Sunday, February 26, 2012

Giving Credit (or Blame) Where Credit (or Blame) is Due...

by: Les Carpenter
Rational Nation USA
Liberty -vs- Tyranny


The outlook for our nation with respect to deficits is not good. Right up front I will acknowledge that former President Bush and his administration is responsibility for really starting the ball rolling towards the fiscal abyss. I'll even go so far to say Obama inherited a messy situation that all rationally thinking individuals realized would require time to clean up.

Three years and one month later things have only marginally improved with respect to deficits. In fact while deficits are projected to decline slightly through 2014 the CBO in its report projects deficits to begin increasing again in 2015 with a 10 trillion increase in the national debt over ten years. These projections are based President Obama's 10 year budget forecast. From Investors Insight.

In the spirit of fairness, I should point out that the national debt increased $4.9 trillion during the eight years that President George W. Bush (43) was in office. By comparison, the national debt has increased by almost $2.5 trillion in less than a year-and-a-half with President Obama in office. Here is the CBO's latest chart depicting the almost $10 trillion that will be added to our national debt over the next 10 years based on Obama's budget forecasts.


To be clear, the darker bars in the chart above represent the CBO's "baseline" deficit projections before Obama released his 10-year budget forecasts back in February. The lighter bars are the deficit projections after Obama's forecasts were released. Take special notice of the magnitude of the deficit increase every year compared to what the CBO previously projected.

It has been said the definition of insanity is doing the same things and expecting different results. So I had to smile when I caught the interview with Chris Van Hollen on Fox News. Defending the the Presidents budget plan that the CBO has projected would increase the deficit and calling it a reduction is well, voodoo economics. As the video has been disabled on request it is not aailable. The link below takes you to the interview.

http://www.youtube.com/watch?feature=player_detailpage&v=dCI77tIsGoc

Indeed...

2 comments:

  1. President Bush also put the policies in place that allowed Obama to do what he did with the tarp funds. Of course so did anyone who voted for it. They put no controls on how the money should be used. Not that I would have approved it anyway, but it made a bad situation worse.

    ReplyDelete
    Replies
    1. Good points Jac, nor would I have approved it.

      Delete

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