Bush’s Presidential legacy: A $407 billion deficit.

Eight years under the Bush Administration will leave America $407 billion in the hole:

The budget deficit shot up 153% from last year’s shortfall of $161 billion. The government’s fiscal year ends Sept. 30. The agency attributes the jump to “a substantial increase in spending and a halt in the growth of tax revenues.”

That drop in revenue is driven in part by an estimated 15% decline in corporate tax receipts. They fell as a result of lower corporate profits and tax rules governing how businesses depreciate their investments this year. A second factor is the rebates provided to tax filers from the economic stimulus law Congress passed earlier this year.

The spending hike is partly due to efforts by the government “to cover the insured deposits of insolvent financial institutions,” the agency said.

[…] The CBO said it expected the deficit to exceed $400 billion – or 3% of gross domestic product – for each of the next two years if current policies remain in place. It also forecast several more months of “very slow” economic growth.

“The nation is experiencing a significant period of economic weakness,” said Peter Orszag, director of the CBO, in a press briefing.

Meanwhile John McCain repeats the same bullshit Bush has been pushing:

I still believe the fundamentals of our economy are strong. We’ve got terribly big challenges now, whether it be housing or employment or so many of the other — health care. It’s very, very tough times. It’s very tough. But we’re still the most innovative, the most productive, the greatest exporter, the greatest importer.

He’s just more of the same stupidity we’ve been dealing with for the past almost decade. We can’t afford another Bush Administration, but that’s just what McCain will give us.

9 thoughts on “Bush’s Presidential legacy: A $407 billion deficit.

  1. You all keep complaining about the “Bush deficit”. You know everything was going fine until Nancy Pelosi started spending our money like it is running through her hands like water. So get over yourselves. Stand up for yourselves and make Nancy stop wasting our money. If I could spend it the way I wanted to, I would have decent clothes and good food on my table. But it is given to loosers that sit on their ass, get high, and watch tv all day. The same ones that have to ride a cart in Walmart because they are too damn lazy to fend for themselves.

  2. My personal economy is fundamentally sound.  I may be $50k upside down on my house I purchased in 2006, have a $900/month car payment, and have $60k in credit card debt, but it’s okay, I’m getting some new cards from a Chinese bank.

  3. LH- what you said.  It is a mystery to me how the Republicans, especially since Reagan, have been able to continue selling themselves as the party of “small government”.  While it’s true that they have been doing all they can to cut back government spending on education, science, environmental protection, and health care, the last time I looked the Armed Forces still counted as part of the American government.

    Of course, to be fair, a great deal of the American taxpayer’s monies are not going into government per se, but into the hands of the Republicans’ friends: the rich, the large corporations, and the military of our friends overseas.  I guess selling the government might be considered one way to get a smaller government- maybe that’s what the Republicans mean.

    It’s obvious why people with their thumbs in the plums support the Republicans.  But it’s sad testimony to the power of propaganda, and obliviousness of the electorate, that they are also supported by those they screw over the most: the poor and the lower middle-class.

  4. I got to watch a fine ad from the McCain campaign talking about, I know this is going to be shocking, “Tax and Spend Democrats”. Which may well be true, but I figure that’s a better model than the borrow and spend Republicans.

    But so far within this campaign I’ve been pretty disappointed with both parties. Apparently secularism is completely absent and I get to vote for the religious right, or the religious left. But then that’s no different than usual.

  5. but into the hands of the Republicans’ friends: the rich

    Interesting point re ‘privatisation’ because of Thatcher.

    Put the work into the private sector and you can legitimately claim ‘less civil servants’, but the amount you pay goes up.

  6. I think the worst thing that could happen was raixing the minimum wages. All the prices were raised up as an after affect and we are all screwed. The only ones that have benefited are the losers on Welfare. They just sit there with their hands out wanting more. And they will probably get it. Why isn’t it expected that people fend for themselves and what happened to family taking care of family. What happened to no excuses……just results?

  7. Um, explain to me how raising minimum wage benefits people who are on welfare?

    As for the rest of your comment, I can only assume you’ve been fortunate enough not to run into tough times.

  8. Also a minimum wage ensures the money circulates, helping business, those on welfare can afford to get back into work, government can spend less supporting those in low paid jobs.  It doesn’t cost jobs if done correctly- businesses are always trying to work with the fewest possible people, so few can cut people. It tends to take profit out of the hands of corporations.. They may respond by putting prices up, but a small measure of inflation is important in modern economics- prime example is Mortgages/loans become relatively cheaper over time, so not only does your disposable rise in numeric terms, it does so in real terms to. 0 inflation is actually bad for a western economy.

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