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A record deficit
Bush administration shamefully put the country, and the next president, in the red
Wednesday, July 30, 2008 | 2:03 a.m.
When his term ends in January, President Bush will leave the White House, and its next occupant, with a legacy of red ink.
The White House reported Monday that the expected deficit for the fiscal year that starts Oct. 1 will be $482 billion, the largest deficit in the history of the United States. However, that number does not include the full costs of the wars in Afghanistan and Iraq or the new housing bill passed this weekend. When those are added in, the budget deficit is expected to be more than $500 billion.
Bush inherited a budget surplus from President Clinton of $128.2 billion, but Bush and a Republican-controlled Congress quickly spent the nation into a huge deficit.
Republicans have tried to dodge responsibility and pin it on someone else, blaming it on the slowing economy or the cost of the war. But they clearly hold the responsibility, having had control of Congress for the first six years of Bush’s presidency. They knowingly put together budgets that put the country in the hole.
When Democrats took over the House last year, they pledged to pay for any new program by cutting the budget or finding new revenue. The Republican response has been to torpedo any such attempt, which is odd for a party that likes to fashion itself as fiscally conservative.
Republicans seem to be content to pass this off to the next president, which will handicap any efforts to revive the economy, much less to provide basic government services. Sen. Kent Conrad, D-N.D., chairman of the Senate Budget Committee, told The Washington Post that the deficit is “going to make it extraordinarily difficult for whoever’s going to become president.”
This isn’t exactly the parting gift that Americans were expecting when George W. Bush, a self-proclaimed fiscal conservative, was elected in 2000. We hope the next president will do much better. It shouldn’t be too hard.
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Not even close!
Jimmy C was the worst. Weak all day long, allowing America's enemies to bend him over the desk politically as he did and blaming the American electorate when things didn't go his way (the "malaise" series of speeches). Give up, give in and give over because America is not the great nation it once was - summarizes Carter, and today's Obama, in my mind.
Carter has been also the worst EX-POTUS of my lifetime. There isn't a terrorist or dictator who doesn't like him and he back at 'em, imo.
Carter says many of the same things Barry Obama says today. Carter just couldn't sell his socialism as slickly and with as much fervor as Obama does today.
Anyway, to Bush. His major problem is the lack of vetoing overspending or much else during his terms. I think he waited much too long to stop reaching across the political aisle - trying to win over hypocritical and evil liberal congressional socialists and corroders of the nation.
If memory serves, there have been VERY few spending measures in the last 16 years (8i for Clinton, 8 for Bush 43) which the liberal congressional has NOT tried to ADD BILLIONS AND BILLIONS, only to be pared down in negotiations. Bush requests war spending bills separately, ims, than the normal budget-making progress.
"Bush inherited a budget surplus from President Clinton of $128.2 billion, but Bush and a Republican-controlled Congress quickly spent the nation into a huge deficit."
Bush inherited an accounting "magic" fraud-laden economy full of ENRONs and Adelphias who did all of their frauds in the 90s - the other companies who saw a liberal Administration "getting away with it"(mq) and provided a fraud-choked elevation of tax receipts. Also, shrinking the military in the face of rising W/W terrorism to boot "saved" billions, eh?
A false and bogus financial time - the 90s - in which "elevated"(mq) tax receipts based on false and phony reporting and commentary of the actual state of the economy - along with the raping of our military = caused a phony, fraudulent rose-colored-glasses picture of the economy - while Islamo-fascist threats gathered
We all saw what happened when the truth of the 90s was discovered? Retirees wiped out, a trillion at least of wealth wiped out = much more financial growth taken or ripped away than the in-comparison measly "surpluses" the Clinton Administration provided.
Well that's what happens when Republicans try to be Democrats. Good thing they're being thrown out. At least the Democrats won't lie about sinking the American boat with high taxes, high spending and over-regulation; they'll tell you they're going to do it and then do it.
Btw, the biggest culprits for the Bush spending isnt the war it is education and healthcare but the war didn't help.
Bush has increased Federal spending on K-12 by over 80% over what Clinton spent.
If one comparies budget deficits against the size of GDP then this is not biggest budget deficit. It is only 3.3% of GDP. That is lower than Bush Sr and Ronald Reagen.
Using GDP, during WWII was when we had the biggest budget deficits. Budget deficits during WWII ran at over 30% of GDP.
I don't know how to break this to anybody, but this country has been in the red since 1969.
There has not been a surplus since no matter how many times you say it.