Wednesday, January 27, 2010

Our Collective Alzheimer’s

(with apologies to those who actually have the disease)

Barack Obama’s administration bailed out Goldman Sachs, Fannie and Freddie, and AIG, created the TARP spending, passed irrational tax cuts that ran the national debt beyond $10,000 billion, and allowed Enron to get away with accounting atrocities.

No wait … uh … wasn’t that the other guy? What was his name? Right … that was all before January 2009 …. George Bush, that’s it.

We seem to have collective Alzheimer’s where we think everything happened yesterday. Obama took the oath of office on January 20, 2009. TARP, and the bailout of the banks, Fannie and Freddie, and AIG were all done in 2008, prior to Obama taking office.

The government ran a budget deficit of $1,400 billion in FY 2009, which we’re blaming Obama for. But almost all of the spending in FY 2009 is attributable to George Bush.
In 2001, Bush budgeted a ten-year federal budget down to 0.5 percent to justify $1,600 billion in tax cuts. For just one year’s budget, anything less than plus or minus around 20 percent is irrational. Budgeting a ten-year budget to on-half of a percent is criminal.
The only spending that’s really attributable to Obama is the bail out of GM and the stimulus package; about $200 billion in FY 2009.

The biggest factor in the national debt is that when we should have paid off the debt, Bush instead created completely irrational tax cuts which now leave us deep in debt for generations looking forward and unable to do much of anything for the American people.

Center on Budget and Policy Priorities

Blame Obama for what’s he’s done, but blame Bush for what he did.

1 comment:

Monique said...

Thank you, sending this to my dad who refuses to understand that all was not economic sunshine and rainbows under Bush.