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07-22-2010, 01:17 AM #9
Senior Member
Bailout Reaches 3.7 Trillion
The jury is still out on Obama regardless of what shrill voices like Spinning Top Islandboy say. I'm not overly impressed in some regards, but I'm reasonably pleased with health care reform, the financial reform that just passed, SCHIP expansion, credit card reform, and a few others. You can't expect him to fix in 2 years what it took Bush 8 years to break.
Originally Posted by boaz
Yes that's right, I lay it at the feet of Bush. Recall that Bush started with a $236 billion surplus. He introduced huge unfunded programs that make up 33% of today's debt burden - the unfunded Medicare Prescription plan, and the unfunded tax cuts for the rich, including $630 billion for the top 1% of income earners.
By 2004 Bush had blown through the Clinton surplus, raided the social security trust fund for $150 billion, and racked up $415 billion in deficits (total deficit is $565 if you add in the $150 stolen from social security and $801 billion if you add the $236 billion surplus that he squandered). By the time he left office we were $1.2 trillion in debt (not including sums raided or inherited), we were bleeding money from two unfinished wars in Iraq and Afghanistan, the housing market had collapsed resulting in unprecedented government intervention to bailout our financial institutions (TARP), and on top of all that our labor market was hemorrhaging 750,000 jobs per month.
Sorry, you broke it, you own it. With a record like that do you really expect us to believe that the Republicans should be in charge of anything? I wouldn't trust them with my checking account, would you? Or is this the new and improved Republicans (read Glenn Beck + Sarah Palin Teabaggers)? Hahahahaha. Give us a break already.
OK Islandboy. Your turn. Spin baby spin.
Hey it just occurred to me why you think I must be a Journo (Glenn Beck speak). It is because I can pull together disparate and complex facts and weave them into a convincing narrative that is historically accurate. Sorry. I'm just educated. It took me 3 years to get my undergrad not 7 and 2 years to get my Masters. But prove me wrong. You write and equally convincing and historically accurate rebuttal. Yeah... didn't think so. Go back to Call of Duty. That's something you do well.
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