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The Truth about the Deficit
by LiberatedWoman
Apr 05, 2011 | 836 views | 20 20 comments | 40 40 recommendations | email to a friend | print | permalink

After the repeated attacks on President Obama, it's time to examine some facts for a change:

 

National Debt Increased by 75% under Bush:

2001 - $5.871 trillion

2008 - $10.640 trillion



National Debt Increased 25% Under Obama:

Jan 31st 2009 = $10.569-Trillion

Jan 31st 2011 = $14.131-Trillion

But of the $3.56-trillion increase, 98% was carry over from Bush programs:

Bush: $910-billion = Interest on Debt 2009/2011

Bush: $360-billion = Iraq War Spending 2009/2011

Bush: $319-billion = TARP/Bailout Balance from 2008 (as of May 2010)

Bush: $419-billion = Bush Recession Caused Drop in taxes

Bush: $190-billion = Bush Medicare Drug Program 2009/2011

Bush: $211-billion = Bush Medicare Part-D 2009/2011

Bush: $771-billion = Bush Tax Cuts 2009/2011



Bush's contributions:

2001 to 2008: $4.769-trillion

2009 to 2010: $3.181-trillion

Total: $7.950-trillion

Increase Since 2001 = $14.131 - $5.871 = $8.26-Trillion

Bush's contribution: $7.950-trillion / $8.26-Trillion = 96%

Obama only contribution: $580-billion = Stimulus Spending (as of Dec 2010).

Increase caused By Bush's Programs: 96%

Increase caused by Obama's Programs: 4%

Comments
(20)
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YellowDog
|
April 06, 2011
Nice Jackbox, sexism and bigotry all in one post.

Your mom must be proud.

What do you have against gay people?

Or is it just jealousy?
laselva
|
April 04, 2011
Oops! Another Saltypork moment.

Should read "Desert Storm" I only wish it was a dessert storm. Imagine fighting it out in all that whipped cream! The loser gets a belly ache.

Ahhh..if I were in charge of the universe it would be so much more fun.
laselva
|
April 04, 2011
"First, the facts. Nearly the entire deficit for this year and those projected into the near and medium terms are the result of three things: the ongoing wars in Afghanistan and Iraq, the Bush tax cuts and the recession. The solution to our fiscal situation is: end the wars..." 

 - Christopher Hayes, The Nation

In August of last year, Randall Hoven of American Thinker, a conservative blog, voiced the opinion popular by many on the right that figures touted by Liberals are inflated. According to Hoven, the war only cost $709 billion. Much greater than Bush’s original estimate of $79 billion to be sure, but nowhere even close to the $3 trillion Nobel award-inning economist Stiglitz and Hayes tout. Hoven asks, “What’s a 323% error among friends?”

What Mr. Hoven and many conservatives overlook is the cost of war after the bombs stop falling, and let’s not forget this was funded with borrowed money, and those interest charges aren’t even mentioned in most estimates from the right.

Many economists argue that the indirect costs of the war are even greater.

A study by the Nobel Prize economist Joseph Stiglitz of Columbia University and Linda Bilmes, a budget expert from Harvard, concludes the cost could be at least $3 trillion. The figure is so large because, Professor Stiglitz says, it includes costs that official estimates do not, such as the cost of the lifetime medical care for 65,000 injured American personnel. And he says that 100,000 of the 750,000 combat troops who have been discharged so far have been diagnosed with mental health problems.

On the strength of evidence from previous conflicts, he said, still others will have various health and mental problems in the future. There will be disability pay and health care costs to the US budget that will continue for several decades. He estimates these costs could add another $600bn to the price of the war.

In reality the overall cost of the Iraq war is approaching that of World War II, which cost the US $5 trillion in today’s money.

Direct costs: $750bn

Future direct costs: $500bn

Cost of US casualties: $600bn

Losses to economy: $400bn

Added interest: $600bn

Macro-economic impact: $1-$2 trillion

sources: CBO, OMB, Stiglitz and Blimes

In case one thinks this is all speculative, do a little research and find out just how many service personnel from Dessert Storm have died or filed for disability.

smartdude
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April 04, 2011
LW acording to presidentialdebt.org Bush increase was 89% Clinton 36% Bush l was 55% Reagon 189% Carter 42%. No typo on Ronnie it was 189% Republican /coservative ?????????????
YellowDog
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April 03, 2011
lol I don't think there is a cure for Obama Derangement Syndrome. Apparently one way to alleviate symptoms is to immerse oneself is stupidly altering existing pictures using photoshop.