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Thread: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

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    Re: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

    Quote Originally Posted by megaprogman View Post
    Meanwhile, in reality ...





    Obviously, its less than projected, but its stupid to pretend that nothing happened.
    Something did happen, the labor force dropped by 1.1 million and the unemployment number excluding the 1.1 million exceeded 15 million. So adding your two million "saved" jobs the unemployment rate is over 20% instead of 16.8% which it is now.

    How you can support this empty suit is beyond logic and reason.

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    Re: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

    Lets look at reality:

    Bush's last 4 months: 2.8 million jobs lost

    Bush doubled the National Debt


    Reagan-Bush I-Bush II did not pay down a penny of debt in 20 years

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    Re: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

    The Republicans' shameless cynicism was perfectly captured by Vice President Dick Cheney, who in 2002 proclaimed, "Reagan proved deficits don't matter."

    Not, that is, if a Republican is in the White House. But when Barack Obama stepped into the Oval Office and the $1.2 trillion deficit George W. Bush left for him there, the GOP quickly changed its tune. While the national debt tripled under Ronald Reagan and doubled again under President Bush, House Minority Leader John Boehner in February decried the $787 billion emergency economic recovery spending as "one big down payment on a new American socialist experiment."

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    Re: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

    so backward looking

    leaders by definition must look forward

    obama's such a loser

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    Re: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

    Quote Originally Posted by doc mercer View Post
    Lets look at reality:

    Bush's last 4 months: 2.8 million jobs lost

    Bush doubled the National Debt


    Reagan-Bush I-Bush II did not pay down a penny of debt in 20 years
    You need to get over your Bush Derangement Syndrome. Bush had a Democrat Congress, just like Obama has.

    Bush doubled the National Debt and Obama has put Bush spending on steroids. Obama will create more debt in 3 years than Bush did in 8 and will doulbe the national debt from 10.6 trillion to over 20 trillion dollars yet not a word from you.

    No President paid a penny of the debt in the last 40 years so what is your point?

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    Re: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

    Quote Originally Posted by doc mercer View Post
    The Republicans' shameless cynicism was perfectly captured by Vice President Dick Cheney, who in 2002 proclaimed, "Reagan proved deficits don't matter."

    Not, that is, if a Republican is in the White House. But when Barack Obama stepped into the Oval Office and the $1.2 trillion deficit George W. Bush left for him there, the GOP quickly changed its tune. While the national debt tripled under Ronald Reagan and doubled again under President Bush, House Minority Leader John Boehner in February decried the $787 billion emergency economic recovery spending as "one big down payment on a new American socialist experiment."
    Please show me the 1.2 trillion dollar deficit that Bush left Obama? Like all Obama supporters you seem to have a problem with posting factual data. Your statement is a lie.

    Obama voted for everything that Bush proposed in fiscal year 2009 yet apparently voting for the deficit doesn't create the deficit? Interesting logic on your part. You have been brainwashed by "your" President.

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    Re: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

    Conservative:

    what planet are you on?


    Between Jan 20 2001-2009 under president bush's leadership:

    Unemployment doubled from 4% to 8.8%
    National debt doubled from 5.7 trillion to 10.7 trillion
    Yearly budget went from a 236 billion surplus to a 1.2 TRILLION deficit (a 1.4 trillion drop)
    Dow Jones plunged 25% from to 10,587 to 7949
    Losing 700,000 jobs monthly
    Economy in total freefall



    SOURCES:
    BUSH MORE THAN DOUBLED UNEMPLOYMENT FROM 4% TO 8.8% -----(Jan 2001-2009)
    (Source: US Dept of Labor - Bureau of Labor Statistics-)
    (http://data.bls.gov/PDQ/servlet/Surv...=LASST39000003)

    BUSH DOUBLED OUR DEBT FROM 5.7 TRILLION TO 10.7 TRILLION
    (Source: US Treasury Dept - Bureau of Public Debt - Debt to the Penny (Daily History Search Application))

    BUSH TURNED A 236 BILLION BUDGET SURPLUS INTO A 1.2 TRILLION DEFICIT (A 1.4 TRILLION DROP)
    (Source 1: CBO - Congressional Budget Office - Historical Budget data - Shows the 236 billion surplus in 2000)
    (http://cbo.gov/ftpdocs/108xx/doc1087...icaltables.pdf)

    (Source 2: Congressional Budget Office - Annual budget and economic report and testimony before Congress on Jan 8, 2009) (Declares 1.2 trillion deficit for fiscal year 2009 ---2 weeks before obama takes office)
    (http://cbo.gov/ftpdocs/99xx/doc9958/..._Testimony.pdf)

    (Please note: The fiscal year 2009 started Oct 1, 2008 under president bush. At that time, the 2009 deficit was projected at 600 billion. Then the banking crisis occured in Oct 2008 and bush started a 700 billion TARP bailout program which was added to the 600 billion deficit which left obama with a 1.2 Trillion deficit the day he took office according to the CBO)

    BUSH OVERSAW A DOW JONES THAT PLUNGED 25% OVER 8 YEARS
    (Source: http://finance.yahoo.com/q/hp?s=^DJI)



    OBAMA IS DOING A GREAT JOB FIXING THE BUSH DEPRESSION

    The dow jones rose 33% in his first year from 7949 to 10,600 on Jan 20, 2010
    The job loss rate plunged 97% from 700,000 jobs lost in Jan 2009 to 20,000 jobs lost in Jan 2010
    The GDP rate rose to 5.7%, the highest in 6 years
    Existing home sales up 27% in 4th quarter of 2009

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    Re: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

    Quote Originally Posted by megaprogman View Post
    Meanwhile, in reality ...
    -- CBO: Between 800,000 jobs and 2.4 million jobs.

    -- IHS/Global Insight: 1.25 million jobs

    -- Macroeconomic Advisers: 1.06 million jobs

    -- Moody's economy.com: 1.59 million jobs
    Obviously, its less than projected, but its stupid to pretend that nothing happened.
    Not that jobs "created or saved" are the best indicator of an impact on the recession, nonetheless your meager job estimates do little to help you.

    Even if we were to believe those job totals (and apparently only 6% of Americans do)... it amounts to well over $600,000 of taxpayer money for each job "created or saved."

    6% Believe Stimulus Created Jobs

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    Re: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

    Quote Originally Posted by megaprogman View Post
    Meanwhile, in reality ...
    CBO: Between 800,000 jobs and 2.4 million jobs.
    You might want to read that report. The CBO predicted the stimulus would produce short term gains in employment followed by a long term reduction in GDP, worker productivity and wages:

    CNSNews.com - Obama?s Stimulus Will Cause 'Lower Wages' for American Workers, Says Congressional Budget Office
    The CBO analysis, dated Feb. 11 and sent to Sen. Judd Gregg (R-N.H.), says the $787-billion plan will increase employment in the short-term, but will run up deficit spending which will “crowd out” private investment in the economy in the long-term.
    The reduction in GDP is therefore estimated to be reflected in lower wages rather than lower employment, as workers will be less productive because the capital stock is smaller

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    Re: US deficit tops Obama forecast by 1.2 trillion dollars: CBO

    who's bush?

    oh, you mean w-stands-for-what's-his-name?

    i'd sincerely forgotten

    history's fun, i love history, thanks

    obama's a loser

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