 412 billion dollars. In 2005 it dropped to 318 billion dollars. In 2006 the deficit dipped to 248 billion dollars. And, in 2007 it fell below 200 billion to 162 billion dollars. During the Bush years the average unemployment rate was 5.2 percent, the economy saw the strongest productivity growth in four decades and there was robust GDP growth.
Then again Bush cut taxes while Obama has decided to spend his way out of this recession.
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Hypogean commented:
This is why Obama is promising to become a “deficit hawk”–but only after all his deficit-ballooning measures are law.
And they just said on the radio that he wants “comprehensive immigration reform” by early next year.
The Dems are looking at electoral slaughter in the next few elections, despite all the insistence to the contrary. Why are they acting as though they’re not worried? Because they think they can talk their way out of it:
I asked whether Obama, after presiding over the stimulus, the bailouts, the big Democratic budget, the House cap-and-trade vote, health care reform, and finally, a tripling of the already-high federal deficit, could plausibly position himself as a spending hawk. “Their principle failure is that they have allowed themselves to be defined as government interventioners and huge spenders,” the strategist told me. “If he becomes the great expander of government and the great increaser of spending, he’s going to get destroyed in 2012.”
But Obama already is the great expander of government and the great increaser of spending, I said. There’s a factual basis for his image. How can he change that? “He’s got the bully pulpit,” the Democrat said. “When he opens his mouth, everybody writes it. He needs to open his mouth on this and frame it and define it until it’s holy writ.“
http://ace.mu.nu/archives/294707.php
See? There’s no secret plan to stay in power forever. The Dems just think Obama can charm us into disbelieving our own eyes and ears. Obama and Co. are still living in 2008. They’re going to be overtaken by events in a big, big, big way.
ahem commented:
Come on, there’s still 6 weeks to go in this year. Surely, the Dems can run it up even higher. Gobama! Gobama!
(Seriously, our future–and that of our children–is screwed.)
My only satisfaction is knowing that, if we ever regain the reins of power–and, franky, that’s a very big if–the Dems will be permanently out of business.
Ladue Pundit commented:
Don’t worry, Obama is going to use the stimulus and bailout funds to pay down the deficit.
It’s like taking out a 2nd mortgage to pay off your 1st mortgage.
Biden must be helping. “We have to spend money to save money.”
…………………………………
BigJ commented:
I’m not surprised.
I wonder how long it will be before some Bush hater/Obama lover comes along and blames Bush for Obama’s incompetence.
Willa commented:
That chart is astounding. It made me sick to my stomach
pjean commented:
I also heard today that Obama spent more on new programs in only nine months, than Clinton did in his eight years in office. Yeah, that’s CHANGE, alright.
Richard Romano commented:
Hypogean
November 13th, 2009 | 1:48 pm | #1
And they just said on the radio that he wants “comprehensive immigration reform” by early next year.
Is immigration reform a winning strategy? I can’t see how our fellow citizens will be open to granting citizenship to people who crossed over illegally and don’t pay taxes.
Why would he want to do this? To gain 11 million votes?
Mike W commented:
Who would have ever thunk that spending your way out of debt was going to work. YES WE CAN!YES WE DID!YES WE ARE BROKE!
naturalfake commented:
Well, of course.
PRESIDENT OBAMA MEETS WITH TAX-EVADING ALIEN
Believe it or not, this is real hard news.
And my first American exclusive!
Jamest155 commented:
God bless you President George W. Bush, the greatest president in american history. Boy, do we miss you now!
Jim K. commented:
“This is why Obama is promising to become a ‘deficit hawk’–but only after all his deficit-ballooning measures are law.” — Hypogean
One could see this proposed as some sort of koan: The party of big government wishes to reduce the deficit.
Hypogean commented:
Richard Romano
November 13th, 2009 | 3:20 pm | #8
Is immigration reform a winning strategy? I can’t see how our fellow citizens will be open to granting citizenship to people who crossed over illegally and don’t pay taxes.
Why would he want to do this? To gain 11 million votes?
Total, abject incompetence and a kind of panicked frenzy that you sometimes see in the midst of catastrophes.
One of the most haunting literary images I’ve ever come across described a French village during World War I. The inhabitants all left prior to an American offensive by green troops who had never seen combat. The Germans began shelling the town as the Americans arrived, and then sent in elite shock troops, battle-hardened veterans who knew what they were doing. During the savage house-to-house fighting that followed, the American troops discovered two things: wine cellars and pianos. Every single home had both.
As the battle continued, the American troops got drunk on wine and began playing the pianos. Most of the soldiers were average Joes with no musical training, of course, so they just banged on the keys like maniacs. Since the windows of the houses had been blown out by the shelling, troops out in the streets heard the cacophony of hundreds of pianos being played, as if by frenzied gorillas.
Shelling, hand grenades, flamethrowers, machine-gun fire, mortars, grenade launchers, rifle shots, smoke, screams, and pianos thundering and tinkling away. It was a scene of total madness, and that’s what’s happening in the federal government now. The green troops have been overcome by their first battle, and they’ve lost their minds.
anonymous commented:
It is not Bush’s fault! It is Obama!
squeaky commented:
…The self-righteous welfare statists in the suburbs can feel warm moments of satisfaction for having elected a Black person……………….
So, toast yourselves: 60s countercultural radicals, 80s yuppies and 90s bourgeois bohemians. Toast yourselves, Black America . Shout your glee Harvard, Princeton, Yale, Duke, Stanford, and Berkeley. You have elected, not an individual who is qualified to be president, but a Black man who, like the pragmatist Franklin Roosevelt, promises to – Do Something! You now have someone who has picked up the baton of Lyndon Johnson’s Great Society. But you have also foolishly traded your freedom and mine – what little there is left – for the chance to feel good.
http://sidestreetriot.com/?p=743&cpage=1#main
S. Wolf commented:
They’ve elected a man who despises America. And there is no way in hell any real American can or will do anything that a president who despises the US wants. So let the cold war begin until the punk is gone.
Eric commented:
Failure is eminent. Catastrophic failure is likely. Ultimate failure is possible. Force health care through by Christmas, watch for a million businesses to close by Valentines day. Double the unemployment rate in one fell swoop and there won’t be a single democrat vote in 2010. There may not be a single democrat politician by then. Illegals won’t be an issue, nor will anything else if they keep moving in their current direction.
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