Obama reminds Americans he inherited the high deficit from Republicans
THE POST IS FURTHER DOWN...BUT LETS READ THE COMMENTS FIRST....
We would all well be reminded that the surplus created from 1992 to 2000 was done by a person who used social security funds. Research it. This person reallocated the money from the "Social Security Administration", of which is now lacking in any funds, and used the money to make the U.S. Government look like it was running a surplus. The 1992 to 2000 Administration also had the opportunity to rein Bin Laden in to save future generations from Bin Laden’s doings. They failed to do so. Read about it. The administration from 2000 to 2008 had to deal with terrorists and Osama Bin Laden’s network that the administration in the 1990’s let go. The last administration called for the SEC to disallow much of the shenanigans regarding lending and insurance on loans. The 2003 Congress would not let that administration do it. The administration in the first decade of this century basically was challenged in salvaging what the prior administration had torn apart because the 1992-2000 Administration was too busy making things look good instead of getting down to work.
when congress was recaptured by the democrats in 2006, they sat on their hands for the next two years. Didn’t do a thing to solve any problem facing this country. Their sole agenda was to do nothing so Bush could be blamed for the problems over the next two years.
It amazes me how Bush is blamed for the financial crisis, but congress administers the funds, not the president. The democrats are as guilty as any republican because they wasted two years up to the “crisis” in Oct 2008. Then, since an election was around the corner, they got religious and screamed regulation of the financial industry needed to happen right away.
John McCain had been screaming for regulating the financial industry in those two years, but democrats like Rangel, Frank and Dodd would have nothing to do with it, Only after everything fell apart in Oct of 2008 did they scream for regulation.
Those democrats should be put in jail for that.
During 7 of Bush’s 8 years in office, the deficit increased to approx. $500B. In the last six months of his last year, the Congress (including Obama) passed, and Bush signed, the $800B bailout package (necessitated by Democrat failures over the years as much as Republican). This $800B was a LOAN, not an “expenditure,” but the federal accounting process does not have any way to account for a loan, so this went down as “spending,” artificially increasing the deficit to the mythical, and false, $1.3 trillion figure. Now, for all you screaming that “it wasn’t a loan!,” guess what? $500B has already been repaid!! That’s what’s called “a loan.” There is little doubt the other $300B will be repaid as well. Thus, the REAL deficit left by Bush to Obama was $500B, not the $1.3 trillion figure that Obama likes to use to lie to the public. Now, if I know that, and (almost) everyone else knows that, how come Obama doesn’t? Well, there are 2 choices: (1) he does know that, but he’s a liar, or (2) he doesn’t know this and he’s ignorant. Ignorant or a liar, either way he’s in over his head.
Obama inheriting a huge deficit from Bush, blah blah blah. Amazingly, a lot of people still swallow this nonsense.
Budgets do not come from the White House. They come from Congress,and the party that controlled Congress since January 2007 is the Democratic Party. They controlled the budget process for FY 2008 and FY 2009, as well as FY 2010 and FY 2011. In that first year, they had to contend with George Bush, which caused them to compromise on spending, when Bush somewhat belatedly got tough on spending increases. For FY 2009, though, Pelosi and Reid bypassed George Bush entirely, passing continuing resolutions to keep government running until Obama could take office. At that time, they passed a ma$$ive omnibus spending bill to complete the FY 2009 budgets.
And where was Obama during this time? He was a member of that very Congress that passed all of these massive spending bills, and he signed the omnibus bill as President to complete FY 2009.
If the Democrats inherited any deficit, it was the FY 2007 deficit, the last of the Republican budgets. That deficit was the lowest in five years, and the fourth straight decline in deficit spending. After that, Democrats in Congress took control of spending, and that includes Barack Obama, who voted for the budgets. If Obama inherited anything, he inherited it from himself.
In a nutshell, what Obama is saying is, I inherited a deficit that I voted for and then I voted to expand that deficit four-fold since January 20th.
I have not noticed the current administration changing their historical pattern of free spending ways. They’re response to irresponsible spending is…more spending. Throw ‘em all out!
Our labor unions demand what the companies can not pay and price us out of the market by doing so. Our Gov’t gives non citizens more help than they do a native born American. You can not spend your way out of debt.
NOW....HERE IS THE POST THOSE COMMENTS RELATE TO.
Lest there be any doubt, President Barack Obama, a Democrat, blames Republicans for leaving him a huge deficit when he took office.
Heard that before? Many times, probably. The president, who is under pressure for spending associated with the $787 billion stimulus package, bank bailouts and car company rescues, introduced his budget on Monday with another reminder of what he faced when he came into office.
“The fact is, 10 years ago, we had a budget surplus of more than $200 billion, with projected surpluses stretching out toward the horizon,” Obama said.
“Yet over the course of the past 10 years, the previous administration and previous Congresses created an expensive new drug program, passed massive tax cuts for the wealthy and funded two wars without paying for any of it — all of which was compounded by recession and by rising health care costs,” he said.
The result: a $1.3 trillion deficit when he first took over the Oval Office.
On Monday his administration forecast a $1.56 trillion deficit in 2010.
Administration officials acknowledge that even though Obama didn’t create the full problem, it’s now his to fix.
What do you think? Is it right for Obama to put most of the blame for the high deficit on the opposition party and his predecessor, George W. Bush?
Expect to hear the reminder again.
Photo credit: Reuters/Jason Reed (Obama)
Labels: Barack Hussein Obama lies, BARACK OBAMA IS A LIAR, OBAMA SUX