CBO report: deficit to plundge 642 billion
- Thread starter evince
- Start date
Cancel 2016.2
The Almighty
When you pump $85b per month into the market out of nothing, the market will tend to go up
Cancel 2016.2
The Almighty
You are looking at a projection when we already know what actually happened... What was the actual deficit for 2009?
Actual was 1.4T. I went by the projections to avoid the stimulus issue, which was enacted after the projection. It's not like we haven't been down this road before.
christiefan915
Catalyst
Every month? Or just the Obama months?
cawacko
Well-known member
That's because Bernanke is head of the Fed and the one pumping basically $1 trillion into the economy. Should Obama get credit for Bernanke doing that?
You wouldn't work with cumulative total, because Obama beat that in three years.. Do you know how? By tripling Bush's average deficit, that's how. By taking almost half away, he'll only be deficit spending double what Bush deficit spent on average. What is truly laughable is the fact that slightly over $200 Billion of that deficit in 2009 was due to the stimulus package passed in February...
Yeah, Bush spent like an idiot, I was notable in my constant criticism of the spending.
Let's use a real number to measure. Here is the average deficit to GDP spending for the past 5 Presidents... Can you tell me which one is highest? Can you tell me which one is at least tripled to Bush's averages? I can... That he's planning on halving it doesn't make it "good" it is still defecit spending at an insane level.
Ronald Reagan
1981-88 4.2 %
1982-89 4.2
Average 4.2
George H. W. Bush
1989-92 4.0
1990-93 4.3
Average 4.2
Bill Clinton
1993-2000 0.8
1994-2001 0.1
Average 0.5
George W. Bush
2001-08 2.0
2002-09 3.4
Average 2.7
Barack Obama
2009-12 9.1
2010-12 8.7
Average 8.9
One of the few times I have agreed with Obama:
"The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents -- #43 added $4 trillion by his lonesome, so that we now have over $9 trillion of debt that we are going to have to pay back — $30,000 for every man, woman and child. That's irresponsible. It's unpatriotic." - Barack Obama, July 3, 2008
"The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents -- #43 added $4 trillion by his lonesome, so that we now have over $9 trillion of debt that we are going to have to pay back — $30,000 for every man, woman and child. That's irresponsible. It's unpatriotic." - Barack Obama, July 3, 2008
Lol. This is the part where Damo pretends that he wasn't wrong in saying that Obama cut this deficit to double Bush when in fact he cut the deficit in half.
Last edited:
Cancel 2016.2
The Almighty
lol... this is the part where Dung pretends the $600B isn't double the average deficit under Bush that was so 'atrocious'. Dung will also pretend the 2009 deficit should be the new 'baseline'. Dung will also pretend Obama had nothing to do with the deficit in fiscal 2009.
Cancel 2016.2
The Almighty
yes... and you were embarrassed the last time you tried this crap. You pretend that the crisis year is somehow the new base. Which is ridiculous.
Cancel 2016.2
The Almighty
No Desh, the 2000-2002 downturn began under CLINTON. Not Bush. It was also CLINTON that repealed Glass Steagall... not Bush.
I see. Let's pretend that Obama inherited a deficit picture at the average of Bush's 8 years as opposed to the actual deficit he inherited. Let's also pretend that it's Obama's fault that there was a projected $1.2T deficit in Janaury 2009, before he took office. Let's further pretend that the January 2009 deficit picture was overly pessimistic and that the economy was actually better in FY09 than the CBO thought it would be when it did the January 2009 projections.
That's all very sensible.
Cancel 2016.2
The Almighty
Since the start of QE3, yes... $85B per month in bond purchases by the Fed.
Before that we had QE2 and QE1.
March 2001 is the beginning date for the 2001 recession. Bush was president. Deal with it. Also, too, I don't think the extraordinarily mild 2001 recession qualifies as "crashing the world economy," but I guess Desh will have to clarify what she meant on that one.
Cancel 2016.2
The Almighty
Lets pretend that crisis level spending is the new base spending so that we can pretend after four years of trillion dollar deficits that we are doing good to have a $600B deficit when in 2007 that would have been considered outrageous. That is the problem with fools like you, you think that the idiots in DC are doing good to cut the deficit in half when the prior years they quadrupled it. Victory!!!
LOL. Yeah, that's exactly how I remember it.