More Bush-Bashing, eh? This guy points to a deficit incurred during Bush's last year and then ignores what the Boy Messiah has done since. The graph contains mostly projections(4/5ths?) which, in the world of economics, is routinely, unofficially laughed at.<quoted text>
It is a standard talking point of Republicans and deficit hawks of all political stripes that federal spending is out of control; that major surgery is needed, especially on entitlement programs such as Social Security and Medicare, to get the budget on a sustainable course.
In fact, our long-term deficit situation is not nearly as severe as even many budget experts believe. The problem is that they are looking at recent history and near-term projections that are overly impacted by one-time factors related to the economic crisis and massive Republican tax cuts that lowered revenues far below normal.
Taking a longer-term view, such as that in a recent Treasury Department report, shows that our longer-term fiscal problem is in fact quite manageable.
Read more at http://www.thefiscaltimes.com/Columns/2013/01...
conservative economist who worked for Reagan. and check it out. he's cited all the data. i really like this one...
.....if we look at projections from the Congressional Budget Office on January 7, 2009 – while Bush was still in office and which do not incorporate any Obama policies – we see that the deficit was projected to rise from $455 billion in 2008 to $1.2 trillion in 2009 under existing law.
The actual deficit for fiscal year 2009 was $1.55 trillion. But the difference was due entirely to lower revenues than expected, not higher spending. Outlays in fiscal year 2009 actually came in below CBO’s projection –$3,518 billion actual vs. a projection of $3,543 billion.
Aside from the runaway(and, according to the author, supposedly harmless)interest, everything appears to be relatively smooth all the way to the next century!
This is laughable.....and they lived happily ever after:]
Your Copy-n-Paste talents are noted. Now go away, little boy.