We're broke thanks to Bush,Pelosi & Reid, but mainly due to Obama

Posted by: Barthélemy Barbancourt

Tagged in: Untagged 

In early 2001, the Congressional Budget Office projected that the USA will accumulate a total of $5.6 trillion in budget surpluses from 2002 through 2011, but the government instead racked up $6.2 trillion in new debt in this very time. This is an $11.8 trillion swing in a mere ten years.

The CBO works with numbers available at the time of the calculations without factoring in potential troubles such as a 9/11 Terror Attack, business corruption and so on. These eventualities were not considered when the agency projected the trillions in surpluses a decade ago. Regardless and for what it is worth, here is how the $12.03 trillion* turnaround happened according to the CBO (the numbers are approximate):

 30.6% of the turnaround took place in the Bush Republican Years (2001 through 2006) with an annual average of $612 billion.

15.2% took place in the Bush Democrat-controlled years (2007 and 2008) with an annual average of $914 billion.
54.1% took place since Obama became President (in early 2009) with an annual average of $2.167 trillion.

So the blame for a $12 trillion swing is 31% the fault of Bush and the Republicans over 6 years. 15% was Bush-Pelosi and Reid over 2 years and 54% is Obama's fault over 2 years.

I'd say that is about right, Bush and the Republicans spent too much, but they didn't go insane. Pelosi and Reid made things worse, but it took Obama for the process to go completely ballistic.

How can anyone wonder why people are sick of government spending?
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Ed Salden
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written by Ed Salden , July 25, 2011

The projections of budget surplus made at the end of the Clinton administration were made with the idea that the tech bubble would continue to inflate. It didn't.

The tech bubble popped around the time of the attacks in 2001.

Then in '08 the real estate bubble burst too. Then the Bush administration and congress enacted the massive bailout that mostly was implimented under Obama, who you blame for the whole problem.

I say you're wrong.



Ed Salden
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written by Ed Salden , July 25, 2011

My mistake. You blame him for just over half of the problem.

I still think that's too much.



TomC
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written by TomC , July 25, 2011

A combination of the tech bubble and 9/11 is the reason for the dip that was definitely in a corrective state when the Dems took over the legislature in 2007. We would have been in surplus in 2007 were it not for the free-spending Bush and the prescription drug program, even with the wars.

The TARP bailout was enacted by the free-spending Bush and a Democrat legislature and most non-Fannie/Freddie money have been returned--with interest.

TARP was wrong, but not as wrong as the Obama stimulus plan and Obama/Democrat insane spending over the last 2 years. I think the proportions are pretty close to accurate for debt responsibility. I might give GW a shared responsibility with the 2007-2009 Democrat legislature amount, but I would do likewise for the 2009-2011 legislature with Obama.



Woody
sick of WASTEFUL government spending.....
written by Woody , July 26, 2011

and greed...Our country is in dire need of another greatest generation right now. I sure don't see it in Washington or in this blog for that matter. I say your wrong too. Funny how raising the debt ceiling 7 times during 2000-2008 did not raise the Republicans hackles at all but it's portrayed as some sort of armageddon now. How sad and petty.


Jim ross
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written by Jim ross , July 26, 2011

The hatred for Obama from the right has officially surpassed the fanatical hatred of Bush from the left. And numbers like the ones Bart posted above prove that people are beyond thinking rationally about public policy these days.

Total cost of new policies under Bush: $5.07 trillion.

Total cost of new policies under Obama (including projections to 2017): $1.44 trillion.

My God Obama is an out of control, free-spending, American-hating liberal.



Sequel
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written by Sequel , July 26, 2011

The hatred for Obama from the right has officially surpassed the fanatical hatred of Bush from the left.

Sorry. I haven't seen any plays or movies where Obama is murdered. I haven't seen any giant paper mache puppet Obama/hitler heads. I haven't seen any mainstream people accuse Obama of murder.

We just think he's a leftist ideologue who through a combination of incompetence and wrongheaded douchebaggery has screwed the pooch big time. It ain't hate, we just want him out of office ASAP to minimize the damage.



Sequel
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written by Sequel , July 26, 2011

Also I don't know what kind of funky math you are doing there JR, But Obama and the Harry Pelosi blew a trillion on the stimulus alone.


Barthélemy Barbancourt
What?!???
written by Barthélemy Barbancourt , July 26, 2011

$1.44 trillion is the yearly Obama deficit. He has increased the size of government to 25% of GDP. Obamacare alone will add $1 to $3 trillion to the deficit over the next 10 years.

You can disagree on philosophy, but the numbers are what they are. Obama, Pelosi and Reid have presided over and explosion in government spending that has destroyed the US economy. The Housing crash didn't have to occur, there were plenty of warning that people like Barney Frank ignored.

Obama inherited a bad economy thanks to liberal policies, some signed into law by Bush. Obama has made things worse with his spending and expansion of government. Happily pols show that more Americans agree with me that our country is on the wrong course and Obama is a major part of the problem.



Woody
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written by Woody , July 26, 2011

We know many times over that you think Obama is part of the problem. So, what is your solution Bart if you have one?


Barthélemy Barbancourt
cur spending annd deregulate
written by Barthélemy Barbancourt , July 26, 2011

The solution isn't that hard if you aren't looking for solution in the faculty lounge.

The best way to get the budget in order is to grow the economy. The best way to get the economy growing is to get government out of the way.



jk noreen
Difficult, but simple solution
written by jokin , July 26, 2011

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written by Woody , July 26, 2011

"We know many times over that you think Obama is part of the problem. So, what is your solution Bart if you have one?"

Bart, did you get a new editor or does sticking to the facts simply need no editing? These numbers are sobering and close to 3/4 of the American people have figured it out, even if the Congresscritters and the O haven't.

The economy would turn around overnight, if for FY 2012, we passed the exact spending budget from 2007 and decertified, while putting a stake through the heart for all-time, Obamacare.

Even if Obycare was well-intentioned, the timing with respect to our fiscal situation (much the same as Medicare Part D under Bush) and way it was passed make it illegitimate in a country already burdened with $150 Trillion in unfunded liabilities.

The discredited Keynesian Obama budgets were also criminal, going mostly to his cronies in government, unions and corporate pals with no significant "stimulus" effect whatsoever.






TomC
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written by TomC , July 26, 2011

Bringing the sports into this discussion to make a point. The NFL and the players have just completed a 10 yr deal. On one side of the discussion, you had the owners and on the other the players, each pulling in opposite directions for the long term vitality of their business.

Government, in contrast and including the just completed state deal, we do not have opposing sides. Neither side, the Dems and the Reps, have any "skin" in the game. Both sides are dealing with our,the taxpayers', "skin." The point of controversy is how much of our money, our financial reputations, and our long-term financial viability the 2 sides can pull away from us.

Obama and the Dems, for 2 and 4 years, respectively, and to a lesser extent, Bush before him, have managed record amounts at record rates. They have managed to redraw the baseline upon which all future "cuts" are based.

The solution, I believe, is to rewire the Washington mindset to use a zero-baseline--ideally, though unrealistically 2006 levels, as the basis for spending instead of the 7-10% built-in growth baseline that is currently in use.



Woody
You're not alone Bart....
written by Woody , July 27, 2011

"The best way to get the budget in order is to grow the economy. The best way to get the economy growing is to get government out of the way". ???

Rep. Boehner doesn't have the solution either apparently. I believe he is a part of the solution but he is severely hamstrung by the Tea-partiers. I actually feel pretty bad for the guy because I believe he wants to do the right thing here.






Barthélemy Barbancourt
Boehner isn't President
written by Barthélemy Barbancourt , July 27, 2011

He only controls 1/2 of 1/3 of the government. The problem today is that way too many people in DC don't have a freaking clue how to turn this around, Dems and Republicans.

It doesn't help that 1/2 of the people in DC think bigger government is the solution, or even possible for much longer. Greece, Ireland, Italy, Portugal and Spain are showing us what will happen if we don't get our fiscal house in order.

I admit that we should have done this in the good times as it is that much harder to do in bad times, but tough things need to be done and we are running out of time.

The country won't recover until we get a White House, House and Senate that really believe creating jobs is the #1 priority. Not the environment, not green jobs, not welfare, not SS. Without a healthy economy, we are screwed. Repealing Obamacare would help, so would really repealing the drilling ban, scaling back the EPA, Reducing corp & capital gains taxes and eliminating the Death Tax forever.

If the President and Congress are really serious about creating jobs, why haven't they set up a committee to evaluate which laws are killing the most jobs? Because they can't admit that Washington is the problem.



TomC
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written by TomC , July 27, 2011

Boehner doesn't want to do the right thing, he has to do the right thing or there is no point in doing anything. An austere government is a good government, and this government will have to be exceedingly austere if there is not a debt ceiling increase.

Starve the beast! They are still only talking about $1-2T of cuts over 10 years, and that is on a 7.5% annually increasing baseline. 7.5% of $3.7T is $277B. They are talking about cutting $100B of that increase. This is nonsense! This is insane! Who budgets like that besides government?

Zero the baseline and make cuts from there.Better yet, zero the baseline at 2007 and start from there.



jk noreen
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written by jokin , July 27, 2011

written by TomC , July 27, 2011



"Starve the beast! They are still only talking about $1-2T of cuts over 10 years, and that is on a 7.5% annually increasing baseline. 7.5% of $3.7T is $277B. They are talking about cutting $100B of that increase. This is nonsense! This is insane! Who budgets like that besides government?

Zero the baseline and make cuts from there.Better yet, zero the baseline at 2007 and start from there."

Golly, TomC. You sure sound like one of those darned "hamstringers" who protest at letting Boehner "do the right thing" with the debt ceiling and the budget. You actually cited facts for heaven sakes! Proposing solutions that would actually work? Outrageous! Don't you know that it's "common sense" for the federal government to do the exact opposite of what any person or business or even state government would do when expenditures exceed income? Because according to Woody, it's certifiably crazy to question why "common sense" is: doubling the deficit in the last 5 years; maxing out your credit cards and then instead of cutting back on your spending- you open up ever more accounts in the midst of this financial crisis starting up yet another new massive government medical care program with supposed "cuts" from Medicare- which was already going broke and; continuing to play this shell game of $1/$2/$3 Trillion "deficit cuts over 10 years" garbage that nobody but morons believe are real numbers, anyone even with a double-digit IQ knows these "proposals" are flim-flam.

Besides Woodrow and his ilk being guilty for faithfully mouthing NYTimes/DU/DKos talking points about Tea Party "crazies" threatening to disrupt the oh-so-smart status quo US government's Autmotatic 10% Annual Budget Growth Gravy Train, Dems and Repubs also share the blame for this status quo budgeting kabuki theater. They go to DC and quickly become beholden to the Beast and end up blithely serving it, lest they themselves get swallowed up.






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