GOP decides ‘It’s the economy’ for 2010

[Roger Perry]

During the last 8 years the Bush administration took us from a surplus to trillions in debt. Can anyone tell me how a republician administration can find a solution to fix the economy? I would be willing to vote for anyone in 2010 (republican, democrat or independent) if they can come up with a way to bail us out.

http://www.msnbc.msn.com/id/31370072...s-cq_politics/

[honker88]

I think you meant billions in debt from the Bush years. The trillions came from Obama.

http://blog.heritage.org/2009/03/24/...t-in-pictures/

[Roger Perry]

I think you meant billions in debt from the Bush years. The trillions came from Obama.

I believe I had it right the first time.

The Bush Debt: $7.7 Trillion Today, lawmakers took to the Senate floor and blasted President Bush’s wasteful spending. To fully illustrate the impact, Sen. Sheldon Whitehouse (D-RI), brought up a chart showing the budget plans of President Clinton versus the budget formulated by Bush. He concluded that by squandering Clinton’s government surplus, Bush has cost the country $7.7 trillion:


http://thinkprogress.org/2008/03/11/bush-debt/ or

http://thinkprogress.org/2008/03/11/bush-debt/

But the government is taking no chances. Buried deep in the hundred pages of bailout legislation is a provision that would raise the statutory ceiling on the national debt to $11.315 trillion. It’ll be the 7th time the debt limit has been raised during this administration. In fact it was just two months ago, on July 30, that President Bush signed the Housing and Economic Recovery Act, which contained a provision raising the debt ceiling to $10.615 trillion.

[subroc]

Roger, I find it highly unlikely you would consider a republican even if you were sure the economy would be fixed, world hunger would be solved and all your socialist programs were initiated and paid for.

[Roger Perry]

Roger, I find it highly unlikely you would consider a republican even if you were sure the economy would be fixed, world hunger would be solved and all your socialist programs were initiated and paid for.

Why? I voted republican my entire voting life until GW Bush ran for office? The first President I voted for was Richard Nixon who I thought was a great President even though he screwed up and got himself impeached.

[honker88]

I believe I had it right the first time.

The Bush Debt: $7.7 Trillion Today, lawmakers took to the Senate floor and blasted President Bush’s wasteful spending. To fully illustrate the impact, Sen. Sheldon Whitehouse (D-RI), brought up a chart showing the budget plans of President Clinton versus the budget formulated by Bush. He concluded that by squandering Clinton’s government surplus, Bush has cost the country $7.7 trillion:


http://thinkprogress.org/2008/03/11/bush-debt/ or

http://thinkprogress.org/2008/03/11/bush-debt/

But the government is taking no chances. Buried deep in the hundred pages of bailout legislation is a provision that would raise the statutory ceiling on the national debt to $11.315 trillion. It’ll be the 7th time the debt limit has been raised during this administration. In fact it was just two months ago, on July 30, that President Bush signed the Housing and Economic Recovery Act, which contained a provision raising the debt ceiling to $10.615 trillion.

That was a projected surplus not an actual surplus. The quote from Sen. Whitehouse says "buget plans". I'm not sure how Mr. Whitehouse can really claim a projected surplus in that math. Obviously projected surplus isn't an actual surplus. Politicians talk as if we actually had a surplus. That just doesn't make sense. You can't actually have a surplus until you are out of debt.

I can honestly say that I have never really been too worried about the national debt until the last few months. Was that ignorance, I don't know. What I do know is that the Govt. is out of control and it needs to be reeled back in.

[Roger Perry]

I can honestly say that I have never really been too worried about the national debt until the last few months. Was that ignorance, I don't know. What I do know is that the Govt. is out of control and it needs to be reeled back in.

We both agree on that.

[honker88]

Agreed, regardless of the amount of Bush's deficit. I just had to jump in because you made no mention of the king of all deficits, Obama in your initial post.

[Cody Covey]

it was a budget surplus not an actual surplus as I understand it. Another thing i don't understand is why Bush gets the blame when the congress makes the bugdet and taxes not the president...per the constitution that is.

[YardleyLabs]

it was a budget surplus not an actual surplus as I understand it. Another thing i don't understand is why Bush gets the blame when the congress makes the bugdet and taxes not the president...per the constitution that is.

Accounting for all budget and non-budget expenses and revenues, the US was operating with a deficit of almost $300 million/year when Clinton took office. That deficit went down every year of his presidency, producing surpluses (actual, not budgeted) in each of the last three years he was in office. When GWB entered the White House, he inherited a surplus of $236 million in 2000. That surplus was estimated to continue to grow.

The estimates of a multi-trillion dollar surplus were the CBO estimates of what was expected to happen over the next ten years. Because of deterioration in the economy, the CBO argued for reductions in that estimated surplus over the objections of the White House which was counting on the surplus to finance its tax cut program. Ultimately, Republicans short circuited the debate by ending the Clinton era agreement on pay as you go so that there would be no need to justify tax cuts based on budgetary considerations.

The result was immediate. In 2001, the surplus shrank by half, and by 2002 we were once again operating with a major annual deficit that grew every year Bush was in office (that's based on actuals, not budgets), reaching an estimated $700+ billion in the last year of his administration.

Obama hasn't come close to Bush's performance so far. However, his ten year budget estimates do forecast massive deficits that, if he remains in office for eight years, would rival those accumulated by Bush in abosolute dollars and probably equal Bush in constant value dollars.

While you are correct that Congress is legally responsible for appropriating funds and passing tax bills, Bush aggressively supported and demanded the actions that produced those deificits. In fact, the only thing that slowed down the annual increases in deficits was the election victories which finally gave democrats control of Congress. At that point, deficits actually declined each year before skyrocketing in 2008 in response to the econimic collapse.

Personally, I believe that the deficits incurred carelessly by the Bush administration were the primary factors leading to the economic collapse in 2007-2008. I am not happy about the Obama plans for continuing Bush's outrageous profligacy. While deficits can help in the short term, they are not sustainable once the economy begins to recover. Once our economy is growing again, we need to balance the budget and in fact generate surpluses to begin paying down the debt incurred over the last eight years even if that requires tax increases and massive spending cuts. To date, no one in either party has shown the intestinal fortitude to do this. The Republicans are hampered by the fact that the single biggest factor leading to the deficits we now face were the tax cuts implemented by Bush and his then Republican controlled congress that were never funded then or for the future.