The Mudcat Café TM
Thread #122665 Message #2693051
Posted By: Greg F.
03-Aug-09 - 05:24 PM
Thread Name: BS: Good News for Unemployed Americans
Subject: RE: BS: Good News for Unemployed Americans
There's nobody like our boy Douggie for disinformation and arguing from ignorance.
I can't say it better than Dave Zweifel:
All of Obama�s spending so far hasn�t added as much to the national debt as did George W. Bush�s $1.3 trillion tax cut for our country�s wealthiest people � and that�s not counting the contrived war that he started.
When Bush left office he left the country with a $10.6 trillion national debt and an economy that was falling off the cliff. In fact, he began the bank bailouts several weeks before the end of his term and demanded no oversight of what they were getting.
That $10.6 trillion was more than two and a half times the debt that Bill Clinton had left him in 1993. The $4 trillion debt at the time was being whittled down by a federal budget that was actually in the black. Then along came Bush, who like Ronald Reagan before him thought he could fix the economy by spending tons on the military and cutting taxes at the same time. Funny, but the Mitch McConnells and John Boehners of the Republican hierarchy in Congress weren�t complaining a bit about all that red ink back then.
The national debt stands at about $11.4 trillion today and unless the economy turns around quickly, which is highly doubtful, it will grown substantially larger in the coming years. Obama thinks the deficit will start coming down in a couple of years; others fear it will take much longer.
Such a huge national debt is not good, but it wasn�t good at $10.6 trillion either, especially when it was brought about by foolish tax cuts and spending close to a trillion dollars on a war in Iraq. Today�s deficits are necessary to save the economy from plummeting even further and hurting millions more people than the millions who have already been hurt.
Perhaps the GOP thinks it can blame Obama, but the American people hopefully have longer memories.