Obama: 'The Truth Is, Our Deficits Are Already Shrinking'

Get the fuck out of here... The 2009 deficit was the product of 2008 spending. Or was it concurrent?

Why are you whining about it anyway.

Well we're on the same page on this... The world exploded somewhere between the beginning and the end of Dubyas ruin. We will be paying for it for generations to come. Originally Posted by Yssup Rider

1st plank in the democratic platform BLAME BUSH

has the current president ever done anything wrong in your books?

You burned all my books!

I believe Obama was President during 2009, hence he should man up and own the deficit. Why does it bother you who the debt and deficits are attributed to, anyway? Liberals don't believe deficits and debt matter, do they? It is only the cruel and heartless conservatives who wish to cut government spending on the backs of the poor, isn't it?
I see it like this: Liberals want to keep sending money to their constituents, and Republicans don't want to raise taxes. Personally, I'd rather keep on deficit spending than give any more money to the US government, so fuck it - since I voted for the Obamination twice, I guess I don't give a shit about the US government debt anymore than you liberals do. Party on big spenders. Originally Posted by Jewish Lawyer

the fiscal year ends Sept 30 .. in the case of the 08 election year, all spending between Oct 1, and Jan I 09 goes on the 09 record books ..

I digress ... Obie wasn't president when these massive spending bills went on the books



Oct 1 The Senate Passes TARP
The Senate passes a revised version of the bill, stuffed with tax breaks.
Oct 3 The House Passes TARP
The House passes the bill, and the president signs the $700 billion Emergency Economic Stabilization Act into law.
Oct 8 Second AIG Bailout
The government restructures its bailout of AIG. The insurer gets access to $37.8 billion more in loans.
Oct 14 Paulson Rolls Out Bank Investments
The Treasury Department announces that it will invest up to $250 billion in the nation's banks via the Capital Purchase Program, a subcomponent of the TARP, and billed as investments in "healthy banks." Paulson announced nine major banks signed on for a total of $125 billion in investments. (More about the program here.)
Oct 3 Wells Fargo Buys Wachovia
Wachovia, rejecting a previous proposal with Citigroup, agreed to merge with Wells Fargo for $15.4 billion
November

46 bailouts: $90.3B List

Nov 10 Third AIG Bailout The government restructures its bailout of AIG for the second time. Treasury invests $40 billion in AIG as part of the government’s now-$150 billion effort to keep AIG from collapsing.
Nov 12 Paulson Scraps Original Bailout Plan Paulson announces that he's scrapping the plan to purchase troubled assets. The capital investments in the banks proved to be a "more powerful" means of boosting the financial system, he said.
Nov 14 Freddie Mac Asks for $13.8 Billion Freddie Mac reports a net loss of $25.3 billion for the third quarter of 2008. To fill the hole of its losses, the Federal Housing Finance Agency requests $13.8 billion from the Treasury.
Nov 23 Citigroup Bailed Out The Treasury announces that it will invest $20 billion more in Citigroup; this is in addition to a $25 billion investment in October through the Capital Purchase Program. The government also agrees to use up to $5 billion to help Citi absorb losses from a $301 billion pool of assets.
Nov 25 Fed and Treasury Roll Out Program to Spur Lending (TALF) The Treasury and Fed announce the Term Asset-Backed Securities Loan Facility (TALF), a Fed program that will lend up to $200 billion to owners of highly rated asset-backed securities in order to spur consumer lending. Treasury puts up $20 billion to support the effort. (More about the program here.)



December

166 bailouts: $65.4B 1 revenue payments: $172M List


Dec 19 Auto Bailout Announced The Treasury announces that it will make loans to General Motors and Chrysler to prevent bankruptcy. (More about the


the first plank for idiot rightwinger platforms, ignore BUSH FACTS.

can you add that high JL? how about you Captnmoron?

How much other stuff pushed and passed by Dubya went on the books after he was run out of town?

How much other stuff pushed and passed by Dubya went on the books after he was run out of town? Originally Posted by Yssup Rider

Bush who?

Bad news folks. I went to the website on the link and those are "fiscal years" and not calendar years. So that means a 2009 budget that started in October of 2009 which is a complete Obama budget. No Bush involved.

Bad news folks. I went to the website on the link and those are "fiscal years" and not calendar years. So that means a 2009 budget that started in October of 2009 which is a complete Obama budget. No Bush involved. Originally Posted by JD Barleycorn

bad news folks, a teacher doesn't know fiscal from calendar. Ask one of your students to explain the difficult stuff to you before you show your stupidity in front of adults.

Bad news folks. I went to the website on the link and those are "fiscal years" and not calendar years. So that means a 2009 budget that started in October of 2009 which is a complete Obama budget. No Bush involved. Originally Posted by JD Barleycorn

Huh?? Bad news for whom? U.S. FY 2009 started on Oct. 1st, 2008. Obama did not take office until almost four months later.

Those who want to apportion partisan blame (and there's plenty of it on both sides to go around!) need to understand how this works. The very expensive, poorly designed, and clumsily implemented legislation containing TARP was signed by George W. Bush in October of 2008. (That was the first month of FY 2009.) So a substantial portion of that year's deficit was not attributable to any of Obama's actions. However, he called for, and congress passed, the ARRA ($860 billion fiscal "stimulus" package of 2009), and an expensive budget reconciliation bill in March of 2009.

Those interested in taking a quick look at facts, not just partisan hyperbole, can check this:

http://www.washingtonpost.com/blogs/...h6nU_blog.html

It took a tag team of two fiscally irresponsible and incompetent presidents to get us into the mess we're in, and then to fail to even remotely try to do anything to fix it.

Yeah but it will take more raving lunatics than are on here to understand it.

Yeah but it will take more raving lunatics than are on here to understand it. Originally Posted by Yssup Rider

You don't feel like we have enough raving lunatics on here as it is?

bad news for JD's students, he just happens to be dumber than a rock.

which makes my point about funding public education ... you get what you pay for

JD teaches plumbing 101
1-shit runs down hill
2-payday is on Friday
3-don't lick your fingers

...which makes my point about funding public education ... you get what you pay for Originally Posted by CJ7

Well, not exactly...

There's a lot more to it than just spending a lot of money. In the case of public education, it's clear that we don't necessarily get what we pay for. We spend far more per pupil, adjusted for inflation, than we did a few decades ago -- and we get far worse results. In fact, some of the nation's districts that spend the most per capita get some of the worst results of all.

Here's an example of just one of the myriad problems:

http://www.nydailynews.com/new-york/...icle-1.1184406

A whole lot of stuff desperately needs to be fixed.