Bush White House Hides True Scope of Federal Deficit, page 1

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Topic started on 30-7-2008 @ 10:41 PM by Keyhole

Bush White House Hides True Scope of Federal Deficit

www.foxbusiness.com

President Bush and his enablers in Congress will leave his successor with a budget deficit of $482 Billion for Fiscal Year 2009, which is a record. How's that for a legacy?

"As shocking as this deficit figure is, that's still not the true scope of our budget woes because it excludes $80 billion in war costs and $227 billion borrowed from the Social Security Trust Fund.

"The real budget deficit is therefore $789 billion.

"Under accounting trickery that would probably land the top officers of a publicly traded company in jail, the money borrowed from the Social Security Trust Fund -- and spent on anything and everything except Social Security payments -- is not counted towards the budget deficit, although it is part of our $9.49 Trillion National Debt.

(visit the link for the full news article)

Related News Links:
news.yahoo.com
news.moneycentral.msn.com
www.reuters.com

reply posted on 30-7-2008 @ 10:41 PM by Keyhole

Well, the bad news just keeps coming!

We don't have a deficit of $482 billion for 2009, it's more like $789 billion!

I think it's time to through all the politicians and lawyers out of Washington and replace them all with accountants!

This is ridiculous! Every time you turn around nowadays, all you hear is "worse" news!

"But this is how corrupt Washington has become. Besides the dangerous practice of massive deficit spending, which will saddle our children and grandchildren with trillions of dollars of debt, the Bush White House and Congress are conspiring to conceal the true nature and scope of the problem.

"This year's budget deficit will actually be $307 billion worse than the politicians are saying. This fraud on the American people is a conspiracy of silence by both major political parties.

It's time for our government to become fiscally responsible and trim budgets all around until this country gets back on its feet economically!

www.foxbusiness.com
(visit the link for the full news article)

[edit on 7/30/2008 by Keyhole]

reply posted on 30-7-2008 @ 10:46 PM by ThichHeaded

eh, I think that xmas gig wit obama is more important than this.. Really.. This isnt even news..

Not enough action..

Come to think of it.. anything serious like this should be moved to BTS in general chat.. considering nobody really gives a rats ass anymore..

They would rather complain about stupid things that make no difference what so ever.. Than to complain about real issues.. but whatever.

reply posted on 31-7-2008 @ 08:37 AM by Keyhole

reply to post by ThichHeaded

I think our government over spending their budget by over $300 billion should actually be a crime in my opinion!

We did not elect these officials to cause this much economic suffering to American citizens!

There like kids in a toy store anymore once they get to Washington and see all the taxpayers money!

There should be some sort of provision in the Constitution that would hold the people responsible when they do this sort of fiscally irresponsible act to the US citizens, there should be repercussions!

[edit on 7/31/2008 by Keyhole]

reply posted on 31-7-2008 @ 08:46 AM by autowrench

This very large deficit is based on Fiat Dollars, don't forget that little point. If interest free money was issued, like Lincoln and Kennedy tried to do, things would be much better fast. Personally, I think anyone who voted to raid the social security fund should have their assets seized, and put that money back into the fund. Just my thoughts.

reply posted on 31-7-2008 @ 03:22 PM by Keyhole

And it's not like they are planning to cut back THEIR/our big government or anything!

Heck NO!!

What's their answer you ask?

Congress Raises Limit Again as U.S. Debt Nears $10 trillion

For the fifth time since 2001, Congress is raising the debt limit, increasing it by $850 billion to $9.815 trillion. The Senate approved the plan on a 53-42 vote Thursday night. The House of Representatives has already signed off on the plan, without a direct vote.

That’s $9,815,000,000,000.00.

According to the folks who follow this stuff closely, the national debt has been rising by an average of $1.36 billion per day since September of last year.

And each citizen now has a share of nearly $30,000.

But Congress has an easy solution to deal with the mounting red ink. Instead of fretting over it, members simply allow the government to borrow more money, much to the consternation of some critics.

All I can do is shake my head in disgust.

reply posted on 31-7-2008 @ 03:26 PM by Maxmars

Ugh! Kill me now....,

My friends, there is no Santa Claus.

How they can blithely guarantee the Fed this amount of business is beyond me. There can be no doubt any longer..., Our senators and congressmen are drunk and or stupid.

reply posted on 31-7-2008 @ 10:51 PM by mybigunit

Disgusting...Just disgusting....I just cant get over the way we the people are being screwed.

reply posted on 1-8-2008 @ 06:39 PM by Keyhole

Found these charts to be pretty interesting, it shows how much was added to our debt in a graph year by year. Some years you can see where our new debt for that year went down, the government was doing a good job!

Annual New Debt, 1980 - Present

Now this paints an interesting picture. Just look at the peak spending under Bush Sr. 431,989,899,919.78, and the least spending under Clinton, 17,907,308,271.43. That’s 4%, or a 1 to 24 ratio.

The Clinton era shows up pretty clearly in the graphs, but then, unfortunately, so does the Bush's era's!

The National Debt (Nominal Dollars)

The National Debt, 1940 - 2009

The debt reached a peak during WWII (More on this later), but the government managed to pay a lot of it off. The amount of debt has increased every year since 1960, and starting in the mid 70’s, grew at an astonishing rate.