Originally posted by kosmicjack
reply to post by Anjin
Pardon Me? I thought the point of the OP is that W is pointing fingers? After spending trillions on his own watch.
I'm just setting the record straight as to who has spent what...
INCORRECT, sir. When Bush left office the budget deficit was in the billions. Since Obama has been in office it is now approaching one TRILLION, not
including all of the spending he's been doing.
Please get YOUR facts straight before pointing fingers.
(Last Updated: June 10, 2009: 3:46 PM ET
) NEW YORK (CNNMoney.com) -- The federal budget deficit surged in May, bringing the total shortfall for this fiscal year to nearly $1 trillion,
government figures showed Wednesday.
The Treasury Department said the May deficit was $189.65 billion, up from a shortfall of $165.93 billion a year ago. Economists surveyed by
Briefing.com had expected a deficit of $181 billion.
Source:
money.cnn.com...
"We're going to see very large budget deficits for the next couple of years," said Gus Faucher, director of macro economics at Moody's
Economy.com.
Running up a deficit is "necessary to end the recession," he said. "But after the crisis is over, the federal government will need to get its
fiscal house in order."
And this is what Bush was talking about in his speech. Instead of the government pouring so much money into trying to end this recession, he's saying
that the private sector will be the one to do it, and historically, he's right. If anything, all the government is doing by pumping all of this money
into system is stoking the fire for massive inflation and devaluing the dollar - so once the end to the recession does come, we may not even know it
because the government's "best intentions" may well put us back into an even deeper hole!
And as for the rest of this year, this source says they project a $1.2 Trillion deficit.
www.breitbart.com...
Your posts have often been in defense of Obama, kosmik, but there really is no defense for the man this time. The numbers don't lie.
[edit on 18-6-2009 by sos37]