This is why you'll never have credibility Loran. Anywhere. The 2009 fiscal year began October 1, 2008, nearly four months before Obama took office. This means Heritage, your primary source for all that is under the sun, doesn't know what it is talking about when it tried to blame Obama for Bush's massive deficit.
Here is the corrected graph posted by CATO Institute after Heritage tried to blame Obama for Bush's last year. You've seen it before and I know you'll never let it sink into that thick skull of yours, but I'm reposting for the benefit of those who aren't afraid of the facts.
This is utterly irrelevant, as anyone who was either intellectually honest or was really interested in doing serious homework on an issue and wasn't just on a soapbox gatekeeping for his agenda would understand. The topic of the thread is not that someone at Heritage made a mistake in attributing some of the post Bush debt to Obama. The point is that, under Obama, the national debt soared, in just a little over two years, from $10.626 trillion, to over $15.3 trillion and heading rapidly toward $16 trillion This means that, in just a little over two years, Obama increased the national debt by almost 3.5 trillion in 735 days, dwarfing anything Clinton or Bush ever attempted.
When Bush took office, he inherited a $5.8 trillion deficit. When this free spending "moderate" Republican left, the deficit had doubled, to some $10.6 trillion. This represented approximately an increase in the national debt of $607 billion a year. Enter Lord Obama. During his tenure, the national debt has risen by an average of $1.723 trillion a year.
If Obama cannot be blamed (though he hardly would have objected) to Bush's spending through 2009, Obama must take full credit of all of his own and his party's own spending initiatives since he took office post Bush's original spending (Obama did, in fact, sign Bush's $410 billion omnibus spending plan). That would mean looking at actual and projected spending through fiscal years 2010 and 2011.
During Bush's 8 fiscal years in office, Bush oversaw $3.3 trillion in deficit spending. In his first two fiscal years, Obama ran up some nearly $3 trillion in deficits. Almost 4 years into his presidency, a national debt that took Clinton and Bush nearly two decades to create has taken Obama only one term to dwarf.
But this is only the beginning. Obamacare, if and when it is fully functional, which is set to send government spending even farther into the stratosphere (and contains a plethora of tax increases).
Likewise, the National debt for fiscal year 2009 was $11.9 trillion, which means the national debt literally doubled under George Bush in just eight years and it also means you do not know what you are talking about, yet again.
Sure I know what I'm talking about, its just that you're too intellectually disoriented to follow a clear argument and stay on the subject. The subject is not Bush, because I have never defended Bush's economic record here or anywhere else. The subject is the Obama administrations runaway spending that has taken the country into effective bankruptcy, a massive downgrading of its creditworthiness, substantial general price inflation, and a bleak future for our children and grandchildren, who will, in the decades to come, be paying much of their taxes just to service the debt.
I'm not arguing Clinton vs. Bush vs. Obama. I'm arguing Obama vs. the nation and its people. Bill Clinton would be far preferable to the crusading left-wing ideological purist now in office.
Loran wants people to believe Obama suddenly spent an extra $5 trillion, but for the life of him, he cannot explain to us where he spent that money and/or how. What legislation did he pass that caused a $5 trillion jump in the debt? This is where he'll go silent or write up another thirty pages of rhetoric to derail from the question. I've asked idiots like Loran for months to explain to us what Obama has done to explode the deficit and the debt, as they insist he has done. They can't say. All they know is that it must be true because he's in office while the debt keeps skyrocketing.
Assuming the Kevin really isn't as manhole cover dense as this makes him appear, the above challenge is a trick. The President doesn't pass legislation and spend money, the Congress does. Congressional spending has roughly doubled under Obama, that's the reality. The Obama administration borrowed (created out of thin air) some $5 trillion since Obama took office. This did not happen under Bush. It did not happen under Clinton. It did not happen under Reagan. It occurred during the Obama presidency. The federal government, under Obama, is now borrowing 45 cents of every dollar it spends. Congress is appropriating and spending that money, not Obama, but Obama has initiated and supported the concepts and ideas for much of that spending, and he had a two year period in which the opposition party could do virtually nothing to stop him.
The real question is federal spending since Bush took office with Obama and his cabinet in control of the executive branch of government. Where was it all spent? Hard to say. Here's about 20% of it:
http://visualeconomics.creditloan.com/a ... k-at-tarp/Then there's the utterly failed $600 billion bailout of foreign banks with American taxpayer funds. Let's look at a running total, both committed and actually spent in various programs during Obama's first term:
$9 trillion earmarked for direct investments in various financial institutions, including the purchasing of corporate debt and toxic mortgage backed securities. So far, the government has spent $1.6 trillion
$1.7 trillion insuring financial institution debt and proping up poor performing bank, Fannie, and Freddie assets. $330 billion so far.
$1.4 trillion spent lending phantom money to banks and guaranteeing money market funds. $528 billion spent thus far.
The federal government has committed $3 trillion and spent $4 billion thus far in making the Fed the buyer of last resort in the commercial paper market.
$1.6 trillion earmarked and $178 billion spent for buying Home Loan Bank securities.
$1.5 trillion earmarked and $641 billion spent for the Term Asset-Backed Securities Loan Facility (TALF) program.
$900 billion earmarked and $5 billion spent for the public-private investment fund.
up to $700 billion (up to $900 billion) for TARP, of which about $540 billion has been paid out. The recipients include some of the biggest financial and corporates interests in the nation, including GM, which took the funds at the price of becoming a creature of the state and preserving its rapacious union contracts, which are not sustainable and will eventually collapse the company anyway when the next bubble bursts. At least 43 of the banks assisted in the original TARP program were foreign banks.
$700 billion of which $645 billion has been paid out to bail out the economic two of the heavy hitters in the sub-prime meltdown, Freddie and Fannie, which should have been abolished and its lackeys sent packing, along with the politicians that created them in the first place.
Almost 15% of Americans are now using food stamps, up 12% from just a year ago and 34% from just two years ago. That represents a great deal of extra spending for the Depression era levels of unemployment our Keynesian/corporatist/Alinskyite President and his DSA cronies in Congress and the Senate have created.
I'm sure Kevin can add to the list, detailed homeworker that he is. Keep in mind to that, just because all of the earmarked money has not been spent, doesn't mean it does not have an effect on the economy. When the government borrows funds from the Fed beyond what it takes in in taxes and creates money out of thin air, that money goes off the Fed's books and appears on the federal government's books. It can then be appropriated and spent. Even, however, that which is not spent immediately is still on the books. The fact that it's phantom money doesn't matter. Once its been created and either put it the federal treasury or pumped into the economy via the central banks, it then acts like real money, with all the economic effects involved. Each penny of such money is a further inflationary pressure on general prices across the economy, and each penny is in direct or indicator competition with capital resources in the private sector.
Its all a scam, its all a sham, and its never worked at any time in historical experience, no matter how many times its been tried. But then, it isn't supposed to work. That's not the point. The point is, ultimately, to collapse the free market, capitalist economic structure of the United States and provoke an economic/social crises of such magnitude that a majority of people will cry out for government to "do something" and restore order and make the trains run on time. Obama, and others like him, will be standing at the front of the line for the job.
But who has the time to constantly correct an overgrown child who keeps trying to find meaning and identity in this life by presenting himself as an authority on everything he clearly knows nothing about.
Red Ronald McGraham simply isn't educated, well read, or intellectually honest enough to really have any kind of substantive debate with. As he lives in his own alternative space-time continuum of alternative facts and alternative modes of processing information other than logical argumentation, no real discourse is possible. What is clear, however, is that Kevin represents the real, honest base of the Democratic party and the American Left. He's a Kool-Aid guzzling drone who acts like a soldier bee but is still a drone nonetheless.
What anyone who's ever engaged Kevin, either on political issues or on the Book of Abraham subject, well knows, is that Kevin has virtually no intellectual integrity whatsoever. He'll say anything to score debating points but, upon close inspection, he's unaware of what actually constitutes critical thinking and is insensate to basic rules of intellectual decency.
Graham's leftism, like his anti-Mormonism, is all just an act anyway. All of it is of a piece and all of it is an outgrowth of his apostasy from the Church and the bad conscience that follows him day in and day out like Odin's hounds.
One day, we'll doubtless know the truth.
