Quote:
Originally Posted by Jermyn Davidson
It's the same spending that pulled our country back from another Great Depression.
Your argument can't beat our experience! (Sounds familiar?)
Our country did not sink any further than what it did because of quick action by the Federal Governent.
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In 2008, George W. Bush ran a deficit of $485 billion. At the end of the fiscal year, Oct.1, 2008, it had gone up by another $100 billion. This was due to increased recession related spending and depressed revenues. So it was $600 billion. That was the real Bush deficit.
When the fiscal crisis hit, Bush pushed TARP in the final months of his presidency. That cost - $700 billion. Under the federal budget rules, a loan and a grant are treated the same. So the $700 billion pushed the deficit -- officially -- up to $1.3 trillion. But not really. The $700 billion was a short-term loan, and $500 billion of it has already been repaid.
So what was the real deficit Obama inherited? The $600 billion deficit Bush was running plus the $200 billion of TARP money that probably won't be repaid (mainly AIG and Fannie Mae and Freddie Mac). That totals $800 billion. That was the real deficit Obama inherited.
Then ... he added $300 billion in his stimulus package, bringing the deficit to $1.1 trillion. And falling revenues and other increased welfare spending pushed it up to $1.4 trillion.
So, effectively, Obama came close to doubling the deficit.
http://townhall.com/columnists/DickM...numbers?page=2