Sunday, October 17, 2010
Obama replaces Bush as all-time deficit builder; Low wages, not high taxes, driving jobs overseas
Obama deficits outpacing Bush
The Treasury Department announced Friday the federal budget deficit for fiscal year 2010, which ended September 30, was just shy of $1.3 trillion. Some consider this good news as it was below last fiscal year’s deficit of $1.4 trillion.
Sure. This means that every minute the federal government spent $2.5 million which, of course, it had to borrow (ultimately) from our children's future income. It also means we have a new record holder in the Oval Office.
No president in history matched George W. Bush’s budget deficits. During his 96-month administration beginning in January 2001, the federal debt rose by $2.37 trillion. A staggering sum.
No president before him even came close to W’s record. Until now. President Obama has shattered that record. The total of the monthly deficits since he took office in January 2009 is now about $8 billion higher than Bush’s total for his entire presidency.
Without any fiscal constraints from either house in Congress, this new American “king of the deficit” has now added more to our federal debt in just 21 months, less than one-quarter of the time it took Bush to accumulate in eight years. Not really the accomplishment we were looking for. Sorry, kids.
http://www.lehighvalleylive.com/opinion/index.ssf/2010/10/obama_replaces_bush_as_all-tim.html
Obama replaces Bush as all-time deficit builder; Low wages, not high taxes, driving jobs overseas
Obama deficits outpacing Bush
The Treasury Department announced Friday the federal budget deficit for fiscal year 2010, which ended September 30, was just shy of $1.3 trillion. Some consider this good news as it was below last fiscal year’s deficit of $1.4 trillion.
Sure. This means that every minute the federal government spent $2.5 million which, of course, it had to borrow (ultimately) from our children's future income. It also means we have a new record holder in the Oval Office.
No president in history matched George W. Bush’s budget deficits. During his 96-month administration beginning in January 2001, the federal debt rose by $2.37 trillion. A staggering sum.
No president before him even came close to W’s record. Until now. President Obama has shattered that record. The total of the monthly deficits since he took office in January 2009 is now about $8 billion higher than Bush’s total for his entire presidency.
Without any fiscal constraints from either house in Congress, this new American “king of the deficit” has now added more to our federal debt in just 21 months, less than one-quarter of the time it took Bush to accumulate in eight years. Not really the accomplishment we were looking for. Sorry, kids.
http://www.lehighvalleylive.com/opinion/index.ssf/2010/10/obama_replaces_bush_as_all-tim.html
