Yeah Obama did inherit a high deficit from Bush and than turned that into an even higher deficit and has spent more money in 1 year than all presidents combined through out American history since George Washington to present
. Does this make sense that he keeps saying how he has inherited a deficit from Bush when he has out spent Bush in one year than Bush's 8 years and ALL presidents combined through US history. Why do people always fall for this double talk....WHY????????
Bush Deficit vs. Obama Deficit in Pictures
Posted March 24th, 2009 at 10:20am in Ongoing Priorities with 304 comments Print This Post
President Barack Obama has repeatedly claimed that his budget would cut the deficit by half by the end of his term. But as Heritage analyst Brian Riedl has pointed out, given that Obama has already helped quadruple the deficit with his stimulus package, pledging to halve it by 2013 is hardly ambitious. The Washington Post has a great graphic which helps put President Obama’s budget deficits in context of President Bush’s.
What’s driving Obama’s unprecedented massive deficits? Spending. Riedl details:
President Bush expanded the federal budget by a historic $700 billion through 2008. President Obama would add another $1 trillion.
President Bush began a string of expensive finan*cial bailouts. President Obama is accelerating that course.
President Bush created a Medicare drug entitle*ment that will cost an estimated $800 billion in its first decade. President Obama has proposed a $634 billion down payment on a new govern*ment health care fund.
President Bush increased federal education spending 58 percent faster than inflation. Presi*dent Obama would double it.
President Bush became the first President to spend 3 percent of GDP on federal antipoverty programs. President Obama has already in*creased this spending by 20 percent.
President Bush tilted the income tax burden more toward upper-income taxpayers. President Obama would continue that trend.
President Bush presided over a $2.5 trillion increase in the public debt through 2008. Setting aside 2009 (for which Presidents Bush and Obama share responsibility for an additional $2.6 trillion in public debt), President Obama’s budget would add $4.9 trillion in public debt from the beginning of 2010 through 2016.
UPDATE: Many Obama defenders in the comments are claiming that the numbers above do not include spending on Iraq and Afghanistan during the Bush years. They most certainly do. While Bush did fund the wars through emergency supplementals (not the regular budget process), that spending did not simply vanish. It is included in the numbers above. Also, some Obama defenders are claiming the graphic above represents biased Heritage Foundation numbers. While we stand behind the numbers we put out 100%, the numbers, and the graphic itself, above are from the Washington Post. We originally left out the link to WaPo. It has now been added.
CLARIFICATION: Of course, this Washington Post graphic does not perfectly delineate budget surpluses and deficits by administration. President Bush took office in January 2001, and therefore played a lead role in crafting the FY 2002-2008 budgets. Presidents Bush and Obama share responsibility for the FY 2009 budget deficit that overlaps their administrations, before President Obama assumes full budgetary responsibility beginning in FY 2010. Overall, President Obama’s budget would add twice as much debt as President Bush over the same number of years.
http://blog.heritage.org/2009/03/24/bush-deficit-vs-obama-deficit-in-pictures/
CNSNews.com
Obama Will Spend More on Welfare in the Next Year Than Bush Spent on Entire Iraq War, Study Reveals
Wednesday, September 23, 2009
By Fred Lucas, Staff Writer
President Barack Obama making announcement canceling missile defense shield. (AP photo) (CNSNews.com) – As a candidate for president, Barack Obama decried the financial toll that the Iraq war was taking on the economy, but Obama’s proposed spending on welfare through 2010 will eclipse Bush’s war spending by more than $260 billion.
“Because of the Bush-McCain policies, our debt has ballooned,” then-Sen. Barack Obama told a Charleston, W.V., crowd in March 2008. “This is creating problems in our fragile economy. And that kind of debt also places an unfair burden on our children and grandchildren, who will have to repay it.”
During the entire administration of George W. Bush, the Iraq war cost a total of $622 billion, according to the Congressional Research Service.
President Obama’s welfare spending will reach $888 billion in a single fiscal year--2010--more than the Bush administration spent on war in Iraq from the first “shock and awe” attack in 2003 until Bush left office in January.
Obama’s spending proposals call for the largest increases in welfare benefits in U.S. history, according to a report by the Heritage Foundation, a conservative think tank. This will lead to a spending total of $10.3 trillion over the next decade on various welfare programs. These include cash payments, food, housing, Medicaid and various social services for low-income Americans and those at 200 percent of the poverty level, or $44,000 for a family of four. Among that total, $7.5 trillion will be federal money and $2.8 trillion will be federally mandated state expenditures.
In that same West Virginia speech last year, Obama said, “When Iraq is costing each household about $100 a month, you’re paying a price for this war.”
The Heritage study says, “Applying that same standard to means-tested welfare spending reveals that welfare will cost each household $560 per month in 2009 and $638 per month in 2010.”
The welfare reform package of 1996 only targeted one program, which was Aid for Families with Dependent Children, pushing work requirements for recipients to encourage them to get off the rolls. There are still 70 different welfare programs spread across 14 different federal agencies, said Robert Rector, senior research fellow in domestic policy studies at the Heritage Foundation, who co-wrote the study.
“The average person says I thought we ended welfare. Well, it’s a good thing we ended it, otherwise we’d be spending some real money,” Rector joked while speaking about the report on Tuesday. “Reform was grossly oversold by Clinton and the Republicans. It reformed one program out of 70. Medicaid, public housing, the Earned Income Tax Credit were not reformed.”
According to his White House budget proposal, President Barack Obama will increase annual federal welfare spending by one-third, from $522.4 billion to $697 billion in his first fiscal year. Adjusted for inflation, the combined two-year increase of $263 billion is greater than any increase in welfare spending in history.
By 2014, annual spending on welfare programs will reach $1 trillion for the fiscal year.
“One in seven in total federal and state dollars now goes to welfare. But this is a completely unknown story,” Rector said. “This is not being reported. No one knows Obama is spending $10 trillion on welfare.”
Welfare spending has taken its toll on the federal debt. Since the beginning of the “war on poverty,” $15.9 trillion has been spent on welfare programs. The total cost of every war in American history, starting with the American Revolution, is $6.4 trillion when adjusted for inflation.
Welfare has been the fastest growing part of the federal government’s spending, increasing by 292 percent from 1989 to 2008. That’s compared to Social Security and Medicare, which grew 213 percent, the study says.
Adjusted for inflation, welfare is 5 percent of the gross domestic product today. It was only 1.2 percent of GDP in 1965, the report says. Also, over the next decade, $1.5 trillion in welfare benefits will be paid to low-skilled immigrants.
Still, high levels of poverty are reflected by the U.S. Census Bureau because the bureau counts only 4 percent of the total welfare spending as income when it calculates poverty. Thus, most discussions on poverty begin on the virtual premise that welfare does not exist, the study says.
“None of the $800 billion being spent is counted as income, so the Census comes back and they say, ‘Oh my goodness, we have 40 million poor people. We need to spend more money,’” Rector explained. “That is a game the taxpayer can never win.”
Changing how the money is spent could go a long way in achieving better results, the study says.
“Annual means tested welfare spending is more than sufficient to eliminate poverty in the United States,” the study reports. “If welfare spending were converted into case benefits, the sum would be nearly four times the amount needed to raise the income of all poor families above the official poverty line.”
http://www.cnsnews.com/news/article/54400
Joe Biden: ‘We Have to Go Spend Money to Keep From Going Bankrupt’
Thursday, July 16, 2009
By Penny Starr, Senior Staff Writer
Vice President Joe Biden (Photo by Penny Starr/CNSNews.com) (CNSNews.com) – Vice President Joe Biden told people attending an AARP town hall meeting that unless the Democrat-supported health care plan becomes law the nation will go bankrupt and that the only way to avoid that fate is for the government to spend more money.
“And folks look, AARP knows and the people with me here today know, the president knows, and I know, that the status quo is simply not acceptable,” Biden said at the event on Thursday in Alexandria, Va. “It’s totally unacceptable. And it’s completely unsustainable. Even if we wanted to keep it the way we have it now. It can’t do it financially.”
“We’re going to go bankrupt as a nation,” Biden said.
“Now, people when I say that look at me and say, ‘What are you talking about, Joe? You’re telling me we have to go spend money to keep from going bankrupt?’” Biden said. “The answer is yes, that's what I’m telling you.” (Listen to Audio)
The event, sponsored by the AARP – which supports the Obama administration’s plan – was attended by mostly AARP members who were bussed in for the meeting.
Biden took time from answering questions to chat with a member of the audience, who were mostly members of the AARP. (Photo by Penny Starr/CNSNews.com.) Biden told the group that the Obama health plan will not eliminate people’s ability to choose their health care insurance and that people who cannot afford insurance will be covered by the plan.
“They’ll be a deal in there so there’s competition, so what you’ll have in there is you’ll have the ability to go in there and say, ‘Now look, this is the policy I want. This is the one,” Biden said.
“And those people who can’t afford to get in there, up to a certain income, we’re going to subsidize them, you get in there and we’ll help you pay for it,” Biden said.
After opening remarks by Biden and AARP CEO A. Barry Rand, the audience asked questions, which were fielded by Biden, Health and Human Services Secretary Kathleen Sebelius and Nancy Ann DeParle, director of the White House Office of Health Reform.
http://www.cnsnews.com/public/Content/Article.aspx?rsrcid=51162
Obama: We Can't Continue to Spend As If Tax Dollars Are "Monopoly Money"
This is off the charts outrageous, this man has spent more money in one year than any other person who has ever walked the earth, (really)..
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Word can't express the fraud of the above video
Obama: 'We need a government that's more efficient, more effective and far more fiscally responsible. When my Adm. walked through the door the country faced a growing economic downturn as well as a deepening fiscal hole....
The previous 8 years the National deficit doubled... In the long run we can't continue to spend as if deficits don't have consequences, as if waste doesn't matter, as if the hard earned tax dollars of the American people can be treated like monopoly money, that's what we've seen time and time again, Washington has become more concerned about the about the next election than the next generation".
